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Manufacturing IP Still Subdued, Little Impact On Norges Bank

NORWAY
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Norwegian January manufacturing industrial production, which excludes volatile oil services, was flat M/M and fell -0.3% Y/Y. December's figure was downwardly revised to 0.6% Y/Y (vs 0.8% prior). While still subdued, this won't have much bearing on the Norges Bank, who are more focused on the still-high CPI-ATE inflation and the weak NOK.

  • The less volatile 3M/3M SA measure of manufacturing production was -0.1% in January, down from 0.2% in December. At a component level, ships, boats and oil platforms rose 5.2% 3M/3M while foods, beverages and tobacco fell -1.4% 3M/3M.
  • A reminder that the manufacturing PMI has printed above 51 for the last 3-months, most recently at 51.9 in February.
  • Headline industrial production, which makes up 83% of the overall index and is often extremely volatile, rose 8.3% Y/Y (with December's reading revised to 7.8% Y/Y from -1.0% prior) and 2.1% M/M (with December's reading revised to 1.6% from 1.0% prior).

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Norwegian January manufacturing industrial production, which excludes volatile oil services, was flat M/M and fell -0.3% Y/Y. December's figure was downwardly revised to 0.6% Y/Y (vs 0.8% prior). While still subdued, this won't have much bearing on the Norges Bank, who are more focused on the still-high CPI-ATE inflation and the weak NOK.

  • The less volatile 3M/3M SA measure of manufacturing production was -0.1% in January, down from 0.2% in December. At a component level, ships, boats and oil platforms rose 5.2% 3M/3M while foods, beverages and tobacco fell -1.4% 3M/3M.
  • A reminder that the manufacturing PMI has printed above 51 for the last 3-months, most recently at 51.9 in February.
  • Headline industrial production, which makes up 83% of the overall index and is often extremely volatile, rose 8.3% Y/Y (with December's reading revised to 7.8% Y/Y from -1.0% prior) and 2.1% M/M (with December's reading revised to 1.6% from 1.0% prior).