Norway: Industrial output growth picks up in August
Industrial output rose 3.1% in month-on-month seasonally-adjusted terms in August, which followed July’s 2.1% increase. August’s print marked the best reading since September 2021. Looking at the details of the release, August’s acceleration was chiefly due to faster growth in extraction and related services—which accounts for around 65% of industrial output in Norway— production. This more than offset a fall in manufacturing, mining and quarrying output.
On an annual basis, factory output also rose at a quicker rate, with growth accelerating to 4.7% in August (July: +1.8% yoy). Consequently, the trend improved modestly, with the annual average growth of industrial production coming in at 3.4% in August, up from July’s 3.2% reading.