Norway Industry November 2016


Norway: Industrial production loses steam in November

January 6, 2017

Industrial production in November rose a meagre 0.5% from the previous month in seasonally adjusted terms, a sharp slowdown from the 10.1% rise experienced in October. Oil and gas extraction continued to grow but at a much slower rate than in October. Industrial production in Norway is highly affected by oil and gas extraction and related services, which account for around 72.0% of the index. The manufacturing and electricity, gas and steam sectors contracted, while the mining and quarrying sector climbed timidly compared to October.

In annual terms, industrial production grew 1.3% in November (October: +0.7% year-on-year), the best result in six months. Annual average growth in industrial production rose slightly from minus 1.8% in October to minus 1.5% in November.

FocusEconomics Consensus Forecast panelists project that industrial production will contract 0.2% in 2017, which is up 0.4 percentage points from the previous month’s forecast. For 2018, the panel expects industrial production to expand 1.7%.

Author: Marlène Rump, Senior Data Analyst

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Norway Industry Chart

Norway Industry November 2016

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

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