Norway: Industrial production growth rebounds in October
December 7, 2018
According to Statistics Norway, industrial production rose a seasonally-adjusted 2.3% in October compared to the previous month, contrasting the revised 2.0% fall in September (previously reported: -1.5% month-on-month).
The rebound in October was due to a broad-based improvement across industrial sectors. Notably, the mining and quarrying sector led the way with a surge in output compared to the previous month. Moreover, the extraction and related services sector—the largest industrial sector in Norway—observed higher output, as did the manufacturing, and electricity, gas and steam sectors.
In annual terms when adjusted for working days, industrial production increased 4.5% in October, up from 0.7% in September. Annual average growth in industrial production accelerated to 0.8% in October from 0.2% in September.
Norway Industrial Production Forecast
FocusEconomics Consensus Forecast panelists project that industrial production will grow 2.8% in 2019, which is up 0.6 percentage points from last month’s projection, and 2.5% in 2020.
Author: Edward Gardner, Economist