Norway Industry September 2016


Norway: Contraction in industrial production intensifies in September

November 7, 2016

In September, industrial production fell 5.6% from the previous month in seasonally-adjusted terms, decreasing from the 4.9% fall recorded in August and marking the lowest reading since April 2015. A sharp decline in oil and gas extraction and extraction-related services more than offset a timid rebound in manufacturing.

In annual terms, industrial production contracted 12.4% in September, a severe deterioration from August’s 6.4% fall. Meanwhile, annual average growth in industrial production dropped from minus 0.9% in August to minus 2.1% in September, which marked the worst result since February 2014.

Industrial production in Norway is highly affected by oil and gas extraction; the category accounts for about 72.0% of the index. The persistent low-oil price environment has taken a toll on the oil and gas drilling industry. Norwegian producers see themselves obliged to heavily cut costs, which also entails large-scale layoffs. In late September, difficult discussions over a labor deal had sparked several hundred oil services workers to strike for three weeks, which severely dragged on industrial output.

FocusEconomics Consensus Forecast panelists project that industrial production will contract 2.5% in 2016, which is down 0.2 percentage points over the previous month’s forecast. For 2017, the panel expects that industrial production will drop 0.4%, which is down 0.5 percentage points from last month’s estimate.

Author: Marlène Rump, Senior Data Analyst

Sample Report

Looking for forecasts related to Industry in Norway? Download a sample report now.


Norway Industry Chart

Norway Industry September 2016

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

Norway Economic News

  • Norway: Inflation accelerates in November

    December 10, 2018

    Consumer prices rose 0.5% in November compared to the previous month, contrasting the 0.2% fall in October.

    Read more

  • Norway: Industrial production growth rebounds in October

    December 7, 2018

    According to Statistics Norway, industrial production rose a seasonally-adjusted 2.3% in October compared to the previous month, contrasting the revised 2.0% fall in September (previously reported: -1.5% month-on-month). The rebound in October was due to a broad-based improvement across industrial sectors.

    Read more

  • Norway: The economy wobbles in September

    November 13, 2018

    According to monthly GDP data released by Statistics Norway, the total economy contracted a seasonally-adjusted 0.5% in September over the previous month, down from the revised 0.2% fall in August (previously reported: -0.1% month-on-month).

    Read more

  • Norway: Inflation moderates in October

    November 9, 2018

    Consumer prices fell 0.2% month-on-month in October, contrasting the 0.6% gain in September.

    Read more

  • Norway: Industrial production growth slows in September

    November 7, 2018

    According to Statistics Norway, industrial production fell a seasonally-adjusted 1.5% in September compared to the previous month, contrasting the revised 1.6% growth registered in August (previously reported: +1.8% month-on-month). The fall in September was due to a near-broad-based decline across industrial sectors: The extraction and related services sector—the largest industrial sector in Norway—observed a 3.5% fall in output.

    Read more

More news

Search form