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Fast Comment NorwaySlight growth in manufacturing output

  1. Manufacturing output up 0.2 percent in February; weaker than expected
  2. Trend is still positive, but momentum is weaker than expected
  3. Note that some sentiment indicators (PMI) have fallen, signalling reduced momentum
Manufacturing output rose 0.2 percent in February; weaker than expected
Manufacturing output increased by 0.2 percent m-o-m in February, following a 2.1 percent fall in January. The outcome for February was below expectations: the consensus forecast was for 1.0 percent growth, while we had expected 1.5 percent. The upward correction (following the surprisingly sharp drop in January) was therefore significantly weaker than expected. Over the past three months, manufacturing output has increased by 0.3 percent, compared with the previous non-overlapping three-month period. While still positive, the trend has been weaker than anticipated. So, is the current uptrend in the Norwegian manufacturing sector softening? At face value, the outlook for the manufacturing sector looks robust, with solid global growth, a still weak NOK exchange rate, and expectations of a rebound in petroleum investments this year. Having said that, we note that some sentiment indicators have moderated, such as PMI. While the figures are still in expansionary territory, the fall in PMI could signal that overall momentum is softening a bit.


Disclaimer

Marius Gonsholt Hov

Senior Economist

Norway

maho60@handelsbanken.no

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