Norway Industry August 2016


Norway: Industrial production swings to contraction in August

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. Industrial output was dragged down in August by significant declines in oil and gas extraction and extraction-related services and in manufacturing.

In annual terms, industrial production contracted 6.4% in August, which contrasted July’s 0.5% increase. Meanwhile, annual average growth in industrial production dropped from minus 0.1% in July to minus 0.9% in August, which marked the worst result since March 2014.

Industrial production in Norway is highly affected by oil and gas extraction; the category accounts for about 72.0% of the index. According to the Ministry of Petroleum and Energy, oil and gas production has been declining ever since it peaked in 2001. While the government is encouraging operators to increase recovery rates from oil and gas fields, these attempts have been undermined by increases in costs and taxes, which have dragged down overall industry output.

FocusEconomics Consensus Forecast panelists project that industrial production will contract 2.3% in 2016, which is up 0.7 percentage points over the previous month’s forecast. For 2017, the panel expects that industrial production will expand 0.1%.

Sample Report

Looking for forecasts related to Industry in Norway? Download a sample report now.


Norway Industry Chart

Norway Industry August 2016

Note: Month-on-month seasonally adjusted and year-on-year variation in %.
Source: Statistics Norway (SSB).

Norway Economic News

  • Norway: Inflation steady in December

    January 10, 2017

    Consumer prices in December declined 0.5% from the previous month, contrasting the 0.2% increase recorded in November and undershooting analysts’ expectations of a 0.1% drop.

    Read more

  • Norway: Industrial production loses steam in November

    January 6, 2017

    Industrial production in November rose a meagre 0.5% from the previous month in seasonally adjusted terms, a sharp slowdown from the 10.1% rise experienced in October.

    Read more

  • Norway: Norges Bank leaves rate unchanged at 0.50%

    December 15, 2016

    At its 15 December 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 described the global economic environment as moderately improving, but with persistent low inflation and low policy rates in Norway’s main trading partners.

    Read more

  • Norway: Inflation falls slightly in November

    December 9, 2016

    Norwegian consumer prices in November climbed 0.2% from the previous month, below the 0.5% increase recorded in October and matching analysts’ expectations.

    Read more

  • Norway: Industrial production rebounds in October

    December 7, 2016

    Industrial production in October rose 10.7% from the previous month in seasonally adjusted terms, contrasting the 5.2% decline experienced in September and marking the largest monthly increase since April 2002.

    Read more

More news

Search form