Output decline in all four quarters of 2015
Production in Norwegian manufacturing declined by 1.4 per cent in the fourth quarter of 2015 compared with the third quarter, according to seasonally-adjusted figures. Hence, all four quarters of 2015 have seen an output decline in manufacturing. On a monthly basis, from November to December 2015, the manufacturing production decreased slightly by 0.3 per cent.
|Seasonally adjusted||Calendar adjusted1||Weights2|
|Monthly change||Three-month change||Twelve-month change|
|December 2015 / November 2015||October 2015 - December 2015 / July 2015 - September 2015||December 2015 / December 2014|
|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||-0.9||-3.2||-2.0||100.0|
|Extraction and related services||-0.9||-4.0||0.5||71.8|
|Mining and quarrying||-4.4||-10.8||-18.5||0.6|
|Food, beverage and tobacco||1.1||1.0||2.7||4.3|
|Refined petro., chemicals, pharmac.||9.5||0.8||15.2||2.0|
|Machinery and equipment||-0.2||-1.6||-13.1||2.9|
|Ships, boats and oil platforms||-5.3||-4.4||-27.7||2.3|
|Electricity, gas and steam||-3.0||-1.5||-3.5||5.5|
The index level for Norwegian manufacturing in the fourth quarter of 2015 amounted to 115.9 (2005= 100). This is the lowest quarterly production level since the second quarter of 2012. The corresponding figure for the third quarter of 2015 was 117.6.
Three-month change: downturn in oil and gas-related industries
According to seasonally-adjusted figures, the manufacturing output saw a decrease of 1.4 per cent in the fourth quarter of 2015 compared with the third quarter. This means that all four quarters of 2015 saw a production decline in manufacturing. The downturn is still strongly related to low production within oil and gas-related industries, particularly among industries such as repair and installation of machinery and ships, boats and oil platforms. The production level within these industries declined 9.7 and 4.4 per cent respectively from the third to the fourth quarter. Lower investment activity in the Norwegian oil and gas sector explains much of the decline in these industries. This has, among other things, led to lay-offs and also reduced the use of contract workers. In addition, machinery and equipment also had a production decline in this period.
On the other hand, food and beverages together with paper and paper products were two of the few industries that had a production increase in this period. The growth in these industries curbs the fall in total manufacturing production to some extent.
Annual change: clear decline in manufacturing production in 2015
From 2014 to 2015, the annual change in manufacturing production was -3.5 per cent, according to calendar-adjusted figures. Statistics Norway will publish a separate article on Tuesday 23 February about annual changes in manufacturing production for 2015.
Monthly change: minor decease from November to December 2015
According to seasonally-adjusted figures, the manufacturing output saw a minor decrease of 0.3 per cent from November to December 2015. Industries such as ships, boats and oil platforms as well as basic metals saw an output decline. On the other hand, the industry group refined petroleum, basic chemicals and the pharmaceutical industry saw a clear production increase. The growth is partly due to high production of basic chemicals in December.
Twelve-month change: severe drop in Norway, growth in the euro area in November 2015
From November 2014 to November 2015, production in Norwegian manufacturing plummeted by 6.6 per cent, according to calendar-adjusted figures. Ships, boats and oil platforms together with machinery and equipment contributed the most to the total output downturn. Estimated figures from Eurostat, the EU`s statistical office, indicate that production in manufacturing in the euro area increased by 1.6 per cent in the same period.
Three-month change: substantial fall in total industrial production (PII)
The overall production index (PII) covering extraction, mining, manufacturing and electricity supply decreased by 3.2 per cent in the fourth quarter of 2015 compared with the third quarter, according to seasonally-adjusted figures. Extraction of crude petroleum was unchanged, while extraction of natural gas plummeted by 8.7 per cent in this period. The decrease in natural gas extraction is the largest contributor to the substantial drop in the overall production index (PII). For more details about oil and gas extraction for December 2015, see the press release from The Norwegian Petroleum Directorate.
Services in oil and gas extraction saw a severe production decline equivalent to 9.0 per cent in the fourth quarter of 2015 compared with the third quarter. Producers within this industry are strongly related to the oil and gas industry, and the production decline should therefore be viewed in conjunction with the declining investment activity in the oil and gas industry.
According to seasonally-adjusted figures, production within Norwegian electricity supply decreased by 1.5 per cent in the fourth quarter of 2015 compared with the third quarter, while the production in mining and quarrying had a substantial drop of 10.8 per cent.
As from October 2015, figures for Services in oil and gas extraction will be published. According to SIC2007, Services in oil and gas extraction is grouped in section B Mining and quarrying. Producers within this industry supply, among other things, services related to drilling in exploration, appraisal and production wells, together with other services related to offshore activities such as installation of floating and fixed structures both above and below the sea floor. The time series is from the year 2010. This industry has always been a part of the aggregate Extraction and related services, but now its time series is also published separately in Statbank and tables.
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