Norway Industrial Production April 2022

Norway

Norway: Industrial output deteriorates in April

June 8, 2022

Industrial output slid 0.5% in month-on-month seasonally-adjusted terms in April, which contrasted March's 2.5% increase. Looking at the details of the release, the notable deterioration came on the back of drops in extraction and related services—which account for around 65% of industrial output in Norway—and electricity, gas and steam output.

On an annual basis, industrial production increased 3.0% in working-day adjusted terms in April, matching March’s expansion. Meanwhile, the trend improved modestly, with the annual average growth of industrial production coming in at 3.2%, up from March's 3.0% reading.

FocusEconomics Consensus Forecast panelists project that industrial production will increase 1.9% in 2022, which is up 0.1 percentage points from last month’s projection, and to expand 2.1% in 2023.


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Norway Industry April 2022

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


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