Norway: Industrial output contracts for third consecutive month in April
June 8, 2018
According to Statistics Norway, industrial production fell a seasonally-adjusted 1.4% from the previous month in April, more than March’s revised contraction of 0.8% (previously reported: -0.7% month-on-month). This represents the largest month-on-month contraction since September last year.
April’s contraction came on the back of declining output in the extraction and related services sector—the largest industrial sector in Norway. Moreover, mining and quarrying declined steeply while output in the manufacturing sector expanded modestly.
In year-on-year terms, industrial production swung from a 0.2% increase in March to a steep 1.9% contraction in April. Annual average growth in industrial production moderated from 2.3% in March to 2.0% in April.
Norway Industrial Production Forecast
FocusEconomics Consensus Forecast panelists project that industrial production will grow 2.2% in 2018, which is up 0.1 percentage points from last month’s projection, and 2.0% in 2019.
Author: Edward Gardner, Economist