Norway's industrial production shrank 8.6 percent year-on-year in June 2019, following a 2.5 percent contraction in the previous month. This was the sixth straight month of decline in output and the steepest fall since September 2016, as output dropped faster for both extraction & related services (-15.2 pct vs -4.4 pct in May) and mining & quarrying (-11.1 pct vs -7.2 pct) while electricity, gas & steam output continued to fall (-2.7 pct vs -4.1 pct). In addition, manufacturing output growth eased to 3.0 percent from 5.0 percent, as production rose softer for both ships, boats and oil platforms (39.0 pct vs 45.0 pct) and machinery and equipment (6.1 pct vs 7.0 pct). Also, output shrank for food, beverage & tobacco (-2.0 pct vs 0.2 pct) while those of refined petroleum, chemicals & pharmaceutical products declined faster (-8.2 pct vs -1.9 pct). Conversely, output of computer & electrical equipment grew faster (3.9 pct vs 3.5 pct). Industrial Production in Norway averaged 0.33 percent from 1991 until 2019, 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 0.50 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 2.30 in 12 months time. In the long-term, the Norway Industrial Production is projected to trend around 2.00 percent in 2020, according to our econometric models.