Norway: Industrial production rebounds in March
May 8, 2013
In March, industrial output rose a seasonally adjusted 1.0% over the previous month, which contrasted the 2.0% drop tallied in February (previously reported: -1.9% year-on-year). According to Statistics Norway, the monthly expansion was mainly driven by a strong rebound in oil and gas extraction as well as in electricity, gas and steam. On the other hand, manufacturing output fell compared to the previous month.
On an annual basis, industrial production declined 8.6% in working-day adjusted terms, which exceeded the 10.7% drop observed in February. As a result, the trend continues to point downwards, with annual average growth in industrial production falling from 0.9% in February to 0.0% in March.
FocusEconomics Consensus Forecast panellists expect industrial production to fall 4.5% in 2013. In 2014, the panel sees industrial production contracting 0.3%.