Norway: Industrial production shrinks in February
Latest reading: Industrial production declined 0.7% on a seasonally adjusted month-on-month basis in February, following a 1.2% rise in the previous month.
Relative to the previous month’s data, readings in February softened for manufacturing (-0.4% on a seasonally adjusted month-on-month basis vs -0.2% in January), electricity, gas and steam (-14.0% vs +6.8% in January) plus extraction and related services (+0.3% vs +1.1% in January); these services account for nearly 75% of industrial output in Norway.
On a working-day adjusted year-on-year basis, industrial production was up 3.3% in February, following 6.3% growth in the prior month.