Norway Industry December 2017

Norway

Norway: Industrial production decreases in December

February 7, 2018

According to Statistics Norway, industrial production fell a seasonally-adjusted 0.4% from the previous month in December, a swing from November’s revised increase of 0.4% (previously reported: +0.6% month-on-month).

A contraction in the extraction and related services sector—the largest industrial sector in Norway—spurred the decrease. A fall in output in the mining and quarrying and electricity, gas and steam sectors also pushed industrial production down in December. Meanwhile, the manufacturing sector had a good performance in December, expanding compared to the previous month.

In annual terms, industrial production increased 0.3% in December, up from the 1.3% contraction recorded in November. This was predominantly due to a larger manufacturing sector, as well as a larger electricity, gas and steam sector; on the other hand, the extraction and related services sector and the mining and quarrying sector both shrank. Annual average growth in industrial production accelerated to 2.3% in December compared to 2.1% in November.

FocusEconomics Consensus Forecast panelists project that industrial production will grow 2.2% in 2018, which is down 0.5 percentage points from last month’s projection, and 2.1% again in 2019.


Author:, Economist

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Norway Industry December 2017

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


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