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1998 appears to be the decade's biggest investment year. Last year's investments were much higher than those in previous years, and the estimates for 1999 are considerably lower than the estimates for 1998 reported at the same time last year.
The investments made for manufacturing, mining and quarrying and electricity supply in 1998 came to NOK 21.3 billion, an increase of 17 per cent from 1997. For the current year it looks as if the investments may decline somewhat. The estimate for 1999 reported in the first quarter this year lies 19 per cent lower altogether than the estimate for 1998 that was reported at the same time last year.
In previous peak years for manufacturing investments, it has generally been large individual projects that have caused the high investments. In 1998 the increase is divided among several of the industry groupings that are included in the investment survey.
Electrical and optical equipment had the largest annual investment growth from 1997 to 1998 with fully 89 per cent, where the increase alone amounted to NOK 473 million. Machinery and equipment and publishing, printing and reproduction had rapid growth as well with 71 and 63 per cent respectively. Although there was also considerable growth in investments in other areas, there were also industrial sectors with declines in investments, most notably textiles and textile products, wood and wood products, and basic metals.
Estimate NOK 17.8 billion for 1999
The estimated investment in manufacturing, mining and quarrying and electricity supply for the current year come to NOK 17.8 billion, about 19 per cent lower than last year's estimate reported at the same time of year. The estimate for 1998 at the same time was NOK 22.1 billion.
Most of the manufacturing sectors show a decline this year with the exception of rubber and plastic products, which has increased 37 per cent. Of the other industries, electrical and optical equipment, electricity, gas and steam supply and publishing, printing and reproduction had the smallest declines with 10, 12 and 13 per cent respectively.
Investment statistics. Manufacturing, mining and quarrying, and electricity supply, first quarter 1999.
The statistics are published quarterly in the Weekly Bulletin of Statistics. For more information, contact: Benn.Torjesen@ssb.no, tel.: +47 21 09 47 20.
Weekly Bulletin issue no. 10, 1999