Continued growth in manufacturing
Production in Norwegian manufacturing increased by 1.4 per cent from May to July 2014 compared with the previous three-month period, according to seasonally-adjusted figures. On a month to month basis, from June to July 2014, the output in manufacturing was roughly unchanged.
|Seasonally adjusted||Calendar adjusted1||Weights2|
|Monthly change||Three-month change||Twelve-month change|
|July 2014 / June 2014||May 2014 - July 2014 / February 2014 - April 2014||July 2014 / July 2013|
|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||-0.6||-2.3||-2.8||100.0|
|Extraction and related services||-0.1||-5.0||-5.9||71.9|
|Mining and quarrying||3.2||3.1||-9.2||0.6|
|Food, beverage and tobacco||-1.3||1.8||1.1||4.1|
|Refined petro., chemicals, pharmac.||7.1||0.4||6.1||2.0|
|Machinery and equipment||2.4||3.0||7.1||3.2|
|Ships, boats and oil plattforms||2.8||4.7||10.4||2.4|
|Electricity, gas and steam||-6.4||6.2||5.1||4.8|
The index level for Norwegian manufacturing for the period May to July 2014 amounted to 123.9 (2005= 100), which is a record high level. The corresponding figure for the previous three-month period was 122.2.
Three-month change: high activity within machinery and equipment and oil platforms
There was a production increase in industries such as machinery and equipment and ships, boats and oil platforms from May to July 2014 compared with the previous three-month period, according to seasonally-adjusted figures . These industries continue to have high output levels, and since 2005 have seen a production increase of 120 and 119 per cent respectively. For ships, boats and oil platforms the output growth is particularly related to oil platforms and modules. In addition, food and food products also saw a further output increase in this period, mainly due to high production of fish and fish products. This growth can be related to high demand abroad for salmon products.
On the other hand, rubber, plastic and mineral products together with basic metals had a minor decline in production from May to July 2014 compared with the previous three-month period.
Monthly change: minor changes in production from June to July 2014
The overall output covering refined petroleum, basic chemicals and the pharmaceutical industry increased from June to July 2014, according to seasonally-adjusted figures. The overall production level in this industry remained positive despite lower production of basic chemicals. In addition, machinery and equipment together with ships, boats and oil platforms also saw a production increase in this period. On the other hand, food and beverage experienced a production decline due to lower production of beverage.
Twelve-month change: stronger growth in Norway than in the euro area in June 2014
Production in Norwegian manufacturing went up by 3.2 per cent from June 2013 to June 2014, according to calendar-adjusted figures . The growth can particularly be related to an output increase in industries such as food and food products and machinery and equipment. Estimated figures from Eurostat, the EU`s Statistical Office, indicate that production in the manufacturing industries in the euro area increased by 0.4 per cent in this period.
Three-month change: decrease in total industrial production (PII)
The overall production index (PII) covering extraction, mining, manufacturing and electricity supply decreased by 2.3 per from May to July 2014 compared with the previous three-month period, according to seasonally-adjusted figures. In this period, extraction of crude petroleum and extraction of natural gas declined by 6.2 and 5.2 per cent respectively. On a month to month basis, from June to July 2014, extraction of crude petroleum increased by 0.8 per cent, while extraction of natural gas decreased by 0.8 per cent, according to seasonally-adjusted figures. Some fields on the Norwegian continental shelf experienced a fall in production due to technical difficulties in July 2014, according to The Norwegian Petroleum Directorate .
Production within Norwegian electricity supply increased by 6.2 per cent from May to July 2014 compared with the previous three-month period, according to seasonally-adjusted figures.