Norway Industrial production January 2021


Norway: Industrial output growth slows in January

March 8, 2021

Industrial output increased 1.1% in month-on-month seasonally-adjusted terms in January, somewhat lower than December's 3.3% increase.

The slowdown was chiefly driven by a contraction in extraction and related services production—which accounts for around 65% of industrial production in Norway—while electricity, gas and steam output lost pace.

On a seasonally- and calendar-adjusted annual basis, industrial output rose 5.9% in January, which was significantly better than December’s 2.7% expansion. Meanwhile, annual average industrial production growth rose to 4.5% in January (December: +4.1%) signaling an improving trend in the industrial sector.

FocusEconomics Consensus Forecast panelists project that industrial production will increase 1.9% in 2021, which is up 0.1 percentage points from last month’s projection, and to expand 3.2% in 2022.

Author:, Economist

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Norway Industrial production Chart

Norway Industry January 2021

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

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