Norway Industry October 2016


Norway: Industrial production rebounds in October

December 7, 2016

Industrial production in October rose 10.7% from the previous month in seasonally adjusted terms, contrasting the 5.2% decline experienced in September and marking the largest monthly increase since April 2002. The sharp rise was driven by expansion in the extraction and related services sector, which recorded a 17.5% month-on-month rise. Industrial production in Norway is highly affected by oil and gas extraction, which accounts for around 72.0% of the index. The manufacturing and electricity, gas and steam sectors also grew to a lesser extent, while the mining and quarrying sector contracted compared to September.

In annual terms, industrial production grew 0.7% in October, compared to a 12.4% contraction in September. Annual average growth in industrial production rose slightly from minus 2.1% in September to minus 1.8% in October.

FocusEconomics Consensus Forecast panelists project that industrial production will contract 0.6% in 2017, which is unchanged from the previous month’s forecast. For 2018, the panel expects industrial production to expand 1.3%.

Author:, Economist

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Norway Industry Chart

Norway Industry October 2016 0

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

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