In November, industrial output rose 1.1% over the previous month in seasonally-adjusted terms. The expansion contrasted the revised 2.8% drop tallied in October (previously reported: -2.9% month-on-month). According to Statistics Norway, November's expansion was mainly driven by a robust rebound in oil and gas extraction as well as in the electricity, gas and steam category. Meanwhile, manufacturing output recorded a milder decline. On an annual basis, industrial production contracted 2.2% in working-day adjusted terms. The contraction followed the 7.6% drop observed in October. As a result, the trend improved, with annual average growth in industrial production inching up from minus 4.7% in October to minus 4.6% in November. FocusEconomics Consensus Forecast panelists expect industrial production to expand 1.1% in 2014, which is down 0.4 percentage points over the previous month's estimate. In 2015, the panel sees industrial production expanding 0.8%.
Industrial production rebounds in November
January 8, 2014
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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.