Norway: Industrial production falls the most in 25 months
November 7, 2012
In September, industrial output dropped a seasonally adjusted 5.6% over the previous month. The print contrasted the 0.2% rise tallied in August (previously reported: +0.3% month-on-month) and represented, in fact, the sharpest fall observed since August 2010. According to Statistics Norway, the deterioration was broad-based as all the main subcategories contracted over the previous month. In particular, large losses were seen in oil and gas extraction as well as in the production of electricity, gas and steam. On an annual basis, industrial production fell 5.0% in working-day adjusted terms. The monthly drop contrasted the 1.9% rise observed in August and marked the largest contraction recorded in almost one year. As a result of the decline, the trend points downwards, with annual average growth in industrial production falling from 2.8% in August to 2.0% in September.