Norway Industrial production December 2020

Norway

Norway: Industrial output grows at fastest pace in over one-year in December

February 5, 2021

Industrial output grew 3.4% month-on-month in seasonally-adjusted terms in December (November: +1.7% mom). December's reading marked the best result since October 2019.

The reading largely reflected growing electricity, gas and steam production. In contrast, growth in extraction and related services—which accounts for around 65% of industrial production in Norway—moderated from the month prior.

On a seasonally- and calendar-adjusted annual basis, industrial output rose 2.7% in December (November: -0.7% yoy). Accordingly, the trend improved, with the annual average growth of industrial production coming in at plus 4.1% in December, up from November's 3.9% reading.

FocusEconomics Consensus Forecast panelists project that industrial production will increase 1.8% in 2021, which is down 0.4 percentage points from last month’s projection, and to expand 2.7% in 2022.


Author:, Economist

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Norway Industry December 20 20

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


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