Norway Industry December 2016


Norway: Industrial production contracts in December

February 6, 2017

Norwegian industrial production in December decreased 2.7% from the previous month in seasonally adjusted terms, contrasting the 0.7% rise recorded in November. The oil and gas extraction sector contracted sharply, dragging on the overall result. Industrial production in Norway is highly affected by oil and gas extraction and related services, which account for around 72.0% of the index. The electricity, gas and steam sector also slipped, while the manufacturing sector increased compared to November.

In annual terms, industrial production dropped 1.4% in December (November: +1.3% year-on-year). Annual average growth in industrial production was steady at minus 1.5% in December.

FocusEconomics Consensus Forecast panelists project that industrial production will contract 0.3% in 2017, which is down 0.1 percentage points from the previous month’s forecast. For 2018, the panel expects industrial production to expand 1.6%.

Author: Marlène Rump, Senior Data Analyst

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Norway Industry Chart

Norway Industry December 2016

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

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