Norway: Industrial production rebounds strongly in October
December 7, 2012
In October, industrial output rose a seasonally adjusted 4.8% over the previous month. The print contrasted the 5.8% contraction tallied in September (previously reported: -5.6% month-on-month) and represented, in fact, the largest increase observed since June 2011. According to Statistics Norway, the improvement was mainly due to a robust increase in oil and gas extraction as well as a softer decline in manufacturing, mining and quarrying.
On the other hand, production of electricity, gas and steam deteriorated. On an annual basis, industrial production rose 2.5% in working-day adjusted terms. The monthly increase contrasted the 5.0% drop observed in September. As a result of the improvement, the trend now points upwards, with annual average growth in industrial production rising from 2.0% in September to 2.7% in October.