Turnover in oil and gas, manufacturing, mining and electricity supply, February 2016

The index value for turnover in manufacturing was 140.7 (2005=100) in the period December 2015 to February 2016, compared to 144.2 in the previous three-month period, according to seasonally-adjusted figures.

Three-month change: notable fall for refined petroleum, chemicals and pharmaceutical products

Seasonally-adjusted figures showed that the industry grouping refined petroleum, chemicals and pharmaceutical products had a decline of 11.0 per cent from December 2015 to February 2016, compared to the previous three-month period. The decline was further fueled by the development within machinery and equipment, with a fall of 12