Norway's industrial production increased 1.2 percent year-on-year in December 2018, slower than a 2.6 percent rise in the previous month, as manufacturing output growth slowed to 2.5 percent from 2.8 percent due to falls in production of food, beverage & tobacco (-2.7 percent vs 0.2 percent in November); refined petroleum, chemicals & pharmaceutical products (-1.4 percent vs 2.6 percent); and computer & electrical equipment (-8.4 percent vs -5.6 percent). By contrast, sharp increases were recorded for machinery and equipment (5.3 percent vs 0.5 percent); fabricated metal products (14.6 percent vs 7.9 percent); ships, boats and oil platforms (33.5 percent vs 27.6 percent); and rubber, plastic and mineral products (6.8 percent vs -3.1 percent). Meanwhile, output shrank further for: extraction & related services (-2.7 percent vs -2.6 percent); mining & quarrying (-0.9 percent vs -1.8 percent); and electricity, gas & steam (-6.9 percent vs -0.7 percent). Industrial Production in Norway averaged 0.42 percent from 1991 until 2018, reaching an all time high of 15.40 percent in June of 1994 and a record low of -13.10 percent in August of 2010.
Industrial Production in Norway is expected to be 4.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Industrial Production in Norway to stand at 2.90 in 12 months time. In the long-term, the Norway Industrial Production is projected to trend around 2.50 percent in 2020, according to our econometric models.