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
| 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 | 1.74 | -0.65 % | Aug 15 |
| Exchange Rate | 8.45 | -0.38 % | Aug 15 |
| Stock Market | 883 | -0.08 % | Aug 15 |
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Economic News
Norway: Inflation accelerates in July
August 10, 2018
Consumer prices rose 0.7% month-on-month in July, coming in above the 0.6% increase recorded in June.
Norway: Industrial output rebounds 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.
Norway: Inflation accelerates in June
July 10, 2018
Consumer prices rose 0.6% month-on-month in June, coming in significantly above the 0.1% increase recorded in May.
Norway: Industrial output contract for fourth consecutive month 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%.
Norway: Key policy rate left unchanged in June, but a hike in September looks almost certain
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.
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