Norway Industry

Norway

Norway: Industrial production records fourth consecutive expansion in February

April 7, 2014

In February, industrial output rose 0.7% over the previous month in seasonally-adjusted terms. The expansion followed the 1.1% increase tallied in January and marked the fourth consecutive expansion in output. According to Statistics Norway, February's expansion mainly reflects a rebound in oil and gas extraction, as well as in manufacturing output. Conversely, the electricity, gas and steam category dipped into the red in February.

On an annual basis, industrial production expanded 5.2% in working-day adjusted terms in February. The increase followed the 2.5% increase observed in January and marked the highest rate since June 2012. As a result, the trend continued to improve, with annual average growth in industrial production rising from minus 3.9% in January to minus 2.6% in February.

Norway's industrial production outcome is highly affected by oil and gas extraction; the category accounts for 71.9% of the index. According to the Ministry of Petroleum and Energy, oil and gas production reached a peak in 2001 and has been declining ever since. Although the government encourages operators to increase recovery rates from the oil and gas fields, the attempts have been undermined by increases in costs and taxes, which have thus dragged down overall industry output.

Within this setting, FocusEconomics Consensus Forecast panelists expect industrial production to expand 0.3% in 2014, which is unchanged over the previous month's estimate. In 2015, the panel sees industrial production falling 0.2%.


Author: Ricard Torné, Head of Economic Research

Sample Report

Looking for forecasts related to Industry in Norway? Download a sample report now.

Download

Norway Industry Chart


Norway Industry February 2014

Note: Month-on-month seasonally adjusted and year-on-year changes of industrial production index in %.
Source: Statistics Norway (SN).


Norway Economic News

  • Norway: Oil and gas output prop up growth in Q3 as economic recovery continues

    November 14, 2017

    In Q3, the economy expanded a seasonally-adjusted 0.7% from a quarter earlier, slowing markedly from the notable 1.1% growth recorded in Q2 but nonetheless confirming that the economic recovery was still firmly underway.

    Read more

  • Norway: Inflation falls in October, reverting September’s uptick

    November 10, 2017

    Consumer prices ticked up 0.1% in October, slowing considerably from September’s 0.6% increase.

    Read more

  • Norway: Industrial production contracts in September

    November 7, 2017

    According to Statistics Norway, industrial production fell by a seasonally-adjusted 0.5% from the previous month in September, contrasting August’s revised 0.5% increase (previously reported: -0.1% month-on-month). September’s result was driven by a large month-on-month decline in the extraction and related services sector—the largest industrial sector in Norway—but was moderated somewhat by growth in the manufacturing and electricity, gas and steam sectors.

    Read more

  • Norway: Inflation increases in September, reversing course

    October 10, 2017

    Consumer prices rose 0.6% month-on-month in September, contrasting August’s 0.8% decrease.

    Read more

  • Norway: Industrial production contracts in August

    October 6, 2017

    According to Statistics Norway, industrial production fell by a seasonally-adjusted 0.1% from the previous month in August, contrasting July’s revised 1.1% rise (previously reported: +0.7% month-on-month). August’s result was driven by a large month-on-month decline in the manufacturing sector, but tamed somewhat by growth in the extraction and related services sector—the largest industrial sector in Norway—and the electricity, gas and steam sector.

    Read more

More news

Search form