Industry in Norway
Norway - Industry
Industrial production contracts in June
Industrial production declined a seasonally-adjusted 1.4% in June from the previous month, contrasting May’s 0.6% increase. June’s decrease was driven by a sharp fall in output from the extraction and related services sector, which accounts for over half of industry in Norway. Moreover, the mining and quarrying, manufacturing, and electricity, gas and steam sectors also fell in June over the month prior.
Looking at industrial production in annual terms when adjusted for working days, output dropped 8.6% in June, down from the 2.5% fall in May. The annual average change in industrial production slipped to -1.7% in June, down from the 0.7% fall in May.
FocusEconomics Consensus Forecast panelists project that industrial production will contract 1.5% in 2019, which is down 1.9 percentage points from last month’s projection, and expand 2.3% in 2020.
Norway - Industry Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Industrial Production (annual variation in %) | -5.0 | 3.6 | 0.6 | -1.5 | 2.1 |
Norway Industry Chart
Source: Statistics Norway and FocusEconomics calculations.
Norway Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.35 | -0.65 % | Jul 31 |
| Exchange Rate | 8.86 | -0.38 % | Jul 31 |
| Stock Market | 859 | -0.08 % | Jul 31 |
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Economic News
Norway: Norges Bank keeps rates unchanged in August but expects further tightening before year-end
August 15, 2019
The executive board of Norges Bank unanimously decided to keep the sight deposit rate unchanged at 1.25% at its monetary policy meeting on 15 August.
Norway: Inflation holds steady in July at close to the Central Bank’s target
August 9, 2019
Consumer prices jumped 0.7% in July, up from June’s 0.1% increase.
Norway: Industrial production contracts in June
August 8, 2019
Industrial production declined a seasonally-adjusted 1.4% in June from the previous month, contrasting May’s 0.6% increase.
Norway: Inflation dips below the Central Bank’s target in June
July 10, 2019
Consumer prices ticked up 0.1% in June, contrasting the 0.3% decrease posted in May.
Norway: The economy expands at an accelerated pace in May
July 9, 2019
Economic output increased 0.4% in May compared to the previous month in seasonally-adjusted terms, up from April’s revised 0.3% increase (previously reported: +0.2% month-on-month).
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