Norway: Industrial production rebounds in September
November 7, 2013
In September, industrial output rose 0.7% over the previous month in seasonally-adjusted terms. The print contrasted the 4.0% drop tallied in August (previously reported: -3.8% year-on-year), which had marked the steepest fall since January. According to Statistics Norway, September's increase was mainly driven by a rebound in oil and gas extraction and a milder decline in manufacturing output. On the other hand, the electricity, gas and steam category deteriorated over the previous month.
On an annual basis, industrial production contracted 1.4% in working-day adjusted terms. The result follows the 4.4% drop observed in August. As a result, the trend improved, with annual average growth in industrial production rising from minus 4.2% in August to minus 3.9% in September.
FocusEconomics Consensus Forecast panelists expect industrial production to fall 3.3% in 2013, which is up 0.1 percentage points over the previous month's estimate. In 2014, the panel sees industrial production expanding 2.1%, which is up 0.2 percentage points from last month's projection.