Norway: Industrial activity drops at record pace in September
Latest reading: Industrial output collapsed 11.3% month on month in seasonally adjusted terms in September (August: -1.7% s.a. mom). The result marked the worst reading on record. Looking at the details of the release, the contraction in extraction and related services—which account for over 80% of industrial output in Norway—deepened in September. Meanwhile, manufacturing output declined at a more moderate pace, and electricity, gas and steam production increased.
On an annual basis, industrial production fell 0.5% in calendar-adjusted terms in September, contrasting August’s 6.0% expansion and marking the worst result since October 2023. Still, the trend improved, with the annual average growth of industrial production coming in at 5.2% in September, up from August’s 4.0% reading.