Latest reading: Industrial output expanded 8.9% in year-on-year terms in July (June: +7.2% yoy), marking the fastest growth rate since...
Industrial Production in Norway
The Norwegian economy recorded an average industrial production growth rate of 0.8% in the decade to 2024. In 2024, industrial production growth was 4.8%. For more industry information, visit our dedicated page.
Norway Industry Chart
Note: This chart displays Industrial Production (annual variation in %) for Norway from 2020 to 2024.
Source: Macrobond.
Norway Industry Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Industrial Production (ann. var. %) | 6.2 | 2.5 | -0.4 | 0.0 | 4.8 |
Decline in industrial activity softens in June
Latest reading: Industrial production declined 0.1% month on month in seasonally adjusted terms in June (May: -0.5% mom s.a.). Looking at the details of the release, June's milder fall was largely driven by an improvement in extraction and related services—which account for over 80% of industrial output in Norway. In addition, manufacturing production fell at a more moderate rate. On an annual basis, factory output dove 7.1% in calendar-adjusted terms in June, which was significantly greater than May’s 0.4% fall and marking the worst result since September 2023. Accordingly, the trend pointed down, with the annual average variation of industrial production flatlining, down from May's plus 1.7%.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Norwegian industry projections for the next ten years from a panel of 4 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable industry forecast available for Norwegian industry.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Norwegian industry projections.
Want to get access to the full dataset of Norwegian industry forecasts? Send an email to info@focus-economics.com.
Latest Global Industrial production News
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Sweden: Industrial output clocks quickest growth since August 2020 in June Latest reading: Industrial output—excluding energy—expanded 6.7% in seasonally and calendar-adjusted month on month terms in June, which contrasted May’s 1.3%...