Financial News: Norway Industrial Production Sinks 8.3%

Norway Industrial Production Sinks 8.3%

03/07/2023 - 04:22:00 (RTTNews)

(RTTNews) - Norway's industrial production declined sharply at the start of the year amid a contraction in output of electricity, gas, and steam, data from Statistics Norway showed on Tuesday.

Industrial production fell a seasonally adjusted 8.3 percent month-on-month in January. This was much worse than the 0.2 percent drop in the previous month.

Production in the electricity, gas, and steam segments deteriorated by 8.6 percent monthly in January. Output in the extraction and related services gained 0.3 percent.

Manufacturing output rebounded 0.9 percent in January after falling 0.8 percent in the previous month. Mining and quarrying production growth quickened to 9.0 percent.

On a yearly basis, industrial production declined 6.6 percent in January after remaining flat in December.

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