Norway manufacturing production shrinks for third month

Manufacturing production in Norway was reported to have decreased at a monthly rate of 1.6% in October, following a 0.8% drop in September, data by Statistics Norway showed.

October has been the third straight month of contracting manufacturing activity, while the pace has been the steepest since April.

In October, production dropped for:

– paper & paper products (-4.5% after a 3.6% surge in September);
– refined petroleum, chemicals & pharmaceuticals (-4.2% after a 0.3% increase in September);
– machinery & equipment (-2.6% after a 0.7% growth in September).

In the meantime, production rebounded for:

– transport equipment (1.6% after an 8.3% drop in September);
– basic chemicals (5.1% after a 2.8% drop in September);
– ships, boats & oil platforms (3.5% after a 2.5% decrease in September).

In annual terms, Norway’s manufacturing output grew 0.3% in October.