Continued growth in manufacturing
Production in Norwegian manufacturing went up by 1.8 per cent from May to July 2013 compared with the previous three-month period, according to seasonally-adjusted figures.
|Seasonally adjusted||Calendar adjusted1||Weights2|
|Monthly change||Three-month change||Twelve-month change|
|July 2013 / June 2013||May 2013 - July 2013 / February 2013 - April 2013||July 2013 / July 2012|
|1Adjusted for working-days and for public holidays in Norway.|
|2The weights are updated annually, and are valid for the entire year.|
|Extraction, mining, manufacturing and elec||3.0||5.9||2.8||100.0|
|Extraction and related services||5.2||8.1||4.4||73.5|
|Mining and quarrying||4.7||13.3||34.5||0.6|
|Food, beverage and tobacco||2.4||2.1||3.2||3.8|
|Refined petro., chemicals, pharmac.||-0.8||-1.2||-6.4||2.0|
|Machinery and equipment||4.8||6.1||19.7||2.8|
|Ships, boats and oil plattforms||-7.5||3.8||14.0||2.1|
|Electricity, gas and steam||-3.9||2.6||-5.9||5.9|
The (overall) index of industrial production (PII) also increased by 5.9 per cent due to a rise in the extraction of oil and natural gas in this period. Extraction of natural gas went up by 12.6 per cent, while extraction of crude petroleum went up by 3.8 per cent. This was related to an increase in oil production in several fields and production starts in new fields in 2013. For further details, refer to the press release from The Norwegian Petroleum Directorate.
Seasonally-adjusted figures from May to July 2013 show a further increase in output for industries such as machinery and equipment and ships, boats and oil platforms compared with the previous period. Since 2005, production has increased by 105 and 111 per cent respectively in these two industries. Fabricated metal products and computer and electrical equipment also experienced growth in production from May to July 2013 compared with the previous period. A minor increase was also seen in the production of basic chemicals and non-ferrous metals in the same time period.
Growth in food and food products
Production in food and food products had 3.2 per cent growth from May to July 2013 compared with the previous three-month period, according to seasonally-adjusted figures. This can be related to higher production of fish and fish products and production of feed. This growth may partly be explained by the low harvest of salmon in the first quarter of 2013 compared with the first quarter of 2012.
Solid increase in manufacturing from July 2012 to July 2013
Production in Norwegian manufacturing went up by 5.7 per cent from July 2012 to July 2013, according to calendar-adjusted figures. Industries such as machinery and equipment, ships, boats and oil platforms as well as repair and installation of machinery had a significant production growth from July 2012. Food and food product production has also seen an increase, while paper and paper products and basic metals had a fall in production in the same period.
From June to July 2013
Production in Norwegian manufacturing increased by 0.1 per cent from June to July 2013, according to seasonally-adjusted figures. There were some clear differences within manufacturing sectors. Food and food products, basic chemicals and basic metals had a production increase, while ships, boats and oil platforms had a distinct decline in production in the same period. This downturn can be related to the completion of several large projects in June 2013.
Norway and the euro area
There was a 6.1 per cent increase in Norwegian manufacturing output from June 2012 to June 2013, according to calendar-adjusted figures. Production in manufacturing industries in the euro area increased by 0.6 per cent in the same period, according to figures published by Eurostat. Seasonally-adjusted figures for the euro area show an improvement in manufacturing production in the last few months, which may generate increased demand for Norwegian traditional export goods going forward.
Lower production within electricity supply from July 2012 to July 2013
Production within Norwegian electricity supply decreased by 5.9 per cent from July 2012 to July 2013, according to unadjusted figures.
In order to facilitate the interpretation of the short-term development, the index of production publishes three-month moving averages of the seasonally-adjusted figures. We normally compare the latest non-overlapping three-month periods, for instance May to July 2013 compared with February to April 2013. Seasonally-adjusted monthly changes must be interpreted with caution.