Norway Industry


Industrial production contracts again in February

In February, industrial output fell a seasonally adjusted 1.9% over the previous month, which followed the 4.9% drop tallied in January. According to Statistics Norway, the monthly contraction was mainly driven by a sharp fall in oil and gas extraction. On the other hand, manufacturing output recorded stronger gains.

On an annual basis, industrial production declined 10.7% in working-day adjusted terms, which exceeded the 8.1% drop observed in January. As a result, the trend continues to point downwards, with annual average growth in industrial production falling from 2.0% in January to 0.9% in February.

FocusEconomics Consensus Forecast panellists expect industrial production to fall 2.8% in 2013. In 2014, the panel sees industrial production contracting 1.0%.

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Norway Industry Chart

Norway Industry February 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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