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

The index value for turnover in manufacturing was 144.3 (2005=100) in the period September to November 2015, compared to 148.8 in the previous three-month period, according to seasonally-adjusted figures.

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

The seasonally-adjusted figures show that the biggest contributor to the 3.0 per cent downturn in manufacturing turnover in September to November 2015 was building of ships, boats and oil platforms, which went down 16.7 per cent. Lower investment activity in the oil and gas sector is contributing to this development .The decline in manufacturing turnover was further enhanced by a downturn in the turnover for basic metals. Statistics Norway’s producer price index shows that metal prices have declined in eight successive months. The fall in prices contributes to the decline in turnover for basic metals. Repair and installation of machinery and fabricated metal products also experienced a decline in turnover.

Conversely, food products showed a growth and partially offset the decrease in total turnover in this period.

Monthly change: machinery and equipment fell the most

Total Norwegian manufacturing turnover went down 4.6 per cent from October to November 2015, according to seasonally-adjusted figures. Machinery and equipment (down 11.2 per cent) and the grouping refined petroleum, chemicals and pharmaceutical products (down 3.4 per cent) contributed the most to the negative development.

Conversely, basic metals rose by 6.8 per cent.

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

Calendar-adjusted figures showed that the total turnover went down 8.9 per cent in November 2015 compared to November 2014. Both the domestic and export market showed a decline, of 10.2 and 7.1 per cent respectively.

Both building of ships, boats and oil platforms and machinery and equipment showed a significant decline of 27.6 and 35 per cent respectively. However, a 5.9 per cent growth in the food industry curbed the fall in the twelve-month change.

Monthly change: rise in the euro area and fall in Norway in October 2015

Norwegian manufacturing turnover went down 0.9 per cent from September to October 2015 according to seasonally-adjusted figures. Manufacturing turnover in the euro area faced an increase of 1.3 per cent. In the Nordic countries, Sweden and Denmark showed a decrease of 0.5 and 1.3 per cent respectively from September to October 2015, according to Eurostat.