Norway's industrial production shrank 5.7 percent year-on-year in July 2019, following an 8.6 percent contraction in the previous month. This was the seventh straight monthly decrease in industrial activity, as output continued to drop for extraction & related services (-11.1 pct vs -15.2 pct in June). On the other hand, both mining & quarrying (20.0 pct vs -10.7 pct) and electricity, gas & steam output (3.8 pct vs -2.7 pct) rebounded. Also, manufacturing output growth accelerated to 3.8 percent from 3.1 percent, as production increased faster for printing & reproduction (5.3 pct vs 0.3 pct); rubber & plastic (0.6 pct vs 0.5 pct); metal products (12.2 pct vs 11 pct); transport equipment (13.9 pct vs 3.7 pct) and ships, boats and oil platforms (44.1 pct vs 39.0 pct). Also, output of refined petroleum, chemicals & pharmaceutical products shrank softer (-1.9 pct vs -8.2 pct). Industrial Production in Norway averaged 0.31 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.