Latest reading: Industrial output rose 1.9% in month-on-month seasonally adjusted terms in May, which was above April’s 1.3% increase. May’s...
Industrial Production in Norway
The Norwegian economy recorded an average industrial production growth rate of 2.4% 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 |
Industrial production rebounds in April
Latest reading: Industrial production returned to growth in April, expanding 2.1% month on month in seasonally adjusted terms (March: -0.4% mom s.a.), marking the best reading in six months. Looking at the details of the release, oil and gas extraction and related services—which account for over 80% of industrial output in Norway—rose in April after stagnating in March, as did manufacturing production. Moreover, electricity, gas and steam output recovered. On an annual basis, industrial production increased 0.4% in April on a calendar-adjusted basis after contracting 3.0% in March. Still, annual average industrial production growth dropped to 2.2% in April (March: +2.4%), signaling an improving trend in the industrial sector.
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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