New reference year

From the publication of the second quarter 2024, the reference year will be changed to 2021=100. Until the first quarter of 2024 the reference year was 2005=100.

This updating will not influence the changes in the index over time. However, there may be some round-off effects which may move a decimal up or down.

Investments in oil and gas, manufacturing, mining and electricity supply

Updated: 28 May 2024

Next update: 15 August 2024

Change in first estimates for total investments
Change in first estimates for total investments
2025 / 2024
18.5
%
Investments. Collected in Q2. Percentage change and NOK million
Investments. Collected in Q2. Percentage change and NOK million1
Estimates collected in Q2 the same yearEstimates collected in Q2 the previous year
2024 / 202320242025 / 20242025
Extraction, pipeline, mining, manuf. and elec18.7327 67918.5293 172
Extraction and pipeline transport24.8246 85718.6215 838
Manufacturing-7.840 9146.232 176
Mining and quarrying10.13 514-39.21 832
Electricity, gas and steam18.936 39434.843 326
1Values at current prices.
Explanation of symbols

Selected tables and charts from this statistics

  • Final investement per quarter. Index. Seasonally adjusted. 2021=100

  • Estimated investments next year, by division and and main industrial groupings. NOK million
    Estimated investments next year, by division and and main industrial groupings. NOK million1
    Estimated investmentsChange in NOK million and per cent
    202420252025 /2024
    Collected in Q2 the previous yearCollected in Q2 the previous yearDif.2 Per cent2
    Extraction, pipeline, mining, manuf. and elec247 375293 17245 79719
    Extraction and pipeline transport181 923215 83833 91519
    Extraction of oil and natural gas179 421212 70833 28719
    Pipeline transport2 5023 13062825
    Manufacturing, mining and quarrying33 30934 0086992
    Mining and quarrying3 0151 832-1 183-39
    Manufacturing30 29432 1761 8826
    Food, beverages and tobacco3 7024 28558316
    Food products3 5324 06353115
    Textiles, wearing apparel, leather919767
    Wood and wood products638619-19-3
    Paper and paper products245211-34-14
    Printing, reproduction41662561
    Refined petro., chemicals, pharmac10 49911 2007017
    Basic chemicals5 2526 3491 09721
    Rubber, plastic and mineral prod.1 8972 56566835
    Basic metals7 8606 623-1 237-16
    Non-ferrous metals7 3135 488-1 825-25
    Fabricated metal products1 2111 58437331
    Computer and electrical equipment2 0862 2741889
    Machinery and equipment6941 08439056
    Ships, boats and oil platforms764586-178-23
    Transport equipment n.e.c284602318112
    Repair, installation of machinery1501944429
    Furniture and manufacturing n.e.c.1321875542
    Electricity, gas and steam32 14243 32611 18435
    Production of electricity6 90711 0554 14860
    Transmission and distr. of electricity20 49928 5528 05339
    District heating and gas4 7363 719-1 017-21
    Main industrial groupings:
    Intermediate goods23 08422 463-621-3
    Capital goods2 7953 8381 04337
    Consumer goods5 3895 143-246-5
    Durable consumer goods2763547828
    Non-durable consumer goods5 1134 789-324-6
    Energy goods216 107261 72945 62221
    1The levels of aggregation refers to the Standard of Industrial Classification (SIC2007). See NOS D383 for further details.
    2Change from previous year in estimated investments, collected in Q2 in the previous year.
    Explanation of symbols
  • Estimated investments current year, by division and and main industrial groupings. NOK million
    Estimated investments current year, by division and and main industrial groupings. NOK million1
    Estimated investmentsChange in NOK million and per cent
    202320242024 /20232024 /2024
    Collected in Q2 the same yearCollected in Q1 the same yearCollected in Q2 the same yearDif.2 Per cent2 Dif.3 Per cent3
    Extraction, pipeline, mining, manuf. and elec275 957323 876327 67951 722193 8031
    Extraction and pipeline transport197 783243 585246 85749 074253 2721
    Extraction of oil and natural gas196 328239 413242 52946 201243 1161
    Pipeline transport1 4554 1724 3282 8731971564
    Manufacturing, mining and quarrying47 55644 20244 428-3 128-72261
    Mining and quarrying3 1913 3293 514323101856
    Manufacturing44 36540 87240 914-3 451-8420
    Food, beverages and tobacco8 3526 1556 317-2 035-241623
    Food products7 5525 7655 779-1 773-23140
    Textiles, wearing apparel, leather247185200-47-19158
    Wood and wood products1 4891 3841 55970517513
    Paper and paper products8989841 1462482816216
    Printing, reproduction216109133-83-382422
    Refined petro., chemicals, pharmac5 7468 4547 5151 76931-939-11
    Basic chemicals3 5704 9624 6221 05229-340-7
    Rubber, plastic and mineral prod.4 4653 8584 4683061016
    Basic metals10 6499 8889 073-1 576-15-815-8
    Non-ferrous metals8 5738 7048 142-431-5-562-6
    Fabricated metal products1 4911 6421 9764853333420
    Computer and electrical equipment5 9893 6453 685-2 304-38401
    Machinery and equipment1 2641 3541 191-73-6-163-12
    Ships, boats and oil platforms2 2601 5841 923-337-1533921
    Transport equipment n.e.c376441358-18-5-83-19
    Repair, installation of machinery6479751 04740062727
    Furniture and manufacturing n.e.c.275215323481710850
    Electricity, gas and steam30 61836 08936 3945 776193051
    Production of electricity6 9938 9839 6192 626386367
    Transmission and distr. of electricity20 24224 64924 1723 93019-477-2
    District heating and gas3 3832 4582 604-779-231466
    Main industrial groupings
    Intermediate goods32 11330 14030 196-1 917-6560
    Capital goods5 5555 7896 286731134979
    Consumer goods9 3026 5966 875-2 427-262794
    Durable consumer goods442350283-159-36-67-19
    Non-durable consumer goods8 8606 2466 593-2 267-263476
    Energy goods228 987281 351284 32255 335242 9711
    1The levels of aggregation refers to the Standard of Industrial Classification (SIC2007). See NOS D383 for further details.
    2Change from previous year in estimated investments, collected in Q2 same year.
    3Change in estimated investments for the current year, collected in Q1 same year and Q2 same year.
    Explanation of symbols
  • Quarterly final investments by cost category. Extraction of oil and natural gas and pipeline transport. NOK million
    Quarterly final investments by cost category. Extraction of oil and natural gas and pipeline transport. NOK million
    1st quarter 20232nd quarter 20233rd quarter 20234th quarter 20231st quarter 2024
    Extraction and pipeline transport45 34951 19256 43462 28255 326
    Extraction of crude oil and natural gas45 17350 57356 12560 56954 230
    Exploration and concept studies5 6645 4865 9707 2045 910
    Exploration drilling4 0373 5993 5044 4083 727
    General surveys6819981 5101 494844
    Field evaluation/field development217281289502408
    Administration and other costs683586575548723
    Concept studies472292251208
    Field development20 80421 41225 84426 43526 503
