Decline in total investment for 2020

Published:

The latest investment from companies within oil and gas, manufacturing, mining and quarrying and electricity supply show a clear growth in 2019, but growth will decrease in 2020. The reason is lower growth for oil and gas and reduced investment in electricity supply and manufacturing.

The investment survey conducted in November suggest that total investments within oil and gas, manufacturing, mining and quarrying and electricity supply in 2019 will amount to NOK 256.8 billion. This is 16.0 per cent higher than the corresponding figure for 2018, given in November last year. The increase is mainly due to high investments in oil and gas and manufacturing, while lower investment in electricity supply contributes negatively.

Figure 1. Estimated investments collected in 4th quarter same year

Extraction and pipeline transport Manufacturing, mining and quarrying Electricity supply, gas and steam
2009 145817 24956 13017
2010 139384 19954 14467
2011 159388 20091 17297
2012 186843 20489 19356
2013 221289 20885 20674
2014 228241 21543 21916
2015 204297 20970 23597
2016 170280 22518 27123
2017 150842 21687 32688
2018 155457 24978 41112
2019 182803 33902 39939

Companies’ latest investment estimates for 2020 indicate an increase of 1.2 per cent higher compared to the same figure for 2019 given in November last year. The moderate increase in total investments is due to a further investment growth in within the oil and gas industry, but the increase here is expected to be significantly lower than in 2019. For more detail about investments within the oil and gas industry, please see the see the following article. There is also expected a decline in investment for both manufacturing and electricity supply investments next year.

According to seasonally-adjusted figures, quarterly final investment had the following development from the second to the third quarter of 2019:

  • Oil and gas: 3.1 %
  • Manufacturing: 12.2 %
  • Electricity supply: 7.4 % 

Figure 2. Final investments per quarter. Seasonally adjusted. 2005=100

Manufacturing Electricity supply, gas and steam Extraction and pipeline transport
Q3-2009 111.6 149.1 148.4
Q4-2009 99.7 147.8 141
Q1-2010 102.1 145.2 137.6
Q2-2010 100.6 164.7 148.4
Q3-2010 89.8 187.1 133.2
Q4-2010 99.4 178.1 144.7
Q1-2011 98.3 197.5 156.3
Q2-2011 99.2 204.1 161.1
Q3-2011 107.9 188.4 176.9
Q4-2011 104.5 214.5 183.4
Q1-2012 111 218.5 188.5
Q2-2012 109.3 206.8 195.9
Q3-2012 98.4 235 194.1
Q4-2012 106.1 245.3 214.9
Q1-2013 100.6 223.2 225.1
Q2-2013 110.7 234.7 235
Q3-2013 108 245 253.6
Q4-2013 103.4 253 253
Q1-2014 111.7 258.7 254.3
Q2-2014 112.3 275.8 254.4
Q3-2014 112.2 246.2 249.1
Q4-2014 117.6 248.5 237.1
Q1-2015 100.2 263.3 243
Q2-2015 103.9 269.4 229.9
Q3-2015 117.1 265.5 216.3
Q4-2015 108.2 288.5 203.5
Q1-2016 127.5 309.2 192.6
Q2-2016 124 287.1 186.5
Q3-2016 124.9 313.5 178.6
Q4-2016 128.5 323.2 171.3
Q1-2017 121 369.6 170.4
Q2-2017 110.7 313.4 171.1
Q3-2017 111.5 415.7 151.9
Q4-2017 122.1 375.7 165.9
Q1-2018 121.3 423.9 155
Q2-2018 134.4 473.2 161.1
Q3-2018 135.5 489.9 169.8
Q4-2018 136 479 184.2
Q1-2019 158.2 433.4 184
Q2-2019 166.2 442.1 192.6
Q3-2019 186.5 474.6 198.2