Norway: Industrial production slows in March
May 8, 2015
In March, industrial output increased 1.5% over the previous month in seasonally-adjusted terms, which was a moderation over the previous 2.6% increase tallied in February. March’s expansion was mainly due to strong gains in manufacturing, which saw the largest growth in output since August 2011. However, oil and gas extraction decelerated significantly.
On an annual basis, industrial production in March rose 2.3% in working-day adjusted terms. The reading was an improvement over the 1.9% increase tallied in the previous month and continued the three-month-long upward trend; however, annual average growth in industrial production continued to moderate, declining from February’s 3.1% to 2.7%.
Statistics Norway also reported a 1.1% seasonally-adjusted quarterly contraction over Q1 2015. The decline is attributed to a production slowdown in the oil and gas sector.
Author: Robert Hill, Economist