Manufacturing turnover increased in the fourth quarter

The index value for turnover in manufacturing was 155.4 (2005=100) in the fourth quarter of 2020 compared to 151.8 in the previous quarter according to seasonally-adjusted figures. The manufacturing turnover is slowly increasing after the sharp fall associated with the corona pandemic in the first half of 2020. Nevertheless, the level is still significantly below the peak at the end of 2019.

Three-month change: metal products increases manufacturing turnover

Seasonally-adjusted figures show that the turnover in Norwegian manufacturing increased by 2.4 per cent from the third to the fourth quarter of 2020.

Metal products contributed the most to the positive development with its increase of 13 per cent in the period. The export market is the largest market in the metal products and contributed the most to the increase. The industry grouping refined petroleum, chemicals and pharmaceutical products also contributed to the growth in turnover in the period. The growth in turnover in these industries was helped by significant price growth for metals and refined petroleum products.

Food products contributed the most to curbing the increase in manufacturing turnover with a decline of 2.1 per cent.

Monthly change: reduced turnover for building of ships and oil platforms

Although the manufacturing increased in the last quarter of the year, the manufacturing turnover decreased by 2.7 per cent from November to December 2020, according to seasonally-adjusted figures. The domestic market contributed to the overall decrease while the export market showed an increase.

Building of ships and oil platforms contributed the most to the decline in manufacturing turnover. The decline from November to December was 23 per cent. This is largely due to large shipments in November. Repair and installation of machinery and food products also contributed to the reduction in manufacturing turnover.

The industry grouping refined petroleum, chemicals and pharmaceutical products contributed the most to curbing the decline in manufacturing turnover with its growth of 12 per cent. Increased prices on refined petroleum products in December was a contributing factor to the increased turnover in this industry grouping. Fabricated metal products also contributed to curbing the decline from November to December with a increase of 13 per cent.

Monthly change: increase in manufacturing turnover in the euro area in November 2020

Manufacturing turnover in the euro area increased by 1.8 percent from October to November 2020, according to seasonally-adjusted figures. Manufacturing turnover has increased over a period of several months after the marked decline which was registered in March and April after strict infection control measures were implemented in Europe. Total Norwegian manufacturing turnover increased by 2.5 percent in the same period. In the other Scandinavian countries, the turnover in Denmark was unchanged and down by 2.0 per cent in Sweden, according to Eurostat.

Annual change; manufacturing turnover fell in the in the corona year 2020

Norwegian manufacturing turnover had an annual change of -3.4 per cent from 2019 to 2020. The export market contributed to the decrease with a decrease of 7.9 per cent. The domestic turnover were unchanged and stood for 59 per cent of the manufacturing turnover.

The year as a whole the industry grouping refined petroleum, chemicals and pharmaceutical products and machinery and equipment contributed the most to the decreased manufacturing turnover.