Norway: Industrial production expands the most in almost two years
June 7, 2013
In April, industrial output rose a seasonally adjusted 5.4% over the previous month, which followed the 1.1% increase tallied in March (previously reported: +1.0% year-on-year). According to Statistics Norway, the monthly expansion was mainly driven by a strong increase in oil and gas extraction as well as a rebound in manufacturing output. On the other hand, electricity, gas and steam fell compared to the previous month.
On an annual basis, industrial production declined 5.3% in working-day adjusted terms, which represents an improvement over the 8.6% drop observed in March. However, the trend continues to point downwards, with annual average growth in industrial production falling from a flat reading in March to minus 1.1% in April.
FocusEconomics Consensus Forecast panellists expect industrial production to fall 4.4% in 2013. In 2014, the panel sees industrial production contracting 0.4%.