Turnover in oil and gas, manufacturing, mining and electricity supply, October 2015

The index value for turnover in manufacturing was 148.1 (2005=100) in the period August to October 2015, compared to 149.3 in the previous three-month period, according to seasonally-adjusted figures.

Three-month change: strong fall in building of ships, boats and oil platforms

Seasonally-adjusted figures showed that the turnover in Norwegian manufacturing decreased 0.8 per cent from August to October compared with the previous three-month period. Most of the main industries in manufacturing recorded a reduction in this period.

The biggest contributor pulling down total manufacturing turnover was building of ships, boats and oil platforms, which went down 11.4 per cent. According to the Index of industrial production, this industry also recorded a reduction in production volume, where lower investment activity in the oil and gas sector accounts for much of the decline.

Meanwhile, a 6.3 per cent fall was recorded for basic metals, mainly as a result of a decline in non-ferrous metals. According to the producer price index, this sub-industry also faced a significant negative trend in prices in the non-ferrous market (NOK) during this period. The reduction in manufacturing was further enhanced by a downturn in the turnover for machinery and equipment, repair and installation of machinery, and the grouping refined petroleum, chemical and pharmaceutical industries.

Conversely, food products as well as the rubber, plastic and mineral products industry showed a growth and partially offset the decrease in total turnover in this period.

Monthly change: basic metal edged down strongly in October

Total Norwegian manufacturing turnover went down 1.1 per cent from September to October 2015, according to seasonally-adjusted figures. The basic metal industry and building of ships, boats and oil platforms showed a significant decrease of 12.8 and 14.6 per cent respectively.

On the contrary, food products, which had a share of almost 28 per cent of total manufacturing turnover, rose 3.1 per cent. The growth in this industry was particularly strong within fish and fish products together with meat and meat products.

Twelve-month change: building of ships, boats and oil platforms posts the largest decrease

Calendar-adjusted figures showed that the total turnover went down 3.6 per cent in October 2015 compared to October 2014. Both the domestic and export market showed a decline, by 4.5 and 2.3 per cent respectively.

With a 39.7 per cent decrease, building of ships, boats and oil platforms was the strongest contributor to the decline. However, a 7.1 per cent growth in the food industry curbed the fall in the twelve-month change.

Monthly change: fall in the euro area and Norway in September 2015

Norwegian manufacturing turnover went down 0.9 per cent from August to September 2015 according to seasonally-adjusted figures. Manufacturing turnover in the euro area also faced a decrease of 0.7 per cent. In the Nordic countries, Sweden and Denmark showed an increase of 0.2 and 1.9 per cent respectively from July to August 2015, according to Eurostat.