Norway Industrial production November 2020

Norway

Norway: Industrial output rebounds in November

January 8, 2021

Industrial output increased 1.8% month-on-month in seasonally-adjusted terms in November, contrasting October’s 3.6% drop. November’s figure marked the fastest increase in four months.

The notable turnaround was primarily due to an upturn in extraction and related services—which accounts for around 65% of industrial production in Norway— while manufacturing, mining and quarrying output also increased.

On an annual basis, factory output dropped 0.7% in seasonally-adjusted terms in November, which was below October’s flat reading and marked the worst result since November 2019. Meanwhile, annual average growth of industrial production was 3.9% in November, mirroring October's print.

FocusEconomics Consensus Forecast panelists project that industrial production will increase 2.2% in 2021, which is down 0.4 percentage points from last month’s projection, and to expand 2.6% in 2022.


Author:, Economist

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Norway Industry November 20 20 1

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


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