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

The index value for turnover in manufacturing was 151.6 (2005=100) in the fourth quarter of 2014, compared to 151.5 in the third quarter, according to seasonally-adjusted figures.

Annual change: prominent growth for machinery and equipment in 2014

The turnover in Norwegian manufacturing increased moderately from 2013 to 2014 as a result of a higher turnover in the export market, especially for food products and non-ferrous metals, which showed remarkable annual growth in the export market. Higher production volumes and improved market conditions contributed to the growth in 2014. Better market prices contributed to higher turnover in the export market for these industries.

After a notable fall in 2011, machinery and equipment has shown a strong and continuous growth over the last three years. Meanwhile, a positive trend has been recorded for building of ships, boats and oil platforms and computer and electrical equipment from 2013 to 2014.

The annual growth has been dampened by a solid decrease in the domestic market for the grouping oil refining, chemical and pharmaceutical industry.

Three-month change: notable growth in basic metals

The overall turnover in manufacturing remained almost unchanged in the fourth quarter compared to the third quarter of 2014, according to seasonally-adjusted figures. While the export market recorded a solid increase of 7.0 per cent, the domestic market index showed a negative trend, which offset the growth in total manufacturing turnover.

Despite the unchanged total turnover, some of the industries showed significant increases or decreases in the fourth quarter. Seasonally-adjusted figures showed the basic metal industry edged up 6.1 per cent, mainly as a result of a growth in prices (in NOK) in the non-ferrous metals market during this period.

In addition, the fabricated metal products (2.5 per cent), wood and wood products (2.6 per cent), and finally food products accounted for most of the increases in the turnover during the fourth quarter.

On the contrary, the machinery and equipment industry and repair, installation of machinery went down 4.2 and 6.9 per cent respectively. Refined petroleum, chemical and pharmaceutical industries also edged down 1.3 per cent.

Monthly change: refined petroleum, chemical and pharmaceutical industries down in December 2014

Total Norwegian manufacturing turnover went down 0.2 per cent from November to December 2014, according to seasonally-adjusted figures. An increase of 2.4 per cent in the export market helped to offset the negative trend in the domestic market.

The biggest contributor pulling down total manufacturing turnover was the grouping refined petroleum, chemical and pharmaceutical industries, which recorded a decrease of 14.3 per cent. The reduction in manufacturing was further enhanced by a 5.5 fall in the turnover for the building of ships, boats and oil platforms.

On the other hand, the basic metals industry was the biggest contributor to pulling up total manufacturing, as turnover rose 7.5 per cent. This was followed by growth in the fabricated metal product industry, and in repair, installation of machinery. Moreover, the wood and wood products industry and paper and paper products edged up from November to December 2014. Food products accounted for about 23 per cent of total industry turnover, showing a slight increase in this period as a result of better activities in the export market.

Monthly change: unchanged in the euro area, little growth in Norway in November 2014

Norwegian manufacturing turnover went up 0.8 per cent from October to November 2014, according to seasonally-adjusted figures, while manufacturing turnover in the euro area showed a slight decrease of 0.3 per cent, according to Eurostat.