Norway Industrial Production April 2021

Norway

Norway: Industrial activity dips in April

June 7, 2021

Industrial production slid 0.1% month-on-month in seasonally-adjusted terms in April (March: +0.9% mom). The weakening was largely due to a deterioration in extraction and related services production—which accounts for around 65% of industrial output in Norway— as well as a contraction in manufacturing production. Meanwhile, mining and quarrying output expanded robustly.

On a seasonally-and calendar-adjusted annual basis, factory output rose 0.9% in April, which was better than March’s 0.6% expansion. Meanwhile, the trend pointed down, with the annual average industrial production growth clocking in at 3.3% in April (March: +3.6%).

FocusEconomics Consensus Forecast panelists project that industrial production will increase 2.7% in 2021, which is up 1 percentage points from last month’s projection, and to expand 1.8% in 2022.


Author:, Junior Economist

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Norway Industry April 2021

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


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