Industrial activity dips in May

Latest reading: Industrial production slid 0.5% month on month in seasonally adjusted terms in May (April: +2.2% mom s.a.), marking the seventh decline in the last year. Looking at the details of the release, the notable deterioration was primarily due to both manufacturing and electricity, gas and steam output swinging into contractions. Moreover, oil and gas extraction and related services—which accound for over 80% of industrial output in Norway—flatlined in May, deteriorating from April’s strong rise. On an annual basis, industrial production dropped 0.4% in calendar-adjusted terms in May, contrasting April’s 0.3% expansion. Accordingly, the trend pointed down, with the annual average growth of industrial production coming in at 1.7% in May, down from April's 2.2%.

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.