Norway Industry


Industrial production expands for third consecutive month

In May, industrial output rose a seasonally adjusted 1.2% over the previous month, which followed the 4.4% increase tallied in April (previously reported: +5.4% year-on-year). The print represents the third consecutive month of rising industrial output. According to Statistics Norway, the slower growth seen in May was mainly driven by a contraction in manufacturing output as well as by a softer rise in oil and gas extraction. On the other hand, electricity, gas and steam rebounded strongly compared to the previous month.

On an annual basis, industrial production declined 4.7% in working-day adjusted terms, which represents an improvement over the 5.3% drop observed in April. As a result, the trend continues to point downwards, with annual average growth in industrial production falling from minus 1.1% in April to minus 2.6% in May.

FocusEconomics Consensus Forecast panellists expect industrial production to fall 5.9% in 2013. In 2014, the panel sees industrial production contracting 0.4%.

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Norway Industry Chart

Norway Industry May 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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