Norway: Industrial activity records smallest drop in six months in February
Industrial output decreased 0.1% month-on-month in seasonally adjusted terms in February (January: -8.3% mom). February’s reading was the softest contraction since August 2022. Looking at the details of the release, the outturn largely reflected growing electricity, gas and steam production. That said, the expansion was unable to offset extraction and related services—which account for around 65% of industrial output in Norway—weakening.
On an annual basis, industrial production plummeted 6.0% in working-day adjusted terms in February, easing from January’s 6.6% fall. Meanwhile, annual average industrial production growth fell to 1.3% in February (January: +1.9%). This signals a worsening trend in the industrial sector.