Norway Industrial Production November 2021

Norway

Norway: Decline in industrial output softens in November

January 7, 2022

Industrial output dropped 3.0% month-on-month in seasonally-adjusted terms in November (October: -5.3% mom s.a.). Looking at the details of the release, November's milder decline was broad-based, with the extraction and related services—which account for around 65% of industrial output in Norway—declining at a softer pace. Moreover, the manufacturing, mining and quarrying and the electricity, gas and steam sub-sectors returned to growth in November.

On an annual basis, industrial production rose 2.3% in working-day adjusted terms in November, which was significantly below October’s 6.9% expansion. Still, the trend improved modestly, with the annual average growth of industrial production coming in at 3.3% in November, up from October's 3.0% reading.

FocusEconomics Consensus Forecast panelists project that industrial production will increase 3.4% in 2022, which is up 0.5 percentage points from last month’s projection, and to expand 2.4% in 2023.


Author:, Economist

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Norway Industry November 2021

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


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