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NORWAY: Manufacturing Industrial Momentum Soft Throughout 2024

NORWAY
CEEMEABulletNorwayMarketsFixed Income BulletsForeign Exchange Bullets

Norwegian manufacturing industrial momentum remains soft, with 3m/3m SA growth at -0.8% (vs -1.7% in November). The increase in industrial confidence in the Q4 Business Survey and a still-expansionary manufacturing PMI should support a gradual improvement in outcomes through the course of 2025, particularly as Norges Bank start easing policy. 

  • In December, manufacturing production rose 3.2% M/M (vs 1.2% prior) and 5.0% Y/Y (vs 1.4% prior), led by the oil refining, chemical and pharmaceutical industry (which faced production challenges in October and December).
  • Headline IP was supported by the petroleum industry throughout 2024, underscored by strong investment growth.

 

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Norwegian manufacturing industrial momentum remains soft, with 3m/3m SA growth at -0.8% (vs -1.7% in November). The increase in industrial confidence in the Q4 Business Survey and a still-expansionary manufacturing PMI should support a gradual improvement in outcomes through the course of 2025, particularly as Norges Bank start easing policy. 

  • In December, manufacturing production rose 3.2% M/M (vs 1.2% prior) and 5.0% Y/Y (vs 1.4% prior), led by the oil refining, chemical and pharmaceutical industry (which faced production challenges in October and December).
  • Headline IP was supported by the petroleum industry throughout 2024, underscored by strong investment growth.

 

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