Industrial Production in Norway

Measures the change in the physical volume of output of Norway's manufacturing sector, including oil-and-gas-related activities. Published by Statistics Norway (SSB), it is an indicator of real economic activity in mainland industry (excluding crude extraction).

A seasonally adjusted production index against a base year, built from physical output data and deflated turnover of manufacturing firms. The month-on-month (MoM) percentage change is the main figure published, alongside the year-on-year (YoY) rate.

A rise signals expanding manufacturing activity, while a fall suggests a contraction in industry, with possible effects on employment and investment. It helps Norges Bank gauge the strength of the mainland economy when setting interest rates.

It is a volatile series month to month, sensitive to one-off production stoppages (platform maintenance, strikes) and heavily influenced by the hydrocarbons sector, so it is best read as a multi-month average rather than in isolation. It is subject to revisions.