Norway Industry May 2017


Norway: Industrial production declines in May

July 7, 2017

In May, industrial output decreased 0.7% from the previous month in seasonally adjusted terms, contrasting the revised 0.6% increase in April (previously reported: +0.7% month-on-month). May’s decline reflected a broad-based deterioration as all subcomponents declined compared to the previous month. Industrial production in Norway is highly affected by oil and gas extraction and related services, which account for around 72% of the index.

In annual terms, industrial production grew 0.5% in May (April: +0.9% year-on-year). Annual average growth in industrial production now stands at minus 1.6%, down from minus 1.5% in April.

FocusEconomics Consensus Forecast panelists project that industrial production will grow 1.5% in 2017, which is up 0.2 percentage points from the previous month’s forecast. For 2018, the panel expects industrial production to expand 1.4%.

Author: Marlène Rump, Senior Data Analyst

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Norway Industry Chart

Norway Industry May 2017 0

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

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