Industrial Production y/y is an indicator of changes in the output of Norwegian industrial companies, in the given month compared to the same month a year ago.
The production index is part of the short-term statistics calculated to monitor the state of the country's economy. In addition, it is part of Norway's quarterly national accounts and thus contributes to GDP calculation.
The index is calculated based on a monthly survey of 1,600 companies, conducted by the Norwegian Central Bureau of Statistics. The survey is mandatory and companies failing to provide data can be fined.
Output is evaluated by two variables, depending on company operation sector. For some industries, such as agriculture, mining and others, the physical volume of production is measured. For other industries, such as textiles, printing and similar industries, the production is measured in terms of working hours.
The Industrial Production Index is one of the most important indicators of short-term economic statistics for the country. Analysts use it to evaluate early changes in economic development, as well as to forecast Norwegian GDP.
Production growth indicates an expansion of the national economy and is therefore seen as positive for the Norwegian krone quotes.
The chart of the entire available history of the "Norway Industrial Production y/y" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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