Norway Industry March 2017

Norway

Norway: Industrial production inches down in March

May 8, 2017

In March, industrial output decreased 0.1% from the previous month in seasonally adjusted terms, a softer decline than the 0.6% drop seen in February. The oil and gas extraction sector rebounded and lifted the overall result, while the other subcomponents contracted in March. Industrial production in Norway is highly affected by oil and gas extraction and related services, which account for around 72% of the index.

In annual terms, industrial production grew 1.0% in March (February: 1.2% year-on-year), while annual average growth in industrial production inched up to minus 1.1% (February: -1.3%).

FocusEconomics Consensus Forecast panelists project that industrial production will grow 1.3% in 2017, which is up 0.1 percentage points from the previous month’s forecast. For 2018, the panel expects industrial production to expand 1.5%.


Author: Marlène Rump, Senior Data Analyst

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Norway Industry March 2017

Note: Month-on-month seasonally adjusted and year-on-year variation in %.
Source: Statistics Norway (SSB).


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