Norway Industry January 2017

Norway

Norway: Industrial production swings back up in January

March 7, 2017

Industrial production in January increased 3.4% from the previous month in seasonally adjusted terms, contrasting the 2.2% fall recorded in December. The oil and gas extraction sector rebounded strongly, lifting the overall result. Industrial production in Norway is highly affected by oil and gas extraction and related services, which account for around 72% of the index. The electricity, gas and steam sector also rebounded in January, while the manufacturing sector slowed down.

In annual terms, industrial production grew 1.3% in January (December: -1.5% year-on-year), while annual average growth in industrial production inched up to minus 1.4%. (December: minus 1.5%)

FocusEconomics Consensus Forecast panelists project that industrial production will grow 0.9% in 2017, which is up 1.2 percentage points from the previous month’s forecast. For 2018, the panel expects industrial production to expand 1.6%.


Author: Marlène Rump, Senior Data Analyst

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Norway Industry January 2017

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


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