Norway Industrial production April 2020

Norway

Norway: Industrial production falls in April

June 5, 2020

Industrial output fell 0.8% month-on-month in seasonally-adjusted terms in April (March: +1.4% mom).

April’s deterioration was largely driven by a contraction in extraction and related services—which accounts for around 65% of industrial production in Norway—while electricity, gas and steam output slowed in the month. However, the overall downturn was softened by a milder fall in manufacturing, mining and quarrying output compared with the prior month.

On an annual basis, industrial output rose 5.4% in April, which was notably below March’s 7.6% expansion. Meanwhile, the trend improved somewhat, with the annual average variation of industrial production coming in at minus 1.7% in April, up from March's minus 2.5% reading.

FocusEconomics Consensus Forecast panelists project that industrial production will decrease 4.4% in 2020, which is down 1.6 percentage points from last month’s projection, and to expand 4.3% in 2021.


Author:, Economist

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Norway Industry March 20 20 0

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


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