Norway Industrial Production September 2022

Norway

Norway: Industrial activity falls at sharpest rate since November 2021 in September

November 7, 2022

Industrial output declined 2.4% in month-on-month seasonally-adjusted terms in September, which contrasted August's 3.1% increase. September's figure marked the worst reading since November 2021. Looking at the details of the release, the notable deterioration came on the back of a contraction in extraction and related services—which accounts for around 65% of industrial output in Norway. Additionally, electricity, gas and steam production declined nearly 20%. These more than offset growth in mining and quarrying output.

On an annual basis, factory output rose at a more moderate pace of 0.9% in September (August: +4.7% yoy), the weakest result since January. Accordingly, annual average industrial production growth fell to 2.8% in September (August: +3.4%), signaling a worsening trend in the industrial sector.

FocusEconomics Consensus Forecast panelists project that industrial production will increase 2.1% in 2023, which is up 0.3 percentage points from last month’s projection, and to expand 2.0% in 2024.


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Norway Industry September 2022

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


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