Norway's industrial production shrank 4.2 percent year-on-year in April 2019, the least since January, following a downwardly revised 6.4 percent contraction in the previous month, as output declined softer for electricity, gas & steam (-5.4 percent vs -19.4 percent in March). Also, production continued to fall for: extraction & related services (-7.0 percent vs -6.6 percent); mining & quarrying (-13.5 percent vs -3.3 percent). In addition, manufacturing output growth accelerated to 4.3 percent from 1.5 percent as production rose at faster pace for ships, boats and oil platforms (36.3 percent vs 28.4 percent) while those rebounded for food, beverage & tobacco (0.8 percent vs -3.1 percent); machinery and equipment (3.3 percent vs -0.9 percent), computer & electrical equipment (8.3 percent vs -5.2 percent). By contrast, decreases were recorded for refined petroleum, chemicals & pharmaceutical products (-1.5 percent vs 5.2 percent). Industrial Production in Norway averaged 0.36 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.