Norway Industry April 2017

Norway

Norway: Industrial production picks up in April

June 8, 2017

In April, industrial output increased 0.7% from the previous month in seasonally adjusted terms, up from a flat reading in March. The subcomponents for electricity, gas and steam and manufacturing both rebounded robustly, more than offsetting a contraction in the oil and gas extraction sector. 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 0.9% in April (March: +1.1% year-on-year). Annual average growth in industrial production now stands at minus 1.5%, down from minus 1.0% in March.

FocusEconomics Consensus Forecast panelists project that industrial production will grow 1.5% in 2017, which is up 0.2 percentage points from the previous month’s forecast. For 2018, the panel expects industrial production to expand 1.4%.


Author: Marlène Rump, Senior Data Analyst

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Norway Industry April 2017

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


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