Norway: Industrial production falls in November
January 8, 2019
According to Statistics Norway, industrial production fell a seasonally-adjusted 1.5% in November compared to the previous month, contrasting the 2.3% rise in October. The deterioration in November was broad-based across industrial sectors. Notably, the extraction and related services sector—the largest industrial sector—observed a contraction in output. Moreover, the mining and quarrying, and electricity, gas and steam sectors recorded lower production in November, while manufacturing output growth came to a halt.
In annual terms when adjusted for working days, industrial production expanded 2.6% in November, down from 4.5% in October. Annual average growth in industrial production, however, accelerated to 1.1% in November, up from 0.8% in October.
Norway Industrial Production Forecast
FocusEconomics Consensus Forecast panelists project that industrial production will grow 1.9% in 2019, which is down 0.9 percentage points from last month’s projection, and 2.4% in 2020.
Author: Edward Gardner, Economist