Sharp decline in manufacturing investments for 2020
The companies’ latest investment estimates for 2020 are expected to decrease within oil and gas, manufacturing, mining and quarrying and electricity supply. Lower investment in manufacturing is the main reason for the overall decline. Updated investment estimates for 2021 indicate a further decline in total investments.
The investment survey conducted in August within oil and gas, manufacturing, mining and quarrying and electricity supply in 2020 amounted to NOK 252 billion. This is 2.0 per cent lower than the corresponding figure for 2019. Significantly lower investments in manufacturing are the main reason for the overall decline. The decline is offset by an increase in investments in oil and gas activities. For more details about investments within the oil and gas industry, please see the following article.
The companies’ latest total investment estimates for 2021 indicate a sharp decline of 13 per cent compared with the corresponding figures of 2020.The decrease in 2021 is driven by a sharp fall in investment within the oil and gas industry. If no more new large projects within manufacturing and electricity supply are decided also these industries will contribute negatively to the overall investments in 2021.
Figure 1. Estimated investments collected in 3rd quarter same year
|Extraction and pipeline transport||Manufacturing, mining and quarrying||Electricity supply, gas and steam|
According to seasonally-adjusted figures, quarterly final investments had following development from the 1st quarter of 2020 to the 2nd quarter of 2020:
- Oil and gas: -8.5 %
- Manufacturing : -13.6 %
- Electricity supply: 18.1 %
Figure 2. Final investments per quarter. Seasonally adjusted. 2005=100
|Manufacturing||Electricity supply, gas and steam||Extraction and pipeline transport|