Third consecutive quarterly decline
Production in Norwegian manufacturing declined by 2.2 per cent in the third quarter of 2015 compared with the second quarter, according to seasonally-adjusted figures. Low production within oil and gas-related industries explains this fall. However, from August to September 2015, the manufacturing output saw a moderate increase of 0.9 per cent.
|Seasonally adjusted||Calendar adjusted1||Weights2|
|Monthly change||Three-month change||Twelve-month change|
|September 2015 / August 2015||July 2015 - September 2015 / April 2015 - June 2015||September 2015 / September 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||1.6||3.9||2.0||100.0|
|Extraction and related services||1.9||7.4||5.9||71.8|
|Mining and quarrying||-6.3||0.6||-9.1||0.6|
|Food, beverage and tobacco||1.1||-0.1||0.7||4.3|
|Refined petro., chemicals, pharmac.||2.1||0.9||20.0||2.0|
|Machinery and equipment||1.7||-6.4||-9.5||2.9|
|Ships, boats and oil platforms||-0.7||-7.7||-21.6||2.3|
|Electricity, gas and steam||2.0||-0.6||5.9||5.5|
The index level for Norwegian manufacturing in the third quarter of 2015 amounted to 117.9 (2005= 100). This is the lowest quarterly production level since the first quarter of 2013. The corresponding figure for the second quarter was 120.5.
Three-month change: low production within oil and gas-related industries
According to seasonally-adjusted figures, the manufacturing output saw a clear decrease of 2.2 per cent in the third quarter of 2015 compared with the second quarter. This is the third consecutive quarterly decline in manufacturing output. The downturn is related to low production within oil and gas-related industries, and particularly among producers of ships, boats and oil platforms. Within this industry, output plummeted by 7.7 per cent due to significantly low activity among platform producers. The production level within ships, boats and oil platforms is now at its lowest since the fourth quarter of 2011. Other oil and gas-related industries also experienced a substantial decrease in production in the same period:
- Machinery and equipment
- Computer and electrical equipment
- Fabricated metal products
Lower investment activity in the oil and gas sector explains much of the decline in these industries, which among other things has substantially reduced the use of contract workers. On the other hand, basic metals together with paper and paper products saw a production increase in this period.
Monthly change: output growth from August to September 2015
The manufacturing output saw an increase of 0.9 per cent from August to September 2015, according to seasonally-adjusted figures. The largest contributions to the increase came from rubber, plastic and mineral production and from repair and installation of machinery. In the latter industry, the production growth is due to large projects among some leading producers. In addition, food and beverages also saw an output increase in this period.
Twelve-month change: substantial drop in Norway, growth in the euro area in August 2015
From August 2014 to August 2015, production in Norwegian manufacturing dropped by as much as 7.2 per cent, according to calendar-adjusted figures. Ships, boats and oil platforms together with machinery and equipment contributed the most to the total output decrease. Estimated figures from Eurostat, the EU`s statistical office, indicate that production in manufacturing in the euro area increased by 1.2 per cent in the same period.
Three-month change: growth in total industrial production (PII) due to high gas extraction
The overall production index (PII) covering extraction, mining, manufacturing and electricity supply increased by 3.9 per cent in the third quarter of 2015 compared with the second quarter, according to seasonally-adjusted figures. In this period, extraction of crude petroleum went up slightly by 0.7 per cent, while extraction of natural gas saw a substantial increase equivalent to 17.7 per cent. This seasonally-adjusted upturn in gas extraction is due to unusually high third-quarter levels for gas production. For more details about oil and gas extraction for September 2015, see the press release from The Norwegian Petroleum Directorate.
Production within Norwegian electricity supply decreased by 0.6 per cent in the third quarter of 2015 compared with the second quarter, according to seasonally-adjusted figures.
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