Industry in Norway
Norway - Industry
Industrial output rebounds in June
According to Statistics Norway, industrial production rebounded a seasonally-adjusted 4.7% over the previous month in June, up from May’s 0.9% contraction and returning to expansion following four consecutive months of declining industrial output. All told, industrial production fell 1.1% on a quarter-on-quarter seasonally-adjusted basis in the second quarter (Q1: +2.6% quarter-on-quarter).
The recovery in June came on the back of a double-digit rebound in the extraction and related services sector—the largest industrial sector in Norway. Meanwhile, growth in the manufacturing, mining and quarrying sectors came in flat in June following a contraction in May. Production in the electricity, gas and steam sector, however, contracted for the fourth month running in June.
In annual terms, industrial production increased 2.9% in June, swinging from a 1.6% drop in May. Annual average growth in industrial production moderated to 1.6% in June from 1.9% in May.
Norway Industrial Production Forecast
FocusEconomics Consensus Forecast panelists project that industrial production will grow 2.5% in 2018, which is up 0.6 percentage points from last month’s projection, and 2.3% in 2019.
Norway - Industry Data
|Industrial Production (annual variation in %)||-5.0||3.6||0.6||-1.5||2.1|
5 years of economic forecasts for more than 30 economic indicators.
Norway Industry Chart
Source: Statistics Norway and FocusEconomics calculations.
|Bond Yield||1.74||-0.65 %||Aug 15|
|Exchange Rate||8.45||-0.38 %||Aug 15|
|Stock Market||883||-0.08 %||Aug 15|
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August 10, 2018
Consumer prices rose 0.7% month-on-month in July, coming in above the 0.6% increase recorded in June.
August 7, 2018
According to Statistics Norway, industrial production rebounded a seasonally-adjusted 4.7% over the previous month in June, up from May’s 0.9% contraction and returning to expansion following four consecutive months of declining industrial output.
July 10, 2018
Consumer prices rose 0.6% month-on-month in June, coming in significantly above the 0.1% increase recorded in May.
July 6, 2018
According to Statistics Norway, industrial production fell a seasonally-adjusted 0.9% from the previous month in May, more than April’s contraction of 1.4%.
June 21, 2018
At its monetary policy meeting held on 20 June, Norges Bank’s Executive Board stood pat and left the key policy rate at its all-time low of 0.50%, where it has been since March 2016.