Norway: Industrial production growth slows in December
February 7, 2014
In December, industrial output rose 0.5% over the previous month in seasonally-adjusted terms. The expansion followed the revised 1.2% increase tallied in November (previously reported: +1.1% month-on-month). According to Statistics Norway, December's expansion mainly reflects slower growth in oil and gas extraction as well as a rebound in manufacturing output. Conversely, the electricity, gas and steam category dipped into the red in December.
On an annual basis, industrial production contracted 2.2% in working-day adjusted terms in December. The contraction followed the 2.3% drop observed in November. In the full year 2013, industrial production contracted 4.9%, which contrasted the 2.7% increase tallied in 2012.
FocusEconomics Consensus Forecast panelists expect industrial production to expand 1.2% in 2014, which is up 0.1 percentage points over the previous month's estimate. In 2015, the panel sees industrial production falling 0.1%.