Norway: Industrial production falls in January for third consecutive month
March 7, 2019
According to Statistics Norway, industrial production fell a seasonally-adjusted 2.2% in January compared to the previous month, representing a deterioration from the 1.0% fall in December. The decrease in January was due to an output fall in the extraction and related services sector, the largest industrial sector in Norway. Moreover, the electricity, gas and steam, and manufacturing sectors both recorded lower production levels in January.
In annual terms when adjusted for working days, industrial production fell 3.4%, contrasting the 1.2% expansion in December. Annual average growth in industrial production slowed to 0.7% in January from 1.2% in December.
Norway Industrial Production Forecast
FocusEconomics Consensus Forecast panelists project that industrial production will grow 1.7% in 2019, which is down 0.2 percentage points from last month’s projection, and 2.4% in 2020.
Author: Edward Gardner, Economist