    Commodities, field development7 3577 2558 7318 39712 009
    Services, field development8 4768 64211 13612 5148 665
    Production drilling, field development4 9705 5165 9775 5255 829
    Fields on stream17 29121 24222 14424 47218 978
    Commodities, fields on stream1 7282 2402 1532 2901 729
    Services, fields on stream4 7986 3356 2098 3784 964
    Production drilling, fields on stream10 76512 66713 78213 80412 285
    Onshore activities7278848251 509838
    Shutdown and removal6861 5491 3429492 002
    Pipeline transportation1766193091 7131 095
    Explanation of symbols
  • Annual final investments by cost category. Extraction of oil and natural gas and pipeline transport. NOK million
    Annual final investments by cost category. Extraction of oil and natural gas and pipeline transport. NOK million
    20202021202220232024
    Extraction and pipeline transport179 309177 693176 811215 2570
    Total extraction of crude petroleum and natural gas178 776176 885175 858212 4400
    Exploration and concept studies21 43227 30828 40724 3240
    Field development76 49762 43462 25794 4950
    Commodities32 26023 34125 26031 7400
    Services26 76522 76621 93040 7680
    Production drilling17 47216 32715 06621 9880
    Fields on stream72 03275 29575 02885 1490
    Commodities4 1667 6586 6148 4110
    Services13 47814 88620 94025 7200
    Production drilling54 38952 75147 47451 0180
    Onshore activities1 9194 0644 1603 9450
    Shutdown and removal6 8967 7856 0064 5260
    Transport via pipelines5328089532 8170
    Explanation of symbols
  • Investments by cost category and the point in time for the estimation. Extraction of oil and natural gas and pipeline transport. NOK million
    Investments by cost category and the point in time for the estimation. Extraction of oil and natural gas and pipeline transport. NOK million
    20242025
    Estimates made in February in the year before the investment yearEstimates made in May in the year before the investment yearEstimates made in August in the year before the investment yearEstimates made in November in the year before the investment yearEstimates made in February in the year of investmentsEstimates made in May in the year of investmentsEstimates made in August in the year of investmentsEstimates made in November in the year of investmentsAccrued investment costsEstimates made in February in the year before the investment yearEstimates made in May in the year before the investment yearEstimates made in August in the year before the investment yearEstimates made in November in the year before the investment yearEstimates made in February in the year of investments
    Extraction and pipeline transport178 547181 923206 772232 037243 585246 857000205 237215 838000
    Total extraction of crude petroleum and natural gas176 046179 421204 262229 568239 413242 529000202 445212 708000
    Exploration and concept studies26 66025 90525 80729 75630 74531 82700026 88130 150000
    Field development85 21385 50494 971110 818112 424112 89400083 92090 193000
    Commodities22 17723 98528 63130 23243 80548 15800022 42226 110000
    Services39 73241 13344 30656 38747 97042 19500038 15739 510000
    Production drilling23 30520 38622 03324 19920 64822 54100023 34124 572000
    Fields on stream56 41359 20473 04676 17682 97984 57400079 66179 846000
    Commodities6 6956 3048 40412 27912 07211 28400013 42312 195000
    Services18 10818 56322 57026 45826 92127 00100025 01424 874000
    Production drilling31 60934 33742 07237 43943 98646 28900041 22442 777000
    Onshore activities2 6683 0122 9333 8594 0994 1030004 7164 863000
    Shutdown and removal5 0935 7977 5048 9589 1669 1320007 2677 656000
    Transport via pipelines2 5002 5022 5112 4694 1724 3280002 7923 130000
    Explanation of symbols
  • Final investments per quarter. Seasonally adjusted series. 2021=100
    Final investments per quarter. Seasonally adjusted series. 2021=100
    3rd quarter 20234th quarter 20231st quarter 2024Change in per cent
    3rd quarter 2023 / 2nd quarter 20234th quarter 2023 / 3rd quarter 20231st quarter 2024 / 4th quarter 2023
    Extraction, pipeline, mining, manuf. and elec124.9133.4138.58.56.83.8
    Extraction and pipeline transport125.8133.3136.010.66.02.0
    Manufacturing, mining and quarrying164.7171.9176.44.44.42.6
    Mining and quarrying116.5139.6239.7-26.019.871.7
    Manufacturing167.5173.7176.37.33.71.5
    Electricity, gas and steam88.095.299.43.58.24.4
    Explanation of symbols
  • Investments. Extraction, pipeline, mining, manufacturing and electricity supply. NOK million and in per cent of final investments
    Investments. Extraction, pipeline, mining, manufacturing and electricity supply. NOK million and in per cent of final investments
    Estimates collected in the previous yearEstimates collected in the same yearFinal investments
    MayAug.Nov.Feb.MayAug.Nov.
    200372 37775 93984 24794 80894 18792 70890 92789 374
    200478 67187 71387 19489 65097 891101 72899 26898 933
    200576 84399 706114 010117 303121 383119 176117 022118 339
    200690 224102 912121 637124 519134 864132 769133 551128 781
    200796 497116 861135 293146 311153 731162 314155 112152 223
    2008116 624156 622169 953178 519182 483180 798179 667177 730
    2009153 043169 478185 041177 930188 749187 810183 790177 455
    2010172 418183 756178 668176 049179 705181 242173 806166 173
    2011185 411190 180193 175185 749188 663197 689196 777190 174
    2012183 094214 269228 617233 334234 233232 823226 689219 391
    2013237 873249 267252 011246 769260 876263 899262 848260 241
    2014263 659271 299280 514283 956285 356280 884271 700268 439
    2015231 091234 705242 309245 639245 729249 127248 864244 907
    2016238 839235 208227 596222 246220 445218 941219 921214 503
    2017202 320199 319196 832204 998211 776211 971205 216202 187
    2018196 240194 321203 690225 953221 597224 048221 546217 401
    2019210 677225 723240 978244 754258 862256 805256 770249 663
    2020227 932230 564243 807255 113246 701251 757250 604246 223
    2021193 604199 505221 884235 185243 375244 341242 986237 153
    2022188 760189 604209 303224 681231 167238 347238 684238 249
    2023186 258196 077220 241267 291275 957291 184291 572290 355
    2024247 375272 979302 991323 876327 679...
    2025293 172.......
    Per cent
    2003818594106105104102100
    20048089889199103100100
    20056584969910310199100
    200670809497105103104100
    200763778996101107102100
    2008668896100103102101100
    20098696104100106106104100
    2010104111108106108109105100
    2011971001029899104103100
    20128398104106107106103100
    201391969795100101101100
    201498101104106106105101100
    2015949699100100102102100
    2016111110106104103102103100
    20171009997101105105101100
    2018908994104102103102100
    201984909798104103103100
    2020939499104100102102100
    202182849499103103102100
    20227980889497100100100
    20236468769295100100100
    2024........
    2025........
    Explanation of symbols
