Norway: Industrial production inches down in March
May 8, 2017
In March, industrial output decreased 0.1% from the previous month in seasonally adjusted terms, a softer decline than the 0.6% drop seen in February. The oil and gas extraction sector rebounded and lifted the overall result, while the other subcomponents contracted in March. Industrial production in Norway is highly affected by oil and gas extraction and related services, which account for around 72% of the index.
In annual terms, industrial production grew 1.0% in March (February: 1.2% year-on-year), while annual average growth in industrial production inched up to minus 1.1% (February: -1.3%).