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Financial News: Norway Industrial Production Growth Improves

Norway Industrial Production Growth Improves

05/09/2022 - 10:44:00 (RTTNews)

(RTTNews) - Norway's industrial production expanded at a faster pace in March, largely supported by the output growth in electricity, gas and steam sector, figures from Statistics Norway showed on Monday.

Industrial production rose a calendar-adjusted 3.0 percent year-on-year in March, following a 1.6 percent increase in the previous month.

Electricity, gas and steam sector registered an increase in output by 5.7 percent and those of mining and quarrying grew 1.7 percent. Meanwhile, manufacturing output dropped 2.2 percent.

Among the main industrial groupings, production of intermediate goods advanced 5.5 percent in March as compared to last year, while those in durable consumer goods fell notably by 7.9 percent.

On a monthly basis, industrial production climbed a seasonally adjusted 2.2 percent in March, in contrast to a 0.7 percent fall in the prior month.

During the first quarter of this year, industrial production advanced 1.9 percent as compared to the fourth quarter of 2021.

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