Industrial production in Norway increased by 2.6 percent year-on-year in November 2018, much slower than a 4.5 percent rise in the previous month. Manufacturing production rose at a softer 2.8 percent (vs 3.0 percent in October), mainly led by food, beverages & tobacco (0.2 percent vs -0.2 percent), refined petroleum, chemicals & pharmaceutical products (2.6 percent vs 0.5 percent), machinery & equipment (0.5 percent vs 0.1 percent), fabricated metal products (7.9 percent vs 7.8 percent), ships, boats & oil platforms (27.7 percent vs 22.6 percent), and repair, installation of machinery (0.4 percent vs -4.2 percent). Meanwhile, output declined for: extraction & related services (-2.6 percent vs -0.5 percent), mining & quarrying (-1.6 percent vs 8.6 percent) and electricity, gas & steam (-0.7 percent vs 6.7 percent). On a monthly basis, industrial production dropped 1.5 percent in November, compared to a 2.3 percent growth in the prior month. 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.