Norway Industrial Production August 2021

Norway

Norway: Industrial output records quickest growth since December 2020 in August

October 7, 2021

Industrial output grew 2.7% month-on-month in seasonally-adjusted terms in August (July: 0.0% mom), marking the best result since December 2020. August's reading was largely due to faster growth in extraction and related services output—which accounts for around 65% of industrial output in Norway—while manufacturing, mining and quarrying production improved.

On a seasonally- and calendar-adjusted annual basis, industrial production rose at a faster rate of 2.7% in August (July: +1.3% yoy). Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at plus 2.3% in August, down from July's 2.7%.

FocusEconomics Consensus Forecast panelists project that industrial production will increase 3.3% in 2021, which is down 0.1 percentage points from last month’s projection, and to expand 3.3% in 2022.


Author:, Economist

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Norway Industry August 2021

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


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