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

Turnover within Norwegian oil and gas extraction sector was close to NOK 390 billion from January to November 2004, a 22 per cent growth compared to the same period in 2003. The change in seasonally adjusted turnover from October to November is, however, negative. This is mainly due to the extremely high prices on crude oil in October along with a weakening exchange rate on dollar.

Intermediate goods

Intermediate goods show a positive development from October to November even though the largest industries, non-ferrous metals and pulp, paper and paper products show a decrease in turnover. Basic chemicals and other non-metallic mineral products counteract this negative trend, with an increase from last month of 3.3 and 9.6 per cent respectively.

Capital goods

The monthly figures for capital goods are negative. This is mainly due to the fact that oil platforms and modules, the prime industry, dropped by 14.8 per cent. On the other hand both transport equipment and basic metals increased by 1.5 and 5.9 per cent respectively.

Consumer goods

The seasonally adjusted figures for consumer goods show a stable turnover from October to November, by a growth of 0.8 per cent. Food and food products show an upturn after dipping the last few months. Furniture and recycling contributes to the increase, while publishing, printing and reproduction somewhat offset the increase.