Norway: Industrial activity fall accelerates in January
Latest reading: Industrial output dropped 1.7% month on month in seasonally adjusted terms in January (December: -0.1% mom). Looking at the details of the release, the contraction in extraction and related services—which account for nearly 80% of industrial output in Norway—deepened in January, and manufacturing output swung to contraction.
On an annual basis, industrial production nosedived 6.5% in calendar-adjusted terms in January (December: +0.3% yoy), the worst result since September 2023. Meanwhile, annual average industrial production growth fell to 3.3% in January (December: +4.7%), signaling a worsening trend in the industrial sector.