Norway: Industrial output rebounds in March
Industrial production expanded 3.8% month on month in seasonally adjusted terms in March (February: -4.2% mom). Looking at the details of the release, March’s turnaround was primarily driven by recoveries in extraction and related services—which account for around 75% of industrial output in Norway—and manufacturing production.
On an annual basis, factory output rose at a quicker rate of 4.6% in calendar-adjusted terms in March (February: +2.0% yoy). Meanwhile, annual average industrial production growth rose to 0.9% in March (February: +0.8%). This signals an improving trend in the industrial sector.