Norway Industrial production October 2020

Norway

Norway: Industrial output drops at sharpest rate in three years in October

December 7, 2020

Industrial output dropped 3.5% month-on-month in seasonally-adjusted terms in October, which followed September's 1.6% decrease. October's figure marked the sharpest drop since October 2017.

Looking at the details of the release, October's figure was largely due to a sharper drop in extraction and related services output—which accounts for around 65% of industrial production in Norway—which fell at the sharpest pace since April 2015. Meanwhile, manufacturing, mining and quarrying production improved.

On an annual basis, industrial production was flat (September: +6.3%). Meanwhile, annual average industrial production growth rose to 3.9% in October (September: +3.5%), signaling an improving trend in the industrial sector.

FocusEconomics Consensus Forecast panelists project that industrial production will increase 2.6% in 2021, which is down 0.5 percentage points from last month’s projection, and to expand 2.1% in 2022.


Author:, Economist

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Norway Industry October 20 20

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


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