Norway Industry April 2016

Norway

Norway: Industrial production falls in April

June 7, 2016

In April, industrial production grew 0.8% over the previous month in seasonally-adjusted terms, which contrasted the revised 1.2% decrease recorded in March (previously reported: -1.3% month-on-month) and marked the highest reading in seven months. April’s reading was supported by extraction and extraction-related services. As oil prices have picked up, Norway’s resources extraction expertise has seen its demand improve, both domestically and from abroad.

In annual terms, industrial production grew 3.2%, marking a rebound over the 4.0% drop recorded in March. Moreover, annual average growth in industrial production swung from minus 0.1% in March to plus 0.4% in April.

FocusEconomics Consensus Forecast panelists project that industrial production will increase 1.0% in 2016, which is down 0.3 percentage points over last month’s forecast. For 2017, the panel expects that industrial production will increase 2.4%.


Author:, Economist

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Norway Industry April 2016 1

Note: Month-on-month seasonally adjusted and year-on-year variation in %.
Source: Office for National Statistics (ONS).


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