Signs of lower manufacturing output
Production in Norwegian manufacturing went up by 2.3 per cent from June to August 2013 compared with the previous three-month period, according to seasonally-adjusted figures. The (overall) index of industrial production (PII) also increased due to a rise in the extraction of oil and natural gas in this period.
|Seasonally adjusted||Calendar adjusted1||Weights2|
|Monthly change||Three-month change||Twelve-month change|
|August 2013 / July 2013||June 2013 - August 2013 / March 2013 - May 2013||August 2013 / August 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||-3.8||3.1||-4.4||100.0|
|Extraction and related services||-5.5||3.9||-2.0||73.5|
|Mining and quarrying||-13.2||9.4||13.8||0.6|
|Food, beverage and tobacco||-0.2||3.4||1.6||3.8|
|Refined petro., chemicals, pharmac.||-0.9||-1.2||-6.5||2.0|
|Machinery and equipment||-3.4||7.1||14.5||2.8|
|Ships, boats and oil plattforms||-4.7||0.1||8.1||2.1|
|Electricity, gas and steam||-0.6||-0.7||-8.7||5.9|
The (overall) index of industrial production (PII) increased by 3.1 per cent from June to August 2013 compared with the previous three-month period, according to seasonally-adjusted figures. Extraction of natural gas went up by 3.8 per cent, while extraction of crude petroleum increased by 3.9 per cent in this period. From July to August 2013, however, the extraction of natural gas experienced a significant production downturn equivalent to 11.6 per cent, according to seasonally-adjusted figures. This was related to planned maintenance work on the Norwegian continental shelf. For further details, refer to the press release from The Norwegian Petroleum Directorate .
Growth in manufacturing from June to August 2013
Production in manufacturing went up by 2.3 per cent from June to August 2013 compared with the previous three-month period, according to seasonally-adjusted figures. The increase in this period must be seen in context with high activity in June and July 2013. The figures for August 2013, however, show a lower production activity in the last month of this three-month period. Completion of several large projects within ships, boats and oil platforms is one of the factors that contribute to the negative figures for August 2013.
The seasonally-adjusted figures from June to August 2013 show a further increase in output for machinery and equipment. Since 2005, the production in this industry has increased by over 108 per cent. Fabricated metal products and computer and electrical equipment also experienced growth in production from June to August 2013, compared with the previous period. Moreover, production in food and food products had 3.9 per cent growth in the same period due to higher production of fish and fish products, and production of feed. A minor increase was also seen in the production of basic chemicals and non-ferrous metals.
Increase in manufacturing from August 2012 to August 2013
Production in Norwegian manufacturing went up by 3.1 per cent from August 2012 to August 2013, according to calendar-adjusted figures. Industries such as machinery and equipment and ships, boats and oil platforms have seen a significant production growth in this period. On the other hand, wood and wood products and basic metals experienced a decline in production.
Decline in manufacturing from July to August 2013
Production in Norwegian manufacturing decreased by 0.7 per cent from July to August 2013, according to seasonally-adjusted figures. Several industries within manufacturing experienced a clear production decline, among them food and food products, wood and wood products, machinery and equipment, ships, boats and oil platforms, as well as repair and installation of machinery. The downturn in ships, boats and oil platforms can be related to the completion of several large projects in the previous months. A continued decline in the next periods may have a strong effect on the development in Norwegian manufacturing from the second to the third quarter of 2013.
Norway and the euro area
There was a 5.7 per cent increase in Norwegian manufacturing output from July 2012 to July 2013, according to calendar-adjusted figures. Production in manufacturing industries in the euro area decreased by 2.1 per cent in the same period, according to figures published by Eurostat.
Lower production within electricity supply from August 2012 to August 2013
Production within Norwegian electricity supply decreased by 8.7 per cent from August 2012 to August 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 June to August 2013 compared with March to May 2013. Seasonally-adjusted monthly changes must be interpreted with caution.