Still a significant decline in manufacturing
Production in Norwegian manufacturing declined by 3.7 per cent in the period June-August 2015 compared with the previous three-month period, according to seasonally-adjusted figures. Once again, the drop is due to low production within oil and gas-related industries. On a month to month basis, from July to August 2015, the manufacturing output saw a modest decrease of 0.4 per cent.
|Seasonally adjusted||Calendar adjusted1||Weights2|
|Monthly change||Three-month change||Twelve-month change|
|August 2015 / July 2015||June 2015 - August 2015 / March 2015 - May 2015||August 2015 / August 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||1.7||2.8||3.1||100.0|
|Extraction and related services||2.9||6.3||9.3||71.8|
|Mining and quarrying||0.1||3.0||-0.6||0.6|
|Food, beverage and tobacco||-0.5||-1.6||-2.1||4.3|
|Refined petro., chemicals, pharmac.||3.8||2.0||8.0||2.0|
|Machinery and equipment||-2.4||-7.5||-11.2||2.9|
|Ships, boats and oil platforms||-1.5||-12.1||-30.0||2.3|
|Electricity, gas and steam||1.5||0.6||9.4||5.5|
The index level for Norwegian manufacturing in the period June-August 2015 amounted to 118.2 (2005= 100). The corresponding figure for the previous three-month period was 122.8.
Three-month change: lasting drop in ships, boats and oil platforms
According to seasonally-adjusted figures, the manufacturing output saw a significant decrease of 3.7 per cent in the period June-August 2015 compared with the previous three-month period. The prominent downturn is still related to low production within oil and gas-related industries, and particularly among producers of ships, boats and oil platforms, where production plummeted by 12.1 per cent. 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 the industry grouping refined petroleum, chemicals and the pharmaceutical industry saw a minor production increase in this period.
Monthly change: moderate output decline from July to August 2015
Manufacturing output saw a modest decrease of 0.4 per cent from July to August 2015, according to seasonally-adjusted figures. The largest contributions to the decline came from repair, installation of machinery, machinery and equipment and basic chemicals. At the same time, there was a substantial production growth within wood and wood products. The increase in this industry can be related to higher activity among several producers and a particularly low production in July. The industry grouping refined petroleum, chemicals and the pharmaceutical industry also saw an increase in production in this period.
Twelve-month change: clear fall in Norway, growth in the euro area in July 2015
From July 2014 to July 2015, production in Norwegian manufacturing dropped by as much as 6.1 per cent, according to calendar-adjusted figures. Ships, boats and oil platforms 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 1.6 per cent in the same period.
Three-month change: minor increase in total industrial production (PII)
The overall production index (PII) covering extraction, mining, manufacturing and electricity supply increased by 2.8 per cent in the period June-August 2015 compared with the previous three-month period, according to seasonally-adjusted figures. In this period, extraction of crude petroleum and extraction of natural gas increased by 4.2 and 13.4 per cent respectively. For more details about oil and gas extraction for August 2015, see the press release from The Norwegian Petroleum Directorate.
Production within Norwegian electricity supply went up slightly, i.e. by 0.6 per cent, in the period June-August 2015 compared with the previous three-month period, according to seasonally-adjusted figures.