Norway: Industrial production contracts again in October
December 6, 2013
In October, industrial output fell 2.9% over the previous month in seasonally-adjusted terms. The decline followed the 0.1% drop tallied in September (previously reported: +0.7% year-on-year). According to Statistics Norway, October's fall was mainly driven by a sharp contraction in oil and gas extraction as well as in the electricity, gas and steam category. Manufacturing output recorded a milder decline.
On an annual basis, industrial production contracted 7.5% in working-day adjusted terms. The result follows the 1.4% drop observed in September and marks the steepest contraction in seven months. As a result, the trend deteriorated, with annual average growth in industrial production falling from minus 3.9% in September to minus 4.7% in October.
FocusEconomics Consensus Forecast panelists expect industrial production to fall 3.8% in 2013, which is down 0.5 percentage points over the previous month's estimate. In 2014, the panel sees industrial production expanding 1.5%, which is down 0.6 percentage points from last month's projection.