SSB: Norway registered a decrease in industrial production in October

Factory - industryPhoto: Ant Rozetsky / Unsplash
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Norwegian industrial production declined by 0.9% from September to October 2021, seasonally adjusted figures from Statistics Norway (SSB) show.

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.

Turnover increased in August-September

Industrial turnover increased by 3.7% in the August-October 2021 period compared with the previous three-month period, figures from the SSB show.

In October, however, there was a decline of 4.5% for the industry as a whole after very strong turnover figures for September.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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