Norway: Industrial production contracts again in February
April 8, 2013
In February, industrial output fell a seasonally adjusted 1.9% over the previous month, which followed the 4.9% drop tallied in January. According to Statistics Norway, the monthly contraction was mainly driven by a sharp fall in oil and gas extraction. On the other hand, manufacturing output recorded stronger gains.
On an annual basis, industrial production declined 10.7% in working-day adjusted terms, which exceeded the 8.1% drop observed in January. As a result, the trend continues to point downwards, with annual average growth in industrial production falling from 2.0% in January to 0.9% in February.
FocusEconomics Consensus Forecast panellists expect industrial production to fall 2.8% in 2013. In 2014, the panel sees industrial production contracting 1.0%.