Industry in Norway
Norway - Industry
Industrial production increases for the first time in six months in April
Industrial production rose a seasonally-adjusted 0.2% in April from the previous month, contrasting the revised 1.3% decrease in March (previously reported: -1.4% month-on-month). This represents the first increase since October 2018 and was primarily due to an increase in manufacturing output. In the energy sector, the extraction of natural gas, and activity related to the extraction of oil both rebounded, though this was more than offset by a sharper drop in the volume of oil extracted. In addition, production in the electricity, gas and steam sector rose in April. On the other hand, mining and quarrying output declined.
Looking at the change in industrial production in annual terms when adjusted for working days, output fell 4.2% in April, up from the revised 6.4% fall in March (previously reported: -6.5% year-on-year). The average annual change in industrial production deteriorated slightly to negative 0.6% in April, down from minus 0.5% in March.
FocusEconomics Consensus Forecast panelists project that industrial production will grow 1.1% in 2019, which is down 0.5 percentage points from last month’s projection, and 2.0% in 2020.
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||1.36||-0.65 %||Jun 20|
|Exchange Rate||8.56||-0.38 %||Jun 20|
|Stock Market||871||-0.08 %||Jun 20|
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The executive board of Norges Bank voted unanimously to raise the sight deposit rate to 1.25% from 1.00% at its monetary policy meeting on 19 June, as had been widely expected by market analysts.
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Norway: The economy expands in April and Norges Bank’s Q2 business survey points to solid future growth
June 7, 2019
According to monthly GDP data released by Statistics Norway, economic output increased 0.2% in April compared to the previous month in seasonally-adjusted terms, matching March’s expansion.
June 7, 2019
Industrial production rose a seasonally-adjusted 0.2% in April from the previous month, contrasting the revised 1.3% decrease in March (previously reported: -1.4% month-on-month).
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