Low oil activity drags down Norwegian production

Low activity among subcontractors to the oil and gas sector contributed to an overall decrease in Norwegian industry production during the last three months of 2016. The vessel and rig construction sector took a hit, among others.

The combined Norwegian industry noted a production setback in the fourth quarter 2016, and low activity among subcontractors to the oil and gas sector contributed to this development, according to Norwegian statistics bureau Statistisk Sentralbyrå's business survey for the fourth quarter 2016.

This development applies especially to the machine industry, the construction of new vessels and oil rigs, and machine repairs and installations, which according to the bureau noted decreasing production as a direct result of the lower activity in the oil and gas sector.

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