Manufacturing, mining and quarrying

Although 2026 investments in industry are estimated to be somewhat lower than in 2025, the level is still high historically. At the same time, updated investment estimates for 2027 suggest that industrial investments will remain at the same level next year.

Total investments in oil and gas activity in 2027, including pipeline transportation, are in accrued value estimated at NOK 227 billion, which is 10 per cent higher than estimated in the previous quarter.

Norwegian industrial leaders report a marginal growth in total industrial production in the 2nd quarter, while new orders have decreased. At the same time, the outlook for the second quarter is considered positive for the manufacturing as a whole.

Total investments in oil and gas activity in 2026, including pipeline transportation, are estimated at NOK 266 billion, which is NOK 11 billion higher than estimated in the previous quarter.

Companies’ latest investment estimates for 2026 within oil and gas, manufacturing, mining and quarrying and electricity supply indicate an increase in 2026. Early estimates indicate that the growth will continue in 2027.

Norwegian industrial leaders report unchanged in total industrial production in the 1st quarter, while new orders from the export market have decreased. At the same time, the outlook for the second quarter is considered positive for the manufacturing as a whole.

Final investments for 2025 covering oil and gas, manufacturing, mining and quarrying and electricity supply increased moderately compared to 2024. The increase is primarily driven by higher investments in oil and gas industry. Investments in electricity supply contributed also to this increment. Investment in manufacturing showed a moderate increased. The latest estimates for 2026 indicate a further investment growth.

Total investments in oil and gas activity in 2025, including pipeline transportation, ended at NOK 273 billion. In nominal terms, this is 8.7 per cent more than in 2024. For 2026, operators on the Norwegian continental shelf now estimate investments to be NOK 255 billion, which is higher than the estimate given in the previous quarter.

Norwegian industrial leaders report moderate decline in total industrial production in the 4th quarter of the year. New orders from the export and domestic markets also show a decline for this quarter. The outlook for the coming quarter is nevertheless considered positive.

Companies’ latest investment estimates for 2025 within oil and gas, manufacturing, mining and quarrying and electricity supply indicate an increase in 2025. Early estimates indicate that the growth will be moderate in 2026. It is oil and gas and electricity supply that contribute most to the growth in 2025.