Turnover in oil and gas, manufacturing, mining and electricity supply, October 2001

The overall revenues in manufacturing were NOK 90 billion in September/October 2001, a decrease of 2.4 per cent compared with the corresponding period in 2000. However, the twelve-month growth is slightly higher compared with the total turnover so far in 2001. In the period January till October overall revenues in manufacturing is 1.8 per cent higher compared with 2000.

Food products and beverages have a decrease of 7.8 per cent compared with the corresponding period in 2001. The decline is mainly due to the decrease in turnover of meat and meat products. In the period of January till October 2001 the overall revenues of this industry have dropped by 19.2 per cent compared with corresponding period in 2000.

Refined petroleum products and chemicals and chemical products had a decrease of 15.3 per cent compared with 2000. Publishing, printing and reproduction of recorded media also had a downward effect, with a decline of 2.7 per cent, mainly due to the drop in publishing industry.

The manufacturing of machinery has improved the total revenues by 18.4 per cent, partially offset by the improvement in the industry of machinery for production. This industry had an increase of 19.4 per cent. Oil platforms had an increase of 51.4 per cent. On the other hand, basic metals had a downward effect of 11.6 per cent compared with the corresponding period in 2000. The industry of aluminium contributed to this detoriating offset by the low prices of aluminium.

Turnover for oil and gas

Oil and gas extraction totalled NOK 58 billion in September/October 2001, a drop of 9.9 per cent. Despite the fact that oil production has increased from 2.9 barrels per day in October 2000 to 3.3 barrels in October 2001, the total revenues have decreased. This is due to the strong decrease in the price of crude oil in the same period. The price of crude oil has decreased by approximately 30 per cent compared with the corresponding period in 2000.

Turnover based on goods

The drop in energy goods is due to the low price of crude oil. Moreover, the increase in investments is for instance caused by the rise in the manufacturing of machinery. Finally, in the group consumption goods, the increase is higher for durables than for non-durables goods. This is due to the drop in food products and beverages.