Norway Industrial production September 2020

Norway

Norway: Industrial activity moderates in September

November 6, 2020

Industrial output slid 1.7% on a month-on-month in seasonally-adjusted terms in September, which contrasted August's 1.1% increase.

Looking at the details of the release, September’s fall was largely driven by a deterioration in extraction and related services output—which accounts for around 65% of industrial production in Norway—which fell at the sharpest pace since January. In addition, manufacturing, mining and quarrying production also weakened.

On an annual basis, industrial production grew 6.3% in seasonally-adjusted terms in September, which was below August’s 8.3% expansion. However, the trend improved significantly, with the annual average growth of industrial production coming in at 3.5% in September, up from August's 2.3% reading.

FocusEconomics Consensus Forecast panelists project that industrial production will increase 3.1% in 2021, which is up 0.3 percentage points from last month’s projection, and to expand 2.2% in 2022.


Author:, Economist

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Norway Industry September 20 20

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


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