Increase in manufacturing output in July

The index level for Norwegian manufacturing for the period May-July 2022 amounted to 118.2 (2005=100). The corresponding figure for the previous three-month period was 118.8. After a clear fall in May, the activity levels in the manufacturing sector has increased over the last two months (see figure 1).

Monthly change: growth within refined petroleum, chemicals and pharmaceuticals

According to Seasonally-adjusted figures In order to facilitate the interpretation of the short-term development, the index of production publishes three-month moving averages of the seasonally-adjusted figures. We normally compare the latest non-overlapping three-month periods. Seasonally-adjusted monthly changes must be interpreted with caution.Lukk, manufacturing output had an increase of 1.4 per cent from June to July 2022. The industry grouping refined petroleum, chemicals and pharmaceuticals contributed the most to overall output growth with a marked increase of 15.1 per cent. This growth can be seen in connection with normalization of production, after several instances of maintenance shutdowns at large businesses within the industry over the last few months. There was also growth within the industry grouping building of ships, boats and oil platforms.

On the other hand, the overall output increase was dampened by a decline of 4.4 per cent within production of non-ferrous metals.

Three-month change: moderate fall in production

According to seasonally-adjusted figures, manufacturing output fell by 0.5 per cent in the period May-July 2022 compared to the previous three-month period. Declines in basic metals together with repair and installation of machinery contributed the most to the overall decrease in manufacturing output.

On the other hand, computer and electrical equipment had an increase of 4.0 per cent.

Monthly change: output growth in the Euro area in June

Estimated figures from Eurostat, the EU’s statistical office, indicate that manufacturing output in the Euro area The euro area comprises the 19 European Union (EU) member states that have adopted the euro as their common currency.Lukk had an increase of 1.0 per cent from May to June 2022. In the same period, Norwegian manufacturing production declined by 0.2 per cent.

Sweden saw an increase of 1.4 per cent in the same period, while Denmark had an output growth of 1.1 per cent.

Three-month change: growth in the total production index

According to seasonally-adjusted figures, the total production index (PII) covering extraction, mining, manufacturing and electricity supply had an output increase of 1.0 per cent in the period May-July 2022 compared to the previous three-month period. Extraction of crude petroleum fell by 3.5 per cent, while extraction of natural gas increased by 7.8 per cent. For more details about oil and gas extraction in this period, see the press release from The Norwegian Petroleum Directorate.

Within support activities for petroleum and natural gas extraction, there was an output increase of 0.3 per cent in the period May-July 2022. In the same period, mining and quarrying saw a decline of 4.5 per cent, while production within Norwegian electricity increased by 2.5 per cent.