Norway Industry September 2016

Norway

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.

Download

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 remains steady in January

    February 9, 2018

    Consumer prices decreased 0.1% in January from the previous month—below market expectations of no change and representing the first month-on-month decline since August last year.

    Read more

  • Norway: Economy contracts in the fourth quarter on lower oil and gas output

    February 9, 2018

    In the fourth quarter of 2017, the economy shrank a seasonally-adjusted 0.3% from the previous quarter, below both market analysts’ expectations of a 0.6% quarter-on-quarter expansion and the third quarter’s revised growth of 0.8% (previously reported: +0.7% quarter-on-quarter).

    Read more

  • Norway: Industrial production decreases in December

    February 7, 2018

    According to Statistics Norway, industrial production fell a seasonally-adjusted 0.4% from the previous month in December, a swing from November’s revised increase of 0.4% (previously reported: +0.6% month-on-month). A contraction in the extraction and related services sector—the largest industrial sector in Norway—spurred the decrease.

    Read more

  • Norway: Inflation accelerates in December

    January 10, 2018

    Consumer prices were unchanged in December last year from the previous month, marking a slowdown compared to the modest increases seen in the prior months.

    Read more

  • Norway: Industrial production expands in November

    January 8, 2018

    According to Statistics Norway, industrial production rose by a seasonally-adjusted 0.6% from the previous month in November, contrasting October’s revised 1.3% decrease (previously reported: -1.4% month-on-month). The expansion in the extraction and related services sector—the largest industrial sector in Norway—drove the increase.

    Read more

More news

Search form