Norway: Industrial production falls at a faster clip in March
Latest reading: Industrial production fell 1.0% in seasonally adjusted month-on-month terms in March, following a 0.8% decline in the previous month.
Relative to the previous month’s data, the reading for extraction and related services—which account for nearly 75% of industrial output in Norway—worsened in March (-1.3% on a seasonally adjusted month-on-month basis vs +0.3% in February). In contrast, readings improved for manufacturing (+2.0% vs -0.4% in February) and electricity, gas and steam (-7.1% vs -14.2% in February).
On a working-day adjusted year-on-year basis, industrial production increased 2.3% in March, following a 3.3% rise in the previous month.