Norway Industry


Industrial production rebounds in September

In September, industrial output rose 0.7% over the previous month in seasonally-adjusted terms. The print contrasted the 4.0% drop tallied in August (previously reported: -3.8% year-on-year), which had marked the steepest fall since January. According to Statistics Norway, September's increase was mainly driven by a rebound in oil and gas extraction and a milder decline in manufacturing output. On the other hand, the electricity, gas and steam category deteriorated over the previous month.

On an annual basis, industrial production contracted 1.4% in working-day adjusted terms. The result follows the 4.4% drop observed in August. As a result, the trend improved, with annual average growth in industrial production rising from minus 4.2% in August to minus 3.9% in September.

FocusEconomics Consensus Forecast panelists expect industrial production to fall 3.3% in 2013, which is up 0.1 percentage points over the previous month's estimate. In 2014, the panel sees industrial production expanding 2.1%, which is up 0.2 percentage points from last month's projection.

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Norway Industry Chart

Norway Industry September 2013

Note: Month-on-month seasonally adjusted and year-on-year changes of industrial production index in %.
Source: Statistics Norway (SN).

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