Turnover in oil and gas, manufacturing, mining and electricity supply, October 2014

The index value for turnover in manufacturing was 152.2 (2005=100) in the period August to October 2014, compared to 148.5 in the previous three-month period, according to seasonally-adjusted figures. While the export market enjoyed an increase, the domestic market index almost remained unchanged.

Three-month change: machinery and equipment pulling up total manufacturing turnover

Seasonally-adjusted figures showed that machinery and equipment and building of ships, boats and oil platforms had a strong increase of 13.3 and 15.4 per cent respectively from August to October 2014 compared to the previous three-month period. These industries also showed growth in production volume during the same period, according to  the index of industrial production.

In addition, the basic metal industry edged up 5.7 per cent, mainly as a result of a growth in prices (in NOK) in the metal market during this period.

Growth in the turnover for the food products, as well as a slight increase in fabricated metal products helped to pull up the total turnover.

Conversely, the grouping refined petroleum, chemical and pharmaceutical industries had a decline of 8.1 per cent in this period.

Monthly change: growth in October 2014 after a lower turnover in September

Turnover in most industries showed an increase from September to October, which led to a total growth of 2.4 per cent in Norwegian manufacturing. A fall in the domestic market was offset by growth in the export market.

The biggest contributors pulling up total manufacturing turnover were the grouping refined petroleum, chemical and pharmaceutical industries (7.9 per cent) and building of ships, boats and oil platforms industry (12.1 per cent). Fabricated metal products industry and basic metals also recorded a notable increase. Food products accounted for about 25 per cent of total industry turnover, and also showed a slight increase in this period.

On the contrary, a fall in repair, installation of machinery in addition to computer and electrical equipment helped to partially offset the upward trend in the total turnover.

Twelve-month change: higher level of turnover in basic metal compared to October 2013

Calendar-adjusted figures showed a somewhat unchanged development in total manufacturing turnover from October 2013 to October 2014. While the domestic market faced a decline of 7.7 per cent, the export market enjoyed a 13.6 per cent growth.

The grouping refined petroleum, chemical and pharmaceutical industries showed a strong decline of 10.4 per cent, which was followed by a fall in repair, installation of machinery (7.8 per cent) and computer and electrical equipment (12.7 per cent).

On the contrary, the basic metal industry showed an increase of 18.7 per cent compared to October 2013. According to the producer price index, this industry also benefitted from a significant positive trend in prices (16.1 per cent) in the metal market during this period.

Moreover, a notable increase in the industry ships, boats and oil platforms, as well as machinery and equipment helped to pull up the total turnover during the last twelve months. Food products also recorded a 0.9 growth in the total turnover since October 2013.

Monthly change: fall in Norway and almost unchanged in the euro area in September 2014

Norwegian manufacturing turnover went down by 6.6 per cent from August to September 2014, according to seasonally-adjusted figures, while manufacturing turnover in the euro area showed a slight decrease of 0.2 per cent, according to Eurostat.