Minor changes in manufacturing output

The Index of industrial production from March to May 2017 amounted to 114.1 (2005=100). The corresponding figure for the previous three-month period was 113.7. Smoothed seasonally-adjusted figures show a turning point for manufacturing output in September 2016, and since then the activity has risen somewhat.

Three-month change: growth within ships, boats and oil platforms

According to seasonally-adjusted figures, manufacturing output saw a minor increase of 0.4 per cent from March to May 2017 compared to the previous three-month period. Ships, boats and oil platforms contributed most to the overall growth, with an increase of 2.8 per cent. This increase is related to a particularly high activity level in April among some leading suppliers. There was also some growth within repair and installation of machinery.

At the same time, other petroleum-related industries like machinery and equipment and computer and electrical equipment, contributed to dampen the overall increase in manufacturing output. Petroleum-related manufacturing experienced an overall decline of 0.9 per cent. For more details about how petroleum-related manufacturing affects the overall development in manufacturing, see the article Norwegian Manufacturing 2016 – a tough year for manufacturing.

Monthly change: small decrease in manufacturing from April to May 2017

According to seasonally-adjusted figures, manufacturing output saw a small decline of 0.3 per cent from April to May 2017. Ships, boats and oil platforms, together with food products contributed most to the overall decrease. Within the first mentioned industry, the decline is related to a high level of production in April despite of Easter, while in the latter, the fall is due to low production within processing and preservation of fish. At the same time, the industry grouping refined petroleum, chemicals and pharmaceuticals experienced a clear growth, related to high production of pharmaceutical products.

Twelve-month change: minor increase in Norway, clear growth in the Euro area in April 2017

According to calendar-adjusted figures, Norwegian manufacturing had a minor increase of 0.4 per cent from April 2016 to April 2017. The industry grouping refined petroleum, chemicals and pharmaceuticals contributed most to this growth, with an increase of 10.1 per cent. Estimated figures from Eurostat, the EU’s statistical office, indicate that output in manufacturing in the Euro area increased by 1.7 per cent in the same period.

Three-month change: growth in total industrial production (PII)

According to seasonally-adjusted figures, the total production index (PII) covering extraction, mining, manufacturing and electricity supply, increased by 0.9 per cent from March to May 2017 compared with the previous three-month period. Extraction of crude petroleum went up 1.5 per cent, while extraction of natural gas saw an increase of 1.2 per cent. For more details about oil and gas extraction for May 2017, see the press release from The Norwegian Petroleum Directorate.

Within support activities for petroleum and natural gas extraction, output saw a decline equivalent to 1.0 per cent from March to May 2017 compared with the previous three-month period. Suppliers within this industry are negatively affected by a lower investment level in the Norwegian oil and gas industry. In spite of a continuing downturn in this industry, there are indications that the decline is starting to level off.

In the same period mining and quarrying saw a clear decline of 6.9 per cent, while production within Norwegian electricity supply went up 0.4 per cent.