  • Investments. Extraction and pipeline transport. NOK million and in per cent of final investments
    Investments. Extraction and pipeline transport. NOK million and in per cent of final investments
    Estimates collected in the previous yearEstimates collected in the same yearFinal investments
    Feb.MayAug.Nov.Feb.MayAug.Nov.
    200352 63156 06661 73371 98570 22767 79066 75565 218
    200459 27567 91764 31065 09172 37975 15573 12772 665
    200560 03180 81591 55990 54294 03490 72489 20190 543
    200666 35579 49494 02395 106103 547100 905101 19397 014
    200772 25992 497104 146108 592114 735121 129116 238113 852
    200875 91985 565122 535130 287134 197136 766133 400131 983129 354
    200997 170121 953136 785148 952141 599149 245148 061145 817140 519
    201092 163140 275150 104143 697140 887145 448145 644139 384131 839
    2011112 338150 734153 680155 881146 684150 104157 766159 388153 241
    2012109 593147 526176 259190 197191 274191 544190 681186 843179 322
    2013128 158201 501211 596214 740205 893219 668221 795221 289218 659
    2014164 325224 203231 918240 175240 758241 387237 056228 241224 402
    2015188 423192 967195 426199 054199 061200 262203 736204 297201 191
    2016175 770192 477188 878179 204171 759169 896168 739170 280164 492
    2017158 501154 905152 194146 643149 404154 381155 627150 842148 809
    2018121 502143 970141 748144 333160 010156 454156 313155 457151 831
    2019145 403155 509165 100175 251172 711183 738181 733182 929177 544
    2020158 463172 380174 817182 639185 427180 296184 573182 511179 309
    2021151 990145 575148 614166 270173 584181 854181 541182 275177 672
    2022138 516142 778142 011154 381159 504167 237172 760175 269176 811
    2023131 420130 601135 320149 681187 831197 783213 178216 266215 257
    2024178 547181 923206 772232 037243 585246 857...
    2025205 237215 838.......
    Per cent
    2003818695110108104102100
    200482938990100103101100
    2005668910110010410099100
    200668829798107104104100
    200763819195101106102100
    2008596695101104106103102100
    2009698797106101106105104100
    201070106114109107110110106100
    201173981001029698103104100
    2012618298106107107106104100
    20135992979894100101101100
    201473100103107107108106102100
    20159496979999100101102100
    2016107117115109104103103104100
    201710710410299100104105101100
    201880959395105103103102100
    20198288939997103102103100
    2020889697102103101103102100
    20218682849498102102103100
    20227881808790959899100
    202361616370879299100100
    2024.........
    2025.........
    Explanation of symbols
  • Investments. Manufacturing. NOK million and in per cent of final investments
    Investments. Manufacturing. NOK million and in per cent of final investments
    Estimates collected in the previous yearEstimates collected in the same yearFinal investments
    MayAug.Nov.Feb.MayAug.Nov.
    200314 20814 27315 95014 92815 57216 21116 07815 859
    200412 85512 95015 39915 68515 80516 78816 75816 723
    200510 63611 88314 35616 74017 50618 41618 10118 725
    200613 74314 29017 43717 30219 79120 25020 76520 845
    200714 74414 95719 13923 66824 50926 27726 17425 707
    200820 01422 76327 36530 27930 85432 17232 37732 861
    200919 88521 70123 73422 50324 48523 89922 63021 871
    201017 20117 74018 40419 34118 53318 94318 25617 959
    201115 34515 99917 92118 88318 82219 75818 95518 849
    201215 27116 47617 49618 71719 59719 78719 16019 463
    201314 57315 72815 94017 46419 00819 64819 16619 442
    201415 00215 19617 08818 86120 07020 34520 12920 891
    201512 78914 36517 86220 10519 78020 37120 04019 748
    201618 19819 35521 05221 75522 52422 30021 92323 179
    201716 60015 72017 99221 10322 03321 72621 15121 403
    201817 41517 44120 83923 60823 74224 64523 68624 312
    201920 03821 67526 60930 77931 88533 24132 05931 157
    202019 93621 35724 47926 82625 88825 53926 85926 433
    202115 69017 18320 52425 22125 77426 86926 45127 522
    202218 59421 28627 86534 75335 61936 15035 75335 251
    202328 46632 77540 19545 75944 36545 99744 89445 355
    202430 29431 62135 92240 87240 914...
    202532 176.......
    Per cent
    200390901019498102101100
    20047777929495100100100
    200557637789939897100
    2006666984839597100100
    20075758749295102102100
    200861698392949899100
    20099199109103112109103100
    20109699102108103105102100
    2011818595100100105101100
    20127885909610110298100
    2013758182909810199100
    201472738290969796100
    2015657390102100103101100
    201679849194979695100
    20177873849910310299100
    2018727286979810197100
    201964708599102107103100
    20207581931019897102100
    202157627592949896100
    202253607999101103101100
    20236372891019810199100
    2024........
    2025........
    Explanation of symbols
  • Investments. Electricity, gas and steam. NOK million and in per cent of final investments
    Investments. Electricity, gas and steam. NOK million and in per cent of final investments
    Estimates collected in the previous yearEstimates collected in the same yearFinal investments
    MayAug.Nov.Feb.MayAug.Nov.
    20035 1025 2276 1407 5047 9468 2277 6627 881
    20046 0996 4777 1458 4419 0749 0658 7728 931
    20055 9636 6877 8549 4769 1569 2598 9598 325
    20069 8658 8649 91311 79011 15411 17910 80910 248
    20079 2739 08511 65313 53613 89414 27912 02211 918
    200810 82310 99711 91213 14113 79914 15314 27614 442
    20099 8589 79811 98912 92712 95813 26813 01712 606
    201014 04215 39316 31014 45914 65315 05814 46714 612
    201118 96320 13618 39718 88118 73519 01517 29716 873
    201219 61520 73619 97422 27221 69620 89819 35619 178
    201321 11821 35120 29122 21820 68120 90220 67420 422
    201423 17823 16522 16222 85722 49522 18121 91621 677
    201524 69824 22724 58825 32224 78324 13723 59723 114
    201627 53326 32826 63028 10027 34527 21327 12326 222
    201730 40230 93831 61633 97734 78034 03432 68831 396
    201834 35534 56737 73841 16840 03241 73741 11239 981
    201934 40938 06938 41239 84941 68439 96139 93938 963
    202033 41533 15535 19840 71938 87739 79239 60138 576
    202128 74530 15132 77334 71233 84133 69532 31229 843
    202224 32223 09424 75627 62726 35527 33625 69524 252
    202325 53426 10328 28331 61330 61828 98427 75426 915
    202432 14232 56332 20236 08936 394...
    202543 326.......
    Per cent
    20036566789510110497100
    20046873809510210298100
    2005728094114110111108100
    2006968697115109109105100
    2007787698114117120101100
    200875768291969899100
    2009787895103103105103100
    2010961051129910010399100
    2011112119109112111113103100
    2012102108104116113109101100
    201310310599109101102101100
    2014107107102105104102101100
    2015107105106110107104102100
    2016105100102107104104103100
    20179799101108111108104100
    2018868694103100104103100
    2019889899102107103103100
    2020878691106101103103100
    202196101110116113113108100
    202210095102114109113106100
    20239597105117114108103100
    2024........
    2025........
    Explanation of symbols

