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Fast Comment NorwaySharp increase in manufacturing output in December

  1. Manufacturing output up by 1.3 percent in December, following 0.3 percent in November
  2. The quarterly pace rose substantially in Q4
  3. Supports our case for an above-consensus reading for mainland GDP (due Friday morning)
Manufacturing output up by 1.3 percent in December; stronger than expected
Manufacturing output rose by a stellar 1.3 percent m-o-m in December, following 0.3 percent in November. This was the fourth consecutive positive reading and the outcome was also stronger than expected; we and consensus expected 0.1 and 0.4 percent, respectively. Due to the sharp increase toward year-end, the quarterly pace rose substantially, from -0.2 percent in Q3 to 1.1 percent q-o-q in Q4. If anything, these figures support our case for an above-consensus reading for mainland GDP (due Friday morning). Taking a quick look at the details, overall growth in Q4 was related to an increase in petroleum-related manufacturing and in other parts of the manufacturing sector. Ships, boats and oil platforms contributed most to the overall increase, in particular shipbuilding. Summing up, we maintain our positive outlook for manufacturing output in 2018, driven by a weak NOK and solid global growth momentum. In addition, petroleum investments are expected to rise again from this year.


Disclaimer

Marius Gonsholt Hov

Senior Economist

Norway

maho60@handelsbanken.no

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