Manufacturing decline in the first quarter
Production in Norwegian manufacturing decreased by 1.0 per cent in the first quarter of 2015 compared with the last quarter of 2014, according to seasonally-adjusted figures. However, on a month to month basis, from February to March 2015, the manufacturing output saw a solid increase of 3.2 per cent.
|Seasonally adjusted||Calendar adjusted1||Weights2|
|Monthly change||Three-month change||Twelve-month change|
|March 2015 / February 2015||January 2015 - March 2015 / October 2014 - December 2014||March 2015 / March 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||1.5||-1.1||2.3||100.0|
|Extraction and related services||0.4||-1.1||1.0||71.8|
|Mining and quarrying||-0.6||-5.5||-8.9||0.6|
|Food, beverage and tobacco||2.2||0.0||4.1||4.3|
|Refined petro., chemicals, pharmac.||2.6||9.4||8.5||2.0|
|Machinery and equipment||3.9||-2.0||7.9||2.9|
|Ships, boats and oil plattforms||4.3||-4.8||2.3||2.3|
|Electricity, gas and steam||2.8||0.8||7.3||5.5|
The index level for Norwegian manufacturing in the first quarter of 2015 amounted to 124.1 (2005= 100). The corresponding figure for the last quarter of 2014 was 125.4.
Three-month change: decrease in oil and gas-related industries in the first quarter of 2015
There was a 1.0 per cent decrease in manufacturing in the first quarter of 2015 compared with the last quarter of 2014, according to seasonally-adjusted figures. The quarterly decline is partly related to a production downturn in oil and gas-related industries such as ships, boats and oil platforms and repair and installation of machinery. The activity in these industries was particularly low in January and February. Despite increased production levels in March, a reduction in new orders may indicate a further decline in the aforementioned industries. For more details about orders, see the newest press release for The Index of orders in manufacturing. In addition, non-ferrous metals also saw a production decrease from the last quarter of 2014 to the first quarter of 2015. The decline is partly due to strong competition in the export market.
On the other hand, the industry grouping refined petroleum, basic chemicals and the pharmaceutical industry had a considerable production increase in this period. The increase is partially due to several stops in maintenance work among large manufacturers in the previous quarter.
Monthly change: strong output increase from February to March 2015
Output in manufacturing increased 3.2 per cent from February to March 2015, according to seasonally-adjusted figures. Higher production within industries such as ships, boats and oil platforms, machinery and equipment together with computer and electrical equipment contributed to this strong growth. For ships, boats and oil platforms, the production increase in March is particularly related to high activity among some leading producers of oil platforms and modules. In addition, food and beverages also saw an output increase in the same period.
Twelve-month change: identical growth in Norway and the euro area in February 2015
Production in Norwegian manufacturing saw a slight increase of 0.8 per cent from February 2014 to February 2015, according to calendar-adjusted figures. The industry grouping refined petroleum, basic chemicals and the pharmaceutical industry as well as machinery and equipment saw an output increase in this period. Estimated figures from Eurostat, the EU`s statistical office, indicate that production in manufacturing in the euro area increased by 1.0 per cent in the same period.
Three-month change: decline in total industrial production (PII)
The overall production index (PII) covering extraction, mining, manufacturing and electricity supply decreased by 1.1 per cent in the first quarter of 2015 compared with the last quarter of 2014, according to seasonally-adjusted figures. Extraction of crude petroleum increased by 3.4 per cent, while extraction of natural gas declined by 5.2 per cent in this period. For more details about oil and gas extraction for March 2015, see the press release from The Norwegian Petroleum Directorate.
Production within Norwegian electricity supply went up by 0.8 per cent in the first quarter of 2015 compared with the last quarter of 2014, according to seasonally-adjusted figures.
It is important to be aware that the uncertainty for the calendar-adjusted and seasonally-adjusted indices for March and April is greater than normal due to the changed placing of Easter. This effect will also affect the seasonally-adjusted figures for the 1st and 2nd quarters. This is accounted for when adjusting for seasonal variations. However, it can still be difficult to adjust for all impacts.