The investment survey conducted during the second quarter within oil and gas, manufacturing, mining and quarrying and electricity supply in 2024 amounted to NOK 328 billion. This is 19 per cent higher than the corresponding figure for 2023. The increase can mainly be attributed to a clear growth in investments in oil and gas activities and electricity supply. Industrial investments are lower in 2024 than in 2023 and are helping to dampen the overall upturn.

Figure 1. Estimated investments collected in 2nd quarter same year. Mill. current NOK
Bar chart with 3 data series.
The chart has 1 X axis displaying Year.
The chart has 1 Y axis displaying Mill. current NOK. Data ranges from 154381 to 327679.
Highcharts.com
End of interactive chart.
Figure 1. Estimated investments collected in 2nd quarter same year. Mill. current NOK
YearUtvinning og rørtransportIndustri og bergverksdriftKraftforsyning
2014241 38721 47422 495
2015200 26220 68424 783
2016169 89623 20427 345
2017154 38122 61634 780
2018156 45425 11140 032
2019183 73833 43941 684
2020180 29627 52838 877
2021181 85427 68033 841
2022167 23737 57526 355
2023197 78347 55630 618
2024246 85744 42836 394
Source: Investments in oil and gas, manufacturing, mining and electricity supply, Statistics Norway

The companies' latest estimates for total investments in 2025 suggest an increase of 18 per cent compared to the corresponding 2024 estimate. At the same time, there is considerable uncertainty in the estimates for next year given at such an early stage.

The increase in 2025 is mainly due to the projection of a further increase in investments for both oil and gas activities and electricity supply. Manufacturing investment also contributes positively to this increase, but the increase here is more moderate. For more details about investments within the oil and gas industry, please see the following article.

According to Figures that are adjusted for calendar effects and seasonal variation. Such adjustment gives a more accurate picture of the underlying trend in the time series and makes it easier to compare results of subsequent quarters. figures, quarterly final investments had following development from the 4th quarter of 2023 to the 1st quarter of 2024:

Oil and gas: 2.0 %

Manufacturing: 1.5 %

Electricity supply: 4.4 %

Figure 2. Final investments per quarter. Index. Seasonally adjusted. 2021=100
Line chart with 3 lines.
The chart has 1 X axis displaying Quarter.
The chart has 1 Y axis displaying Index. Data ranges from 67.7 to 176.3.
Highcharts.com
End of interactive chart.
Figure 2. Final investments per quarter. Index. Seasonally adjusted. 2021=100
QuarterManufacturingElectricity supply, gas and steamExtraction and pipeline transport
Q1-201475.472.8129.8
Q2-201475.977.6128.7
Q3-201475.769.3126.6
Q4-201479.669.9120.5
Q1-201567.774.1123.4
Q2-201570.275.8116.9
Q3-20157974.7110
Q4-201573.281.2103.4
Q1-201686.28797.5
Q2-201683.680.895
Q3-20168488.191
Q4-201687.29186.9
Q1-201781.810486.9
Q2-201774.588.286.6
Q3-201774.8116.877.5
Q4-201783.2105.884
Q1-201882119.378.4
Q2-201890.3133.282.2
Q3-201890.6137.686.7
Q4-201893134.993.1
Q1-2019107116.993.1
Q2-2019110125.297.9
Q3-2019124.9137.9101.7
Q4-2019116.5133.9106.2
Q1-2020107.4115.4107.9
Q2-202093.1144.499.4
Q3-202096136.396.6
Q4-202095.4117.3100.4
Q1-2021100.2102.2100.8
Q2-202194.2109.6100.2
Q3-202188.610399.5
Q4-202111785.199.5
Q1-2022114.878.797.6
Q2-2022132.38298.1
Q3-2022134.775.497.4
Q4-2022134.285.6104.6
Q1-2023169.988110.4
Q2-2023156.185113.7
Q3-2023167.588125.8
Q4-2023173.795.2133.3
Q1-2024176.399.4136
Source: Investments in oil and gas, manufacturing, mining and electricity supply, Statistics Norway