Norway: Industrial production plunges to a seven-month low in August
October 7, 2013
In August, industrial output fell 3.8% over the previous month in seasonally-adjusted terms, which contrasted the 2.9% increase tallied in July (previously reported: +3.0% year-on-year). The print represents the first contraction in six months and the steepest fall since January. According to Statistics Norway, August's contraction was mainly driven by a sharp drop in oil and gas extraction and a mild decline in manufacturing output. On the other hand, the electricity, gas and steam category improved over the previous month.
On an annual basis, industrial production contracted 4.4% in working-day adjusted terms. The result contrasts the 2.8% rise observed in July. As a result, the trend deteriorated, with annual average growth in industrial production falling from minus 3.6% in July to minus 4.2% in August.
FocusEconomics Consensus Forecast panelists expect industrial production to fall 3.4% in 2013. In 2014, the panel sees industrial production expanding 1.9%.