Norway Industry April 2019

Norway

Norway: Industrial production increases for the first time in six months in April

June 7, 2019

Industrial production rose a seasonally-adjusted 0.2% in April from the previous month, contrasting the revised 1.3% decrease in March (previously reported: -1.4% month-on-month). This represents the first increase since October 2018 and was primarily due to an increase in manufacturing output. In the energy sector, the extraction of natural gas, and activity related to the extraction of oil both rebounded, though this was more than offset by a sharper drop in the volume of oil extracted. In addition, production in the electricity, gas and steam sector rose in April. On the other hand, mining and quarrying output declined.

Looking at the change in industrial production in annual terms when adjusted for working days, output fell 4.2% in April, up from the revised 6.4% fall in March (previously reported: -6.5% year-on-year). The average annual change in industrial production deteriorated slightly to negative 0.6% in April, down from minus 0.5% in March.

FocusEconomics Consensus Forecast panelists project that industrial production will grow 1.1% in 2019, which is down 0.5 percentage points from last month’s projection, and 2.0% in 2020.


Author:, Economist

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Norway Industry April 2019

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


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