Norway: Industrial production rebounds in January
March 8, 2018
According to Statistics Norway, industrial production rose a seasonally-adjusted 3.4% from the previous month in January, contrasting the revised 0.5% drop recorded in December (previously reported: -0.4% month-on-month).
January’s increase was largely driven by a strong rebound in output from the extraction and related services sector—the largest industrial sector in Norway. Mining and quarrying also posted solid output gains, pushing up the monthly figure. Conversely, production in the manufacturing sector contracted from December, while the electricity, gas and steam sector saw output fall for a second consecutive month.
In annual terms, industrial production increased 1.8% in January, up from the revised 0.2% expansion recorded in December (previously reported: +0.3% year-on-year). This was predominantly due to a larger mining and quarrying sector, as well as a more buoyant electricity, gas and steam sector. In contrast, the extraction and related services, and the manufacturing sectors both shrank. Annual average growth in industrial production remained stable from December at 2.3%.
Norway Industrial Production Forecast
FocusEconomics Consensus Forecast panelists project that industrial production will grow 2.0% in 2018, which is down 0.2 percentage points from last month’s projection, and 2.1% in 2019.
Author: Javier Colato, Economist