Minor increase in manufacturing output
Production in Norwegian manufacturing increased by 0.5 per cent from February to April 2015 compared with the previous three-month period, according to seasonally-adjusted figures. However, on a month to month basis, from March to April 2015, the manufacturing output saw a decrease of 2.9 per cent.
|Seasonally adjusted||Calendar adjusted1||Weights2|
|Monthly change||Three-month change||Twelve-month change|
|April 2015 / March 2015||February 2015 - April 2015 / November 2014 - January 2015||April 2015 / April 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||-4.9||0.0||-3.4||100.0|
|Extraction and related services||-6.4||-0.3||-5.1||71.8|
|Mining and quarrying||12.9||-3.1||10.0||0.6|
|Food, beverage and tobacco||-0.7||1.3||-1.0||4.3|
|Refined petro., chemicals, pharmac.||-5.8||7.5||2.0||2.0|
|Machinery and equipment||-0.7||-0.6||7.5||2.9|
|Ships, boats and oil plattforms||-8.4||-5.1||-9.2||2.3|
|Electricity, gas and steam||-2.6||1.5||-4.5||5.5|
The index level for Norwegian manufacturing from February to April 2015 amounted to 124.6 (2005= 100). The corresponding figure for the previous three-month period was 124.0.
Three-month change: increase in refined petroleum, basic chemicals and the pharmaceutical industry
Seasonally-adjusted figures show an increase in manufacturing of 0.5 per cent from February to April 2015 compared with the previous three-month period. An increase was seen in industries such as food and food products, and in the industry grouping refined petroleum, basic chemicals and the pharmaceutical industry. The increase in this industry was partially due to stops for maintenance work among large manufacturers in the previous three-month period.
On the other hand, there was a decline in production in oil and gas-related industries such as ships, boats and oil platforms and repair and installation of machinery. The output in building of ships and oil platforms was record high in August 2014, but is now at its lowest since the third quarter of 2013. The decline in these industries can be linked to lower investment activity in the oil and gas sector.
Monthly change: decrease in oil and gas-related industries
Output in manufacturing decreased 2.9 per cent from March to April 2015, according to seasonally-adjusted figures. The largest contribution to the drop came from building of ships and oil platforms, partly caused by lower activity in the oil and gas-related industries, where some big projects were completed in March. There was also a decrease in the industry grouping refined petroleum, basic chemicals and the pharmaceutical industry due to maintenance work among some of the larger manufacturers.
Twelve-month change: stronger growth in Norway than in the euro area in March 2015
Production in Norwegian manufacturing saw an increase of 3.9 per cent from March 2014 to March 2015, according to calendar-adjusted figures. Machinery and equipment, computer and electrical equipment, and food and food products 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 1.7 per cent in the same period.
Three-month change: unchanged production in total industrial production (PII)
The overall production index (PII) covering extraction, mining, manufacturing and electricity supply was unchanged from February to April 2015, according to seasonally-adjusted figures. Extraction of crude petroleum increased by 4.2 per cent, while extraction of natural gas declined by 5.9 per cent in this period. For more details about oil and gas extraction for April 2015, see the press release from The Norwegian Petroleum Directorate.
Production within Norwegian electricity supply went up by 1.5 per cent from February to April 2015 compared with the previous three-month period, 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.