Norway Industrial Production February 2022

Norway

Norway: Industrial activity dips in February

April 7, 2022

Industrial output decreased 0.8% in month-on-month seasonally-adjusted terms in February, which contrasted January's 0.9% increase. Looking at the details of the release, manufacturing, mining and quarrying output swung to contraction. Meanwhile, electricity, gas and steam production declined at a softer pace. This all more than offset extraction and related services—which accounts for around 65% of industrial output in Norway—output returning to growth in February

On an annual basis, industrial output rose at a faster rate of 1.6% in working-day adjusted terms in February (January: +0.2% yoy). Meanwhile, annual average growth of industrial production was 2.9% in February, matching January's reading.

FocusEconomics Consensus Forecast panelists project that industrial production will increase 1.3% in 2022, which is down 0.7 percentage points from last month’s projection, and to expand 1.9% in 2023.


Author:, Economist

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Norway Industry February 2022

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


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