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Fall in energy prices, Norway's top exports is taking heavy toll in overall a manufacturing, extraction and mining sector. This slowdown is likely to worsen outlook for the country and its job market. Norway notably withdrew some funds form its sovereign wealth fund to plug the gap in budget deficit.
- Overall production is down -3% in October from a year ago. Mining and quarrying down -12.9% from a year ago.
- Ships, boats and oil platform manufacturing suffered worst drop of -26.1% y/y, followed by machinery and equipment by -13.8%. Refined petrochemicals' production is still up 4.4% from a year ago but down -6.3% from September.
- Basic metal production is down close to -7% from last year.
After OPEC's decision last week to scrap the ceiling, is likely to worsen scenarios for Norway. Expect further easing from Norway, as lot of scope exits, since interest rate is at 0.75%.
Norwegian Krone is down by 1.4% today, trading at 8.623 per Dollar.
