Norway: Industrial output expands at fastest pace in eight years in October
Latest reading: Industrial output increased 9.8% month on month in seasonally adjusted terms in October (September: -11.2% mom). The figure marked the best reading since October 2016. Looking at the details of the release, October’s turnaround was largely driven by a notable rebound in extraction and related services—which account for over 80% of industrial output in Norway. In contrast, manufacturing production fell.
On an annual basis, industrial production grew 2.1% in calendar-adjusted terms in October, rebounding from September’s 0.5% fall. Accordingly, the trend improved modestly, with the annual average growth of industrial production coming in at 5.5% in October, up from September’s 5.2%.