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

Industry that produces intermediate goods had a drop of 19.5 per cent in November and December compared with the corresponding period in 2000. This was partly offset by the downward effect on refined petroleum products and chemical and chemicals products. Total turnover in intermediate goods decreased by 6.8 per cent from 2000 till 2001. Total turnover in consumption and investments goods have improved considerably from 2000 to 2001. The rise in investments goods is due to steady increase in fabricated metal products, machinery and equipment and oil platforms and modules. The total turnover in energy goods has modest decrease from 2000 till 2001.

Substantial decline in turnover of intermediate goods

Refined petroleum products and chemical and chemicals products had a considerable drop in November and December 2001. The downward effect is due to high values of the figures in 2000, particularly for refined petroleum products. Due to figures from the enterprises, the industry had especially good margins in 2000 but weaker results in 2001. In addition, the price for refined petroleum products was more than 30 per cent lower in November and December in terms of the twelve-month rate. In 2001 the overall revenues of this industry dropped by 8.6 per cent compared with figures for 2000. Basic metals had a downward effect of 22.6 per cent, especially offset by the decline in the industry of non-ferrous metals.

Improvement in overall revenues for investments goods

Total turnover for investments were NOK 25 billion in November and December 2001, more than 23.2 per cent in terms of the twelve-month rate. The overall revenues were approximately NOK 118 billion in 2001. This is an increase of 12.1 per cent compared with 2000. The increase is due to improvement in fabricated metal products, machinery and equipment and oil platforms and modules. In contrast transport equipments counteracted the improvement for investments goods. Oil platforms and modules had a strong increase of 45.8 per cent, however this improvement is strongly correlated to the weak figures for 2000, where revenues declined with almost 50 per cent from 1999. The manufacturing of machinery has improved the total revenues by 33.2 per cent compared with corresponding figures for 2000. Fabricated metal products improved in same period total revenues by 8.1 per cent.

Turnover in meat and meat products continues to decline

Manufacturing of food products, beverages and tobacco had a modest climb of 0.9 per cent in November and December 2001. This increase is approximately at the same level as the increase from 2000 till 2001. However, the turnover in meat and meat products continued to drop in 2001. The sharp increase in turnover of fish and fish products levelled out in 2001. Grain mill products, starches and starch products, beverages and other food products (e.g. bread, pastry goods and cakes) contributed to even out total turnover in this industry.

Lower revenues for crude petroleum and natural gas

The overall revenues in extraction of crude petroleum and natural gas were NOK 56 billion in November and December 2001, a fall of 28.8 per cent compared with the corresponding period in 2000. The drop is correlated to the strong world market price of crude oil in 2000. For 2001 the overall revenues were NOK 362 billion, a modest drop of 2.8 per cent. The revenues are equivalent to 70 per cent of the revenues in the manufacturing. As share of the manufacturing, mining and quarrying and electricity supply, oil and gas extraction stood for 37 per cent of total revenues. The share is approximately the same as 2000, but considerably larger than the figures for 1991-1999, when the share was on average 25 per cent.