About the statistics

The survey monitors the development in estimated and final investments within oil and gas activities, manufacturing, mining & quarrying and electricity supply.

Last updated: 28 May 2024

Enterprise: The smallest combination of legal units that is an organisational unit producing goods or services and that benefits from a certain degree of autonomy in decision making.

Local unit (establishment): An enterprise or part of an enterprise that is located in one particular place and thus can be identified geographically.

Investment: All acquisitions of new fixed assets with a lifetime of more than one year. The acquisitions must be reported in the period they are made even if they are not been paid for or activated in the accounts. Value added tax (VAT) is reported in net value, i.e. refunded VAT should not be included, but VAT that is not refunded should. Fixed assets acquired from financial leasing are to be included.

Estimated investments: Acquisitions that the establishment plans to make throughout the present quarter and in the short and medium run.

Final investments: Acquisitions that the establishment has made throughout the previous quarter. The concept of final investments does not necessarily imply that the acquired material is put to use.

Machinery: All types of permanent mechanical and electrical equipment, i.e. machinery (including industrial furnaces), transformers, computers (hardware and software), instruments and parts (including installation) plus tools that have a lifetime of several years.

Cars and other means of transport: All types of vehicles, industrial railways, telpher lines, cranes and other means of transport.

Buildings and constructions (manufacturing, mining and quarrying): Manufacturing plants, workshops, storehouses, office buildings, social welfare installations (not houses), docks, silos, mines, quarries, roads, foundations, tunnels, dams, power lines, pipelines etc. except fall rights and the site value. Major repairs and reconstruction projects are also to be included.

