Turnover in oil and gas, manufacturing, mining and electricity supply, August 2000

Oil and gas extraction continued to grow

The turnover within oil and gas extraction was NOK 59 billion in July and August 2000. This is an increase of above 63 per cent, compared with July - August 1999. According to the London Spot Market, the average price of crude oil (Brent Blend) was almost NOK 250 per barrel (USD 28.7) in July and NOK 265 per barrel (USD 29.6) in August 2000. Statistics Norway's Index of Production indicated an increase in the extraction of oil and gas. The production was 10 per cent higher in July 2000 than in July 1999 and nearly 3 per cent higher than in August.

The manufacturing slightly up

The turnover within manufacturing was just under NOK 73 billion in July/August 2000, which was an increase of nearly 4 per cent, compared with the same period last year. Traditional export industries were the main contributor to the growth, but several branches within Machinery Industry and Transport Equipment contributed as well.

The turnover of chemicals and chemical products increased by approximately 39 per cent in July/August 2000, compared with the same period last year. Basic chemicals in particular had a strong growth up 51 per cent. The overall turnover of basic chemicals from January to August 2000 was roughly NOK 17.4 billion. In comparison with the same period in 1999 this was an increase of above 31 per cent.

The turnover of metals as well increased considerably. Enterprises within the industry had an overall growth of above 35 per cent, compared with July/August 1999. The turnover was close to NOK 7.5 billion.

The turnover within pulp, paper and paper products climbed to above 24 per cent in July/August, compared with the same period in 1999. In July/August the turnover within Machinery was above 38 per cent higher than the figures from the same period in 1999.