Norway's industrial production shrank 5.7 percent year-on-year in February 2019, the most since September 2016, following a 3.4 percent contraction in the previous month, as output declined for both extraction & related services (-5.9 percent vs -4.8 percent in January) and electricity, gas & steam (-20 percent vs -5.1 percent). In addition, manufacturing output growth slowed to 3.1 percent from 4.0 percent as production rose at softer pace for food, beverage & tobacco (0.5 percent vs 5.3 percent); machinery and equipment (3.9 percent vs 4.1 percent); ships, boats and oil platforms (31.8 percent vs 35.4 percent). By contrast, decreases were recorded for refined petroleum, chemicals & pharmaceutical products (-4 percent vs -4.4 percent) and computer & electrical equipment (-2.6 percent vs -0.1 percent). Meantime, mining & quarrying output rebounded sharply (21.2 percent vs -8.5 percent). Industrial Production in Norway averaged 0.39 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 1.90 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 2.20 in 12 months time. In the long-term, the Norway Industrial Production is projected to trend around 2.40 percent in 2020, according to our econometric models.