Oil-driven growth in manufacturing
Production in Norwegian manufacturing increased by 2.1 per cent from June to August 2014 compared with the previous three-month period, according to seasonally-adjusted figures. On a month to month basis, from July to August 2014, the output in manufacturing went up 1.0 per cent.
|Seasonally adjusted||Calendar adjusted1||Weights2|
|Monthly change||Three-month change||Twelve-month change|
|August 2014 / July 2014||June 2014 - August 2014 / March 2014 - May 2014||August 2014 / August 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||0.7||2.3||100.0|
|Extraction and related services||-1.0||0.6||-1.6||71.9|
|Mining and quarrying||4.1||1.8||7.9||0.6|
|Food, beverage and tobacco||0.4||0.8||3.4||4.1|
|Refined petro., chemicals, pharmac.||-6.5||-0.3||-1.7||2.0|
|Machinery and equipment||-0.5||3.5||8.9||3.2|
|Ships, boats and oil plattforms||5.4||7.5||22.4||2.4|
|Electricity, gas and steam||-6.7||-5.6||-2.6||4.8|
The index level for Norwegian manufacturing for the period June to August 2014 amounted to 125.3 (2005= 100), which is a record high level. The corresponding figure for the previous three-month period was 122.7.
Three-month change: high activity within oil platforms and repair of machinery
The increase of 2.1 per cent in manufacturing in the last three-month period is particularly related to high activity among producers which deliver to the oil and gas sector. There was a strong production increase in industries such as ships, boats and oil platforms and repair and installation of machinery from June to August 2014 compared with the previous three-month period, according to seasonally-adjusted figures . High activity among leading producers within these industries explains this growth. For ships, boats and oil platforms the growth in output is particularly related to oil platforms and modules. Since 2005, the industry has seen an output increase equivalent to 127 per cent. In addition, continued growth within machinery and equipment contributed positively to the overall manufacturing output.
Moreover, food and food products also saw a further output increase in this period, mainly due to high production of fish and fish products and feed and feed products. On the other hand, rubber, plastic and mineral products together with basic metals had a decline in production from June to August 2014 compared with the previous three-month period
Monthly change: increase in production from July to August 2014
Ships, boats and oil platforms and transport equipment saw an output increase from July to August 2014, according to seasonally-adjusted figures. On the other hand, refined petroleum, basic chemicals and the pharmaceutical industry together with computer and electrical equipment experienced a decline in production. In addition, non-ferrous metals also had a production downturn in this period.
Twelve-month change: steady growth both in Norway and in the euro area in July 2014
Production in Norwegian manufacturing went up 2.9 per cent from July 2013 to July 2014, according to calendar-adjusted figures . The growth can particularly be related to an output increase in industries such as machinery and equipment and ships, boats and oil platforms. Estimated figures from Eurostat, EU`s Statistical Office, indicate that production in the manufacturing industries in the euro area increased by 3.1 per cent in this period.
Three-month change: moderate increase in total industrial production (PII)
The overall production index (PII) covering extraction, mining, manufacturing and electricity supply increased by 0.7 per from June to August 2014 compared with the previous three-month period, according to seasonally-adjusted figures. In this period extraction of crude petroleum increased by 3.8 per cent, while extraction of natural gas decreased by 4.1 per cent. On a month to month basis, from July to August 2014, extraction of crude petroleum and extraction of natural gas increased by 0.4 and 1.6 per cent respectively, according to seasonally- adjusted figures. Some fields on the Norwegian continental shelf experienced a fall in production due to maintenance work and technical difficulties in August 2014, according to The Norwegian Petroleum Directorate .
Production within Norwegian electricity supply decreased by 5.6 from June to August 2014 compared with the previous three-month period, according to seasonally-adjusted figures.