Norway: Industrial output growth loses pace in November
Latest reading: Industrial output increased 0.2% in month-on-month seasonally adjusted terms in November, which was a deterioration from October’s 9.8% increase. Looking at the details of the release, the deceleration was largely due to a deterioration in extraction and related services—which account for over 80% of industrial output in Norway. More positively, manufacturing production rebounded.
On an annual basis, factory output rose at a more moderate pace of 0.5% in calendar-adjusted terms in November (October: +2.1% yoy). Accordingly, annual average industrial production growth fell to 5.4% in November (October: +5.5%), signaling a worsening trend in the industrial sector.