Norway Industrial Production March 2022

Norway

Norway: Industrial output gains momentum in March

May 9, 2022

Industrial output expanded 2.2% month-on-month in seasonally-adjusted terms in March (February: -0.7% mom). Looking at the details of the release, March's rebound was broad-based: Extraction and related services—which account for around 65% of industrial output in Norway—output accelerated and production in the manufacturing, mining and quarrying and electricity, gas and steam sub-sectors returned to growth.

On an annual basis, industrial output rose 3.0% in working-day adjusted terms in March, which was better than February’s 1.6% expansion. Accordingly, the trend improved modestly, with the annual average growth of industrial production coming in at 3.0% in March, up from February's 2.9%.

FocusEconomics Consensus Forecast panelists project that industrial production will increase 1.8% in 2022, which is up 0.5 percentage points from last month’s projection, and to expand 2.3% in 2023.


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Norway Industry March 2022

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


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