Total investments are expected to increase in 2020

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Companies’ latest investment estimates for 2020 are expected to increase within oil and gas, manufacturing, mining and quarrying and electricity supply. New 2019 estimates are substantially adjusted upwards from the previous survey and show growth compared to 2018.

Written by: Edvard Andreassen

The investment survey conducted in May within oil and gas, manufacturing, mining and quarrying and electricity supply in 2020 amounted to NOK 228 billion. This is 8.2 per cent higher than the corresponding figure for 2019. The growth can mainly be attributed to growth within the oil and gas industry. Investments within electricity supply show a moderate decline, while investments within manufacturing are estimated to be approximately unchanged.

Companies’ latest total investment estimates for 2019 suggest a growth of 17 per cent compared to the corresponding figure of 2018. The increase in 2019 is driven by a clear growth in investment within the oil and gas industry, as well as strong investment growth within manufacturing. For more details about investments within the oil and gas industry, please see the following article.

Figure 1. Estimated investments collected in 2nd quarter same year

Extraction and pipeline transport Manufacturing, mining and quarrying Electricity supply, gas and steam
2009 149245 26546 12958
2010 145447 19604 14653
2011 150104 19823 18735
2012 191543 20993 21696
2013 219668 20527 20681
2014 241387 21474 22495
2015 200262 20684 24783
2016 169896 23204 27345
2017 154381 22616 34780
2018 156454 25111 40032
2019 183738 33439 41684

According to seasonally-adjusted figures, quarterly final investments had following development from the 4th quarter of 2018 to the 1st quarter of 2019:

  • Oil and gas: -0,3 %
  • Manufacturing : 15.4 %
  • Electricity supply: -8.0 %

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

Manufacturing Electricity supply, gas and steam Extraction and pipeline transport
Q1-2009 153.9 155.7 164.9
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 100.5 223 225.2
Q2-2013 110.7 234.9 234.9
Q3-2013 108.1 245 253.7
Q4-2013 103.5 252.9 252.8
Q1-2014 111.7 260 254.1
Q2-2014 112.1 274.6 254.8
Q3-2014 112.3 246.4 249.2
Q4-2014 117.7 248.3 236.8
Q1-2015 100.1 264.6 243
Q2-2015 103.8 268.2 230.2
Q3-2015 117.3 265.9 216.5
Q4-2015 108.3 288.3 203.2
Q1-2016 127.1 311.2 192.4
Q2-2016 123.6 285 186.8
Q3-2016 125.5 314.7 178.8
Q4-2016 128.7 323.1 171
Q1-2017 120.5 374.4 169.9
Q2-2017 110.1 308 171.7
Q3-2017 112.5 418.6 152.2
Q4-2017 122.2 375.6 165.6
Q1-2018 120.4 429.1 154.6
Q2-2018 133.8 463.4 161.5
Q3-2018 137.2 495.7 170.2
Q4-2018 135.9 479 183.8
Q1-2019 156.8 440.6 183.2