Norway skyline at night

Norway Industry

Norway Industry

Industrial Production in Norway

The economy of Norway recorded an average growth rate of 0.6% in industrial production in the decade to 2022. In 2022, industrial production growth was 2.6%. For more industry information, visit our dedicated page.

Norway Industry Chart

Note: This chart displays Industrial Production (annual variation in %) for Norway from 2014 to 2023.
Source: Statistics Norway.

Norway Industry Data

2018 2019 2020 2021 2022
Industrial Production (ann. var. %) -1.9 -4.1 6.2 2.5 -0.4

Industrial output growth slows in December

Industrial output grew 1.0% month on month in seasonally adjusted terms in December (November: +1.9% mom). December's moderation was partly due to a deterioration in output growth in extraction and related services—which account for around 75% of industrial output in Norway. In contrast, manufacturing output rebounded. On an annual basis, industrial production fell 1.0% in calendar-adjusted terms in December, easing notably from November’s 6.2% fall and marking the best result since December 2022. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 7.7% in December, down from November's minus 7.6% reading.

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 3 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.

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