Norway Industry August 2019


Norway: Industrial production drops in August

October 7, 2019

Industrial production decreased a seasonally-adjusted 2.1% in August from the previous month, contrasting July’s 0.6% rise. August’s decrease was driven by a contraction in extraction and related services, which accounts for around 65% of industry in Norway. The sector continued its recent decline, dropping 3.0% month-on-month. The electricity, gas and steam, manufacturing and mining and quarrying subsectors also helped push the index lower.

In annual working day adjusted terms, industrial output dropped 9.2% in August, a harder fall than the 5.7% decrease seen in July. The annual average change in industrial production slipped to minus 3.1% in August, down from minus 2.1% in July.

FocusEconomics Consensus Forecast panelists project that industrial production will contract 4.3% in 2019, which is down 2.6 percentage points from last month’s projection, and expand 2.6% in 2020, which is up 0.3 percentage points from last month’s estimate.

Author:, Economist

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Norway Industry Chart

Norway Industry August 2019

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

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