Norway: Decline in industrial activity softens in October
Industrial output declined 0.6% in month-on-month seasonally adjusted terms in October, which was above September’s 9.0% decrease. Looking at the details of the release, October’s softer drop was broad-based. Manufacturing and electricity, gas and steam output gained steam, while extraction and related services—which account for around 75% of industrial output in Norway—contracted at a softer rate.
On an annual basis, factory output plummeted 17.7% in calendar-adjusted terms in October (September: -20.1% yoy). Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 7.4% in October, down from September’s minus 5.6% reading.