Strong investment increase in 2019

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The companies’ latest investment estimates for 2019 indicate a strong growth within oil and gas, manufacturing, mining and quarrying and electricity supply. For 2020, the estimates suggest a more moderate increase.

Written by: Anel Finci

The investment survey conducted in August suggest that total investments within oil and gas, manufacturing, mining and quarrying and electricity supply in 2019 will amount to NOK 257 billion. This is a strong increase equivalent to 15 per cent compared with the corresponding figure for 2018, given in August last year. The growth is particularly due to a strong investment upturn in the oil and gas industry. In addition, manufacturing investments are also contributing positively. For more details about investments within the oil and gas industry, please see the following article.

The companies’ newest estimates for 2020 suggest a moderate investment increase compared with the corresponding estimates for 2019. The increase in 2020 is driven by positive investment forecasts within the oil and gas industry. On the other hand, the overall increase is dampened by a clear decline within electricity supply.

Figure 1. Estimated investments collected in 3rd quarter same year

Extraction and pipeline transport Manufacturing, mining and quarrying Electricity supply, gas and steam
2009 148061 26481 13268
2010 145644 20540 15058
2011 157766 20907 19015
2012 190681 21244 20898
2013 221795 21202 20902
2014 237056 21646 22181
2015 203736 21254 24137
2016 168739 22988 27213
2017 155627 22310 34034
2018 156313 25997 41737
2019 181729 35111 39961

According to seasonally-adjusted figures, quarterly final investments had the following development from the first to the second quarter of 2019:

  • Oil and gas: 4.6 %
  • Manufacturing : 3.6 %
  • Electricity supply: 2.3 %

Figure 2. Final investments per quarter. Seasonally adjusted. 2005=100

Manufacturing Electricity supply, gas and steam Extraction and pipeline transport
Q2-2009 124.5 148.7 154.7
Q3-2009 111.6 149.1 148.4
Q4-2009 99.7 147.8 141
Q1-2010 102.1 145.2 137.6
Q2-2010 100.6 164.7 148.4
Q3-2010 89.8 187.1 133.2
Q4-2010 99.4 178.1 144.7
Q1-2011 98.3 197.5 156.3
Q2-2011 99.2 204.1 161.1
Q3-2011 107.9 188.4 176.9
Q4-2011 104.5 214.5 183.4
Q1-2012 111 218.5 188.5
Q2-2012 109.3 206.8 195.9
Q3-2012 98.4 235 194.1
Q4-2012 106.1 245.3 214.9
Q1-2013 100.5 223.1 225
Q2-2013 110.7 234.7 235
Q3-2013 108 245.1 253.6
Q4-2013 103.5 253.1 253
Q1-2014 111.7 258.5 254.3
Q2-2014 112.1 275.7 254.4
Q3-2014 112.3 246.4 249
Q4-2014 117.8 248.6 237.1
Q1-2015 100 262.7 243
Q2-2015 103.8 269.3 229.9
Q3-2015 117.2 266 216.3
Q4-2015 108.4 288.7 203.5
Q1-2016 127.1 308.1 192.6
Q2-2016 123.5 286.9 186.4
Q3-2016 125.3 314.5 178.7
Q4-2016 128.9 323.3 171.3
Q1-2017 120.8 368 170.5
Q2-2017 109.7 312.8 171
Q3-2017 112.4 418.1 151.9
Q4-2017 122.5 375.6 165.9
Q1-2018 120.8 421.3 155.1
Q2-2018 132.8 471.8 161.1
Q3-2018 137.3 494.4 169.9
Q4-2018 136.4 478.3 184.1
Q1-2019 157.7 430.3 184.1
Q2-2019 163.4 440 192.5