In August, industrial output expanded a seasonally adjusted 0.3% over the previous month, which contrasted the 3.5% drop tallied in July (previously reported: -4.5% month-on-month). According to Statistics Norway, the improvement seen in August was broad-based, as all the main subcategories gained ground over the previous month. In particular, strong increases were seen in the production of electricity, gas and steam. On an annual basis, industrial production increased 1.9% in working-day adjusted terms, which came in below the 2.6% rise observed in July. As a result of the lower monthly print, the trend points downwards, with annual average growth in industrial production falling from 3.1% in July to 2.8% in August.
Industrial production rebounds in August
October 5, 2012
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Norway Industry Chart
Note: Month-on-month seasonally adjusted and year-on-year changes of industrial production index in %.
Source: Statistics Norway (SN).
Norway Economic News
October 10, 2016
In September, consumer prices climbed 0.3% from the previous month, which contrasted August’s reading (-0.5% month-on-month) but undershot market expectations of a 0.7% increase.
October 7, 2016
In August, industrial production decreased 4.7% over the previous month in seasonally-adjusted terms, which contrasted the 4.7% expansion recorded in July and marked the lowest reading since April 2015.
September 22, 2016
At its 21 September policy meeting, Norges Bank (NB) decided to leave its key policy rate at the all-time low of 0.50%, as was expected by market participants. Norges Bank noted that global growth was moderate and that in the medium term import demand from its main trading partners will be lower than previously expected.
September 9, 2016
In August, consumer prices dropped 0.5% over the previous month, which contrasted July’s reading (+0.6% month-on-month) and undershot market expectations of a 0.4% drop.
September 7, 2016
In July, industrial production expanded 5.5% over the previous month in seasonally-adjusted terms, which marked a rebound from the 4.7% fall recorded in June and represented the highest reading since October 2012.