SSB: Norway registered a decrease in industrial production in October
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Loading... - Theo Kennedy
- 10 Dec 2021
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The food industry contributed most to the overall decline, with a fall of as much as 7.8%, the SSB reports. That is due to a clear fall in the processing of fish and must be seen in connection with an early start to the mackerel season in August and September.
There was also a decline in the oil refining, the chemical, the pharmaceutical industry group, and non-ferrous metal, which is associated with several cases of downtime and maintenance for companies within these industry groups in October.
Three-month period production unchanged
The August-October period was approximately unchanged, with a slight decrease of 0.1% compared with the previous three-month period.
The food and beverage industry contributed the most, with an increase of 1.7%.
The wood products industry and the construction of ships and oil platforms declined the most during this period. The fall in the latter industry occurred as a result of large production in the previous three-month period.
Increase for oil and gas
The production index for oil and gas extraction, industry, mining, and power supply combined (PII) rose by 3.4% in the August-October 2021 period, seasonally adjusted figures show.
The overall upturn is driven by the very high recovery of oil and gas, which increased by 7.5 and 13.9%, respectively.
Higher oil and gas prices have provided an incentive to increase production on the Norwegian shelf. Read More…
