Norway: Industrial production rebounds in October
December 7, 2016
Industrial production in October rose 10.7% from the previous month in seasonally adjusted terms, contrasting the 5.2% decline experienced in September and marking the largest monthly increase since April 2002. The sharp rise was driven by expansion in the extraction and related services sector, which recorded a 17.5% month-on-month rise. Industrial production in Norway is highly affected by oil and gas extraction, which accounts for around 72.0% of the index. The manufacturing and electricity, gas and steam sectors also grew to a lesser extent, while the mining and quarrying sector contracted compared to September.
In annual terms, industrial production grew 0.7% in October, compared to a 12.4% contraction in September. Annual average growth in industrial production rose slightly from minus 2.1% in September to minus 1.8% in October.
Author: Oliver Reynolds, Economist