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Financial News: Norway Industrial Production Falls For Second Month

Norway Industrial Production Falls For Second Month

12/07/2022 - 04:05:00 (RTTNews)

(RTTNews) - Norway's industrial production fell for the second consecutive month in October as a result of major declines in output from mining and quarrying, and extraction and related services, data from Statistics Norway showed on Wednesday.

Industrial production fell a seasonally adjusted 1.2 percent month-over-month in October, slower than the 2.5 percent decrease in September.

Production in extraction and related services contracted 4.4 percent over the month, and output produced in the mining and quarrying segment dropped 4.0 percent.

Meanwhile, manufacturing production managed to advance by 0.3 percent since September, while utility production logged a double-digit growth of 12.7 percent.

On a yearly basis, industrial production growth quickened to 3.5 percent in October from 0.9 percent in the prior month.

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