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Norway Industry September 2019

Norway: Industrial production continues to dip in September

Industrial production decreased a seasonally-adjusted 0.5% in September from the previous month, softer than August’s 2.1% dip. September’s decrease was driven by a sharp contraction in extraction and related services, which accounts for around 65% of industry in Norway. The sector fell 2.0% month-on-month thanks to a near one-fifth contraction in the extraction of natural gas subsector. Meanwhile, the manufacturing, mining and quarrying, and electricity, gas and steam sectors both posted healthy month-on-month gains in September.

In annual working-day adjusted terms, industrial output dropped 8.1% in September, weaker than the 9.2% plunge recorded in August. Meanwhile, the annual average change in industrial production was minus 3.8% in September, down from August’s minus 3.1%.

Going forward, industrial production will likely ramp up in the fourth quarter as state-owned Equinor’s Johan Sverdrup—an offshore oil facility—began production in early October. The mega-project is projected to provide a major boost to Norway’s energy sector in 2020, and will remain a key driver of industrial production over the next couple of years.

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