Definitions of main concepts, especially related to oil and gas activity:

Exploration:Covers the activity from when the production licence is given until the exploration programme is finished or the licence is returned.

Development: Covers the activity from the time commercial development is approved by the Parliament to start of production, inclusive establishment of the on stream organisation and production drilling.

Production: Covers the activity after the start of production, inclusive production drilling.

Shutdown and removal: Covers the activity related to permanent shutdown fields and wells, inclusive activity performed prior to the shutdown of a field.

Ancillary activity/Onshore activity: Covers the activity in offices and bases onshore; administrative and technical services both to own activity as operator and interests in other production licenses.

The survey is classified according to the Standard Industrial Classification 2007 (SIC2007). This is a Norwegian adaptation of Eurostat’s industry classification, NACE Rev. 2. SIC2007. The use of common standards is essential in order to enable the comparison and analysis of statistical data at an international level and over time.

The survey is also classified according to EUROSTAT's end-use categories (Main Industrial Groupings). The end-use categories are based on the 3-digit level industrial groupings in SIC2007. Six end-use categories are included in the survey:

MIG code

Description

E1

Intermediate goods

E2

Capital goods

E3

Consumer durables

E4

Consumer non-durables

E5

Consumer goods (E3+E4)

E6

Energy goods

The following table summarises the most important industries included in the different end-use categories:

MIG

Main industries included

Intermediate goods

Wood and wood products, Paper and paper products, Basic chemicals, Rubber and plastics products, Non-metallic mineral products, Basic metals

Capital goods

Machinery and equipment, Building of ships, boats and oil platforms, Repair and installation of machinery

Consumer durables

Manufacture of furniture

Consumer non-durables

Food products, Printing and reproduction, Basic pharmaceuticals

Consumer goods (E3+E4)

Manufacture of furniture, Food products, Printing and reproduction, Basic pharmaceuticals

Energy goods

Mining of coal, Extraction of oil and gas, pipeline transport, Refined petroleum products, Electricity, gas and steam supply

For a complete description of the industries covered by each MIG, see Commission regulation (EC) No 656/2007 or KLASS in the following link: https://www.ssb.no/en/klass/klassifikasjoner/6/varianter/1121.

Name: Investments in oil and gas, manufacturing, mining and electricity supply
Topic: Energy and manufacturing

15 August 2024

Division for Business Cycle Statistics

National level only

Published quarterly about 8 weeks after the end of the quarter for final investments. First estimates for the current year are published in the 1st quarter and are based entirely on estimates. Annual estimates for the current year are updated quarterly in 2nd, 3rd and 4th quarter based on final investments in the previous quarter as well as updated estimates for current quarter and the rest of the year. Final annual investments are published 1st quarter the following year. Estimates for next year are published the first time in 2nd quarter the year before, and are updated in 3rd and 4th quarter the year before.

Not relevant

Collected and revised data are stored securely by Statistics Norway in compliance with applicable legislation on data processing.

Statistics Norway can grant access to the source data (de-identified or anonymized microdata) on which the statistics are based, for researchers and public authorities for the purposes of preparing statistical results and analyses. Access can be granted upon application and subject to conditions. Refer to the details about this at

.

The survey monitors the development in estimated and final investments within oil and gas activities, manufacturing, mining & quarrying and electricity supply in order to provide information about domestic demand for capital goods. The survey is financed by government appropriations.

From the Q3 publication in 2015, the statistics on investments in manufacturing, mining and quarrying and electricity supply (KIS) is merged with the statistics on oil and gas activities, investments (OLJEINV). The combined statistics will provide a more comprehensive presentation of final and planned investments for oil and gas, manufacturing, mining and quarrying and electricity supply.

The two merged statistics have the same conceptual build-up, regarding press release and analysis.

On a quarterly basis, both statistics provide figures for actual investments made in the previous quarter, as well as updated annual estimates for the current and the next year. However, the two statistics are quite different when it comes to the collection of data and in the formula build-up. In the statistics on oil and gas activities all active enterprise are included in the statistical sample; in other words the sample is identical to the population. Statistics on investments in manufacturing, mining and quarrying and electricity supply (KIS), on the other hand, is based on sample of the population.

Before the merger, the statistics on oil and gas activities, investments (OLJEINV) has been published quarterly since 1984, while statistics on investments in manufacturing, mining and quarrying and electricity supply (KIS) has been published quarterly since 1973.

Large revisions in oil and gas activity:

As

of 2014 the category shutdown and removal was included in the statistics for oil and gas activities, investments. Until the statistical year 2012 this category was collected annually as a part of the current expenditure costs for the oil and gas industry. In accordance with international guideline changes the Norwegian annual national account regards these types of costs as an investment, as of the main revision 2014. In order to maintain accordance with the annual national account these costs were thus included in the statistics for oil and gas activities, investments. Figures going back to 2002 were also moved to the investment statistics.

Shutdown and removal also includes permanent shutdown (plugging) of wells. In the annual statistic, until the statistical year 2013, these costs were only collected for fields which where actually shut down. As of 2013 these costs are also collected for all active fields, since permanent shut down of wells may be performed while the field is still in production. Thus these types of costs are now collected by a larger population than before the revision. Hence, the figures for removal and shutdown before and after 2013 are not comparable. However, it may also be the case that costs related to shut down of wells which were not reported as shut down and removal before 2013 may have been included as production drilling investments under the category production.

In 2015 a revision of the questionnaires for oil and gas activities, investments was performed. Most of the questionnaires were simplified by removing some of the sub- cost categories.

Large revisions in manufacturing, mining and quarrying and electricity supply:

In Q2 2000 there was a comprehensive revision of the survey. The coverage was improved, and the industrial classification was revised for individual establishments. As from Q1 2004 results are estimated for the entire population. Prior to Q1 2004 the statistics was based on results for a sample of approximately 1900 establishments. High coverage and a high response rate were the incentives for using this simple form of aggregation.

As from Q1 2009 all results will refer to SIC2007. Historical series have been recalculated according to this version of SIC, and results dating back to 1995, or in some cases 1990, are available in the Statbank database. Historical series based on SIC2002 are still available in the Statbank database, but they will not be updated.

Internal users include statistics like the Quarterly National Accounts and the Economic Trends for Norway and Abroad . The results are also used in economic research.

External users include mass media, banks and financial institutions, public institutions like the Ministry of Finance and the National Bank of Norway etc.

No external users have access to the statistics and analyses before they are published and accessible simultaneously for all users on ssb.no at 8 am. Prior to this, a minimum of three months' advance notice is given inthe Statistics Release Calendar. This is one of Statistics Norway’s key principles for ensuring that all users are treated equally.

Results from the quarterly investment statistics are used by the Quarterly National Accounts to forecast the level of annual investments.

Investment statistics are also available in the annual structural business surveys for oil and gas activities , manufacturing, mining & quarrying , electricity supply and district heating. This data is also included in the build- up of the National Accounts

Oil and gas activity:

The information is collected by Statistics Norway on behalf of Norwegian Petroleum Directorate authorized in law by the Act of 29 November 1996 No. 72 relating to petroleum activities. Statistics Norway makes use of the information in preparation of official statistics, authorized in law by The Statistics Act of 1989.

Manufacturing, mining and electricity supply:

The statistics are developed, produced and disseminated pursuant to

.

Not relevant.

The statistics covers mining and quarrying (05, 07, 08, 09), manufacturing (10-33) and electricity supply (35), extraction of crude oil and natural gas (06) as well as pipeline transport (49.5), see Standard Industrial Classification 2007(SIC2007). The population is defined by the Central Register of Establishments and Enterprises, and establishment is used as observation unit since it has a more delineated and homogenous activity than an enterprise.

Manufacturing, mining and electricity supply:

The survey uses information from the Central Register of Establishments and Enterprises and investment data collected by questionnaire from the observation units included in the sample. Annual structural data for manufacturing, mining & quarrying and annual structural data for electricity supply are used to inflate the results to population level.

The gross sample includes about 1850 establishments and represents 9 per cent of the population. The observation units cover 80 per cent of the total level of investment for the industries covered by the survey.

The sample includes all establishments with 100 employees or more. Large investment projects in industries covered by the survey are also included. The remaining units are drawn by using a method based on stratification and optimal allocation with probability proportional to the size of the unit measured by the number of employees.

In principle, establishments with less than 10 employees are not included in the survey, but some exceptions are made. This can be newly started establishments which have not yet registered employment figures, units within electricity supply which have inadequate employment figures and units in industries whit very few numbers of establishments.

Strata (employees)

Sample

Distribution strata 2 - 5

Method

1 - (> 100)

401

Cut-off

2 - (50-99)

414

28,3

PPS

3 - (20-49)

629

43,1

PPS

4 - (10-19)

307

21,0

PPS

5 - (< 10)

111

7,6

Cut-off

1862

Oil and gas activity:

For extraction of crude oil (06.100), extraction of natural gas (06.200) and pipeline transport (49.500) questionnaires are filled out by operators with extraction licenses. For these industries all active enterprises are included in the survey; the sample is identical to the population.

Editing is defined here as checking, examining and amending data.

Manufacturing, mining and electricity supply:

The survey is based on data collected by questionnaires. The questionnaires are returned electronically via Altinn. The questionnaires are available in Altinn in the middle of the first month of each quarter for the first, second and fourth quarter. For the third quarter, the questionnaires are available at the end of June.

The deadline for returning the questionnaire is normally in the beginning of February, May, August and November. Respondents who fail to return the questionnaire receive a compulsory fine 5 days after the deadline, whereupon a new deadline of 7-9 days is set.

The questionnaires are downloaded from Altinn, and the data are automatically checked for duplicates and errors in totals. The results are also checked for deviations from data collected in previous quarters. When there are considerable deviations the establishment is contacted. Editing on an aggregated level is conducted by assessing the development over time, and unacceptable series lead to further editing of the data. Comparisons with annual structural statistics for manufacturing, mining & quarrying, electricity supply and district heating are also carried out.

Results are inflated to population level by using a ratio estimator. Investment data from the annual structural statistics for manufacturing, mining & quarrying and for electricity supply are used for calculating the ratios. The population and the sample are divided into sub-groups prior to estimation, first by grouping the establishments into publication levels approximately equal to 2-digit NACE (SIC2007) and then by stratifying the publication levels. The size of the establishment's average investments as registered in the annual structural statistics is used as stratification variable. Results from the three most recent annual surveys are used for calculating average investments.

Estimates are made for each publication level * stratum. The largest projects are not included in the estimation, but are added to the results to calculate the total level of investment within each publication level. Totals for mining & quarrying, manufacturing and electricity supply are created by summarising the estimates.

Oil and gas activity:

Figures for accrued and estimated investments in the oil and gas activity are collected for a number of goods and services. The accrued investment costs are requested. The investments contain the industry sector`s extraction of crude oil and natural gas, and pipeline transport (06.100, 06.200, 49.50) and are divided into investments for exploration, field development, fields on stream, shutdown and removal onshore activities and pipeline transport.

The data is collected by an electronic file transfer system (MoveIT), and the respondents are licence operators on the Norwegian continental shelf.

The data are automatically checked for duplicates and errors in totals. The results are also checked for deviations from data collected in previous quarters. When there are considerable deviations the establishment is contacted. Editing on an aggregated level is conducted by assessing the development over time, and unacceptable series lead to further revision of the data.

Quarterly investment figures on oil and gas activity are also seasonally adjusted as of Q3 2015.

Time series sometimes contain significant seasonal variation that makes it difficult to interpret the results from one period to another. This problem is solved with the help of sesonal adjustment. The Quarterly Investment Statistics uses X12-ARIMA to calculate seasonally adjusted figures and smoothed seasonally adjusted figures. For further information, please see the section About seasonal adjustment.

Employees of Statistics Norway have a duty of confidentiality.

Statistics Norway does not publish figures if there is a risk of the respondent’s contribution being identified. This means that, as a general rule, figures are not published if fewer than three units form the basis of a cell in a table or if the contribution of one or two respondents constitutes a very large part of the cell total.

Statistics Norway can make exceptions to the general rule if deemed necessary to meet the requirements of the EEA agreement, if the respondent is a public authority, if the respondent has consented to this, or when the information disclosed is openly accessible to the public.

More information can be found on Statistics Norway’s website under

, in the ‘Confidentiality’ section.

As from Q1 2009, SIC2002 is replaced by SIC2007 (chapter 2.1). Users must ensure that they use results based on the same version of SIC when making comparisons over time. Historical series based on SIC2002 are available in the Statbank database for 1989 to 2008.

Measurement errors are caused by the questionnaire or the respondent’s internal systems for obtaining the data. One source of measurement errors may be ambiguous guidelines. Great effort is put into avoiding this kind of errors, and the introduction of electronic data collection has reduced the scope of measurement errors by integrating logical controls in the questionnaires.

Processing errors may occur when Statistics Norway process the data. Typical examples are misinterpretations, or when correct answers are assumed to be false and corrected. Electronic data collection through Altinn has reduced these kinds of errors.

Errors of non-response refer to errors that either occurs due to missing questionnaires or blank boxes in the questionnaire. The response rate when the deadline expires is around 97 per cent for manufacturing, mining and electricity supply, and 99.5 per cent for oil and gas activity. Critical units, i.e. units that have a considerable impact on the results on a detailed level aggregation (2-digit NACE), are contacted by telephone. Calculations of the effect of missing units have been done, but so far any evidence of skewness has not been uncovered. Missing questionnaires for manufacturing, mining and electricity supply are imputated by the use of figures from previous surveys (cold-deck). Boxes in the questionnaire that are left blank (partial non-response) are treated as zero. This is not always correct. In general, it is difficult to identify this type of errors, and a great deal of effort is put into securing the quality of the data from units with a considerable effect on the overall level of investment within a single industry.

Sampling errors refer to uncertainty that occur in sample surveys as opposed to a full count. The sample variance equals the expected deviation between a sample survey and a full count. In order to ensure a high degree of relevance at the lowest cost possible, great effort is put into including all large units in the population in the sample. Calculations of the size and significance of this type of error have not yet been carried out. Establishments that close down may be a source of skewness if the proportion of close downs in the sample deviates from the population. The quarterly investment statistics is based on a fixed sample (panel). Periodic updates of the sample ensure that this is in accordance with the population. Sampling errors are not relevant for oil and gas activity since all active units are included in the survey; i.e the sample is identical to the population.

Coverage errors refer to errors in the registers that define the population. As a result, units may be incorrectly included in or excluded from the population. This is usually due to misleading or insufficient information at a certain time. Calculations of the size and significance of such errors have not yet been carried out. However, such errors are not considered to be greater than for other quantitative short-term statistics. Annual revisions of the industry classification for the sample units are performed around Q2 every year in order to ease these types of errors.

Modelling errors are first and foremost related to problems with seasonal adjustment of time series. Such problems are caused by deviation from the conditions that form the basis for the model used. Typical problems are related to movable public holidays such as Easter. However, such problems are considered greater for surveys published on a monthly basis. X12-ARIMA generates a number of indicators that are used to evaluate the quality of the seasonal adjustment. These indicators have identified a stable seasonal pattern for manufacturing, electricity supply and oil and gas activities. However, this is not the case for mining and quarrying.

Revisions in previously published seasonally adjusted figures can take place when new observations (or revised previous observations) are included in the basis of calculation. The scope of the revision is usually greatest in the most relevant part (last 1–2 years) of seasonally adjusted time series. A corresponding revision in trends is also typical, particularly at the end of the time series. The extent of the revision of trends and seasonally adjusted figures is partly determined by the revision policy, see Section 4 of the

. For more information on the revision of seasonally adjusted figures, see the ‘About seasonal adjustment’ section in the relevant statistics.

What is seasonal adjustment?

Monthly and quarterly time series are often characterised by considerable seasonal variations, which might complicate their interpretation. Such time series are therefore subjected to a process of seasonal adjustment in order to remove the effects of these seasonal fluctuations. Once data have been adjusted for seasonal effects by X-12-ARIMA or some other seasonal adjustment tool, a clearer picture of the time series emerges.

For more information on seasonal adjustment: metadata on methods: seasonal adjustment

Why do we seasonally adjust statistics on quarterly investments in oil and gas, manufacturing, mining and electricity supply?

The statistics on quarterly investments in oil and gas, manufacturing, mining and electricity supply is part of a system of short-term statistics compiled to monitor the economy. The primary goal of the survey is to monitor the development in actual and estimated investments as they are important indicators on the demand for capital goods in the economy.

Historical data reveal that time series on quarterly investments in oil and gas, manufacturing, mining and electricity supply have a clear seasonal pattern (see chart), and this might complicate the interpretation of the time series from quarter to quarter.

However, it is possible to adjust for this type of seasonal variations (see chart).

The seasonal factors (chart 1) show that quarterly investments seem to be low in the first quarter and high in the fourth quarter. The estimates for the second and the third quarter lie in between the two extremes and more or less share the same value. The stable seasonal pattern in the unadjusted series indicates a low degree of white noise. This conclusion is supported by the small gap between the seasonally adjusted time series and the smoothed seasonally adjusted time series (trend).

No empirical studies are conducted to explain the seasonal pattern for quarterly investments in oil and gas, manufacturing, mining and electricity supply. However, years of experience has shown that the following factors are possible sources of seasonal variations.

Seasonal variations

Temperatures and weather conditions seem to influence investment behaviour.

The nature of projects

Projects (particularly in manufacturing and electricity supply) often start at the beginning of the year and are scheduled to be finished within twelve months. Investments are most likely to be low in the initial phase of a project. The reason for this is that the groundwork often costs substantially less than new machinery and equipment.

Accounting principles

Some of the smaller establishments choose to report total investments in the fourth quarter of the year. This is against the guidelines, but can be explained by a lack of proper tools for making budgets and measure costs.

Seasonally adjusted time series

Seasonally adjusted time series are published for estimated and actual quarterly investments in:

- extraction of oil and gas, pipeline, mining, manuf. and electricity supply

- extraction of oil and gas and pipeline transport

- manufacturing, mining & quarrying and electricity supply

- manufacturing, mining & quarrying

- manufacturing

- mining & quarrying

- electricity supply

Pre-treatment routines/schemes

Pre-treatment is an adjustment for variations caused by calendar effects and outliers.

Automatic pre-treatment of raw data based on standard options in the seasonal adjustment tools.

Calendar adjustment

Calendar adjustment involves adjusting for the effects of working days/trading days and for moving holidays. Working days/trading days are adjustment for both the number of working days/trading days and for that the composition of days can vary from one month to another.

Calendar adjustments are performed on all time series showing significant and plausible calendar effects within a statistically robust approach such as regression or RegARIMA (a regression model with an ARIMA structure for the residuals).

Methods for trading/working day adjustment

RegARIMA correction. The effect of trading days is estimated in a RegArima framework.

The effect of trading days is estimated by using a correction for the length of the month and for leap year before regressing the series on the number of working days. The residuals will have an ARIMA-structure.

Correction for moving holidays

Automatic correction. If performed by X-12-ARIMA, automatic correction of raw data will be based on US holidays.

National and EU/euro area calendars

Use of default calendars. The default in X-12-ARIMA is the US calendar.

Treatment of outliers

Outliers, or extreme values, are abnormal values of the series.

Outliers are detected automatically by the seasonal adjustment tool. The outliers are removed before seasonal adjustment is carried out and then reintroduced into the seasonally adjusted data.

Model selection

Pre-treatment requires choosing an ARIMA model, as well as deciding whether the data should be log-transformed or not.

Automatic model selection by established routines in the seasonal adjustment tool.

Decomposition scheme

The decomposition scheme specifies how the various components – basically trend-cycle, seasonal and irregular – combine to form the original series. The most frequently used decomposition schemes are the multiplicative, additive or log additive.

Manual decomposition scheme selection after graphical inspection of the time series.

Choice of seasonal adjustment approach

X-12-ARIMA

Consistency between raw and seasonally adjusted data

In some series, consistency between raw and seasonally adjusted series is imposed.

Do not apply any constraint.

Consistency between aggregate/definition of seasonally adjusted data

In some series, consistency between seasonally adjusted totals and the aggregate is imposed .For some series there is also a special relationship between the different series, e.g. GDP which equals production minus intermediate consumption.

Do not apply any constraint.

Direct versus indirect approach

Direct seasonal adjustment is performed if all time series, including aggregates, are seasonally adjusted on an individual basis. Indirect seasonal adjustment is performed if the seasonally adjusted estimate for a time series is derived by combining the estimates for two or more directly adjusted series.

Direct seasonal adjustment is performed on aggregates and components using the same approach and software. Any discrepancies across the aggregation structure are not removed.

Horizon for estimating the model and the correction factors

When performing seasonal adjustment of a time series, it is possible to choose the period to be used in estimating the model and the correction factors. Correction factors are the factors used in the pre-treatment and seasonal adjustment of the series.

The whole time series is used to estimate the model and the correction factors

General revision policy

Seasonally adjusted data may change due to a revision of the unadjusted (raw) data or the addition of new data. Such changes are called revisions, and there are several ways to deal with the problem of revisions when publishing the seasonally adjusted statistics.

Seasonally adjusted data are revised in accordance with a well-defined and publicly available revision policy and release calendar.

Concurrent versus current adjustment

The model, filters, outliers and regression parameters are re-identified and re-estimated continuously as new or revised data become available.

Horizon for published revisions

The revision period for the seasonally adjusted results is limited to 3-4 years prior to the revision period of the unadjusted data, while older data are frozen.

Comment: The revision period for the seasonally adjusted figures is 4 years when new data are added. The whole time series may be revised when implementing new or improved methods.

Evaluation of seasonally adjustment data

Continuous/periodical evaluation using standard measures proposed by different seasonal adjustment tools.

Quality measures for seasonal adjustment

For most of the series, a selected set of diagnostics and graphical facilities for bulk treatment of data is used.

A table containing selected quality indicators for the seasonal adjustment is available here .

For more information on the quality indicator in the table see: metadata on methods: seasonal adjustment

Seasonal adjustment of short time series

All series are sufficiently long to perform an optimal seasonal adjustment.

Treatment of problematic series

None of the published series are viewed as problematic.

Data availability

Unadjusted and seasonally adjusted data are available.

Press releases

In addition to unadjusted data, at least one of the following series is released: Calendar adjusted, seasonally adjusted, smoothed seasonally adjusted (trend).

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