The index level for Norwegian manufacturing in the second quarter of 2022 amounted to 118.2 (2005=100). The corresponding figure for the previous quarter was 118.8. Activity in the manufacturing sector has seen some volatility in the last few months, but output levels have stabilized in June (see figure 1).
Three-month change: fall in basic chemicals
According to 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., manufacturing output fell by 0.5 per cent in the second quarter of 2022 compared with the previous quarter. Decline in basic chemicals together with wood and wood products contributed the most to the overall decrease in industrial production this quarter. The low activity level in basic chemicals can be seen in connection with maintenance shutdowns in some parts of the industry.
On the other hand, computer and electrical equipment had an increase of 4.6 per cent.
Monthly change: small increase from May to June
According to seasonally-adjusted figures, manufacturing output had a small increase of 0.3 per cent from May to June 2022. The industry grouping refined petroleum, chemicals and pharmaceuticals contributed the most to overall output growth with an increase of 3.3 per cent.
On the other hand, the overall output increase was dampened by a decline of 2.4 per cent in repair and installation of machinery.
Monthly change: output growth in the Euro area in May
Estimated figures from Eurostat, the EU’s statistical office, indicate that manufacturing output in the The euro area comprises the 19 European Union (EU) member states that have adopted the euro as their common currency. had an increase of 1.4 per cent from April to May 2022. In the same period, Norwegian manufacturing production declined by 2.3 per cent.
Sweden saw an increase of 1.0 per cent in the same period, while Denmark had an output growth of 2.8 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 second quarter of 2022 compared with the previous quarter. Extraction of crude petroleum fell by 3.4 per cent, while extraction of natural gas increased by 5.5 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 1.0 per cent in this quarter. In the same period, mining and quarrying saw a decline of 8.2 per cent, while production within Norwegian electricity increased by 3.7 per cent.