Norway Industrial Production September 2021

Norway

Norway: Industrial output records quickest growth in nearly two years in September

November 8, 2021

Industrial output expanded 3.3% in month-on-month seasonally-adjusted terms in September, which was above August's 2.7% increase. September's figure marked the best result since October 2019. Looking at the details of the release, extraction and related services output—which accounts for around 65% of industrial output—softened in September, while manufacturing, mining and quarrying output rebounded strongly from the prior month’s mild decline.

On an annual basis, industrial output grew 7.9% in calendar- and seasonally-adjusted terms in September, significantly above August’s 2.7% expansion, and marked the best result since August 2020. Accordingly, annual average industrial production growth rose to 2.4% in September (August: +2.3%). This signals an improving trend in the industrial sector.

FocusEconomics Consensus Forecast panelists project that industrial production will increase 3.2% in 2022, which is down 0.1 percentage points from last month’s projection, and to expand 2.5% in 2023.


Author:, Junior Economist

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Norway Industry September 2021

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


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