Turnover in oil and gas, manufacturing, mining and electricity supply, March 2004

Turnover within Norwegian Oil- and Gas extraction was NOK 96 billion in the first quarter of 2004, up 3 per cent from the same period in 2003. Several companies have given reports of large volumes at high prices in the trading of oil. According to the External merchandise trade statistics, the average price for oil in March 2004 was NOK 238 per barrel compared with NOK 228 in March last year.

Increase in intermediate goods

Turnover within intermediate goods have had a rise of 8.9 per cent compared with the previous quarter. There was growth within basic chemicals, wood and wood products and other non-metallic mineral products, but the largest increase is found within basic metals. The industry has given reports of increased demand for their products and higher prices. A large part of the demand has been covered through sale from stock. The index of production also shows a raise in production within non-ferrous metals.

Increase in capital goods

There has been improvement within capital goods the last three months, but turnover was still lower than in the corresponding period in 2003. This is mostly due to realization of large projects within transport equipment in the first quarter last year. The same trend may also be seen in other industries such as fabricated metal products, machinery and equipment n.e.c and oil platforms and modules.

Consumer goods up

Consumer goods increased by 6 per cent in the first quarter compared to the same period in 2003. Food and food products had the largest growth within the industrial grouping, followed by furniture, other manufacturing and recycling. Textiles, wearing apparel and leather was still in decline.