Norway: Industrial production expands in November
January 8, 2018
According to Statistics Norway, industrial production rose by a seasonally-adjusted 0.6% from the previous month in November, contrasting October’s revised 1.3% decrease (previously reported: -1.4% month-on-month).
The expansion in the extraction and related services sector—the largest industrial sector in Norway—drove the increase. There was a broad-based improvement throughout the other three industrial sectors in November, including the mining and quarrying, manufacturing, and electricity, gas and steam sectors.
In annual terms, although there was a slight improvement from October’s 2.0% contraction, industrial production nevertheless decreased 1.3% in November. This was due to a smaller extraction and related services sector, predominantly, and a smaller mining and quarrying sector. The manufacturing and electricity, gas and steam sectors, however, grew compared to November in the previous year. Annual average growth in industrial production slowed from 2.3% in October to 2.1% in November.
Author: Edward Gardner, Economist