Norway: Industrial production rebounds in November
January 8, 2014
In November, industrial output rose 1.1% over the previous month in seasonally-adjusted terms. The expansion contrasted the revised 2.8% drop tallied in October (previously reported: -2.9% month-on-month). According to Statistics Norway, November's expansion was mainly driven by a robust rebound in oil and gas extraction as well as in the electricity, gas and steam category. Meanwhile, manufacturing output recorded a milder decline. On an annual basis, industrial production contracted 2.2% in working-day adjusted terms. The contraction followed the 7.6% drop observed in October. As a result, the trend improved, with annual average growth in industrial production inching up from minus 4.7% in October to minus 4.6% in November. FocusEconomics Consensus Forecast panelists expect industrial production to expand 1.1% in 2014, which is down 0.4 percentage points over the previous month's estimate. In 2015, the panel sees industrial production expanding 0.8%.