In March, industrial output rose 2.3% over the previous month in seasonally-adjusted terms. The expansion followed the revised 0.8% increase tallied in February (previously reported: +0.7% month-on-month) and marked the fastest acceleration since July 2013. According to Statistics Norway, March's expansion mainly reflected faster growth in oil and gas extraction, as well as in manufacturing output. In addition, the electricity, gas and steam category rebounded strongly in March. On an annual basis, industrial production expanded 7.1% in working-day adjusted terms in March. The increase followed the 5.2% increase observed in February and marked the highest rate since June 2012. As a result, the trend continued to improve, with annual average growth in industrial production rising from minus 2.6% in February to minus 1.3% in March. Norway's industrial production outcome is highly affected by oil and gas extraction; the category accounts for 71.9% of the index. According to the Ministry of Petroleum and Energy, oil and gas production reached a peak in 2001 and has been declining ever since. Although the government encourages operators to increase recovery rates from the oil and gas fields, the attempts have been undermined by increases in costs and taxes, which have thus dragged down overall industry output. FocusEconomics Consensus Forecast panelists expect industrial production to expand 0.5% in 2014, which is up 0.2 percentage points over the previous month's estimate. In 2015, the panel sees industrial production falling 0.5%.
Industrial production records fastest growth in eight months in March
May 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.