In September, industrial output dropped a seasonally adjusted 5.6% over the previous month. The print contrasted the 0.2% rise tallied in August (previously reported: +0.3% month-on-month) and represented, in fact, the sharpest fall observed since August 2010. According to Statistics Norway, the deterioration was broad-based as all the main subcategories contracted over the previous month. In particular, large losses were seen in oil and gas extraction as well as in the production of electricity, gas and steam. On an annual basis, industrial production fell 5.0% in working-day adjusted terms. The monthly drop contrasted the 1.9% rise observed in August and marked the largest contraction recorded in almost one year. As a result of the decline, the trend points downwards, with annual average growth in industrial production falling from 2.8% in August to 2.0% in September.
Industrial production falls the most in 25 months
November 7, 2012
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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.