Norway: Industrial production growth slows in September
November 7, 2018
According to Statistics Norway, industrial production fell a seasonally-adjusted 1.5% in September compared to the previous month, contrasting the revised 1.6% growth registered in August (previously reported: +1.8% month-on-month).
The fall in September was due to a near-broad-based decline across industrial sectors: The extraction and related services sector—the largest industrial sector in Norway—observed a 3.5% fall in output. Moreover, the manufacturing, and mining and quarrying sectors both recorded output contractions. Meanwhile, the electricity, gas and steam sector observed an increase in production.
In annual terms when adjusted for working days, industrial production increased 0.7% in September, down from the 2.3% rise in August. Annual average growth in industrial production slowed to 0.2% in September from 1.2% in August.
Author: Edward Gardner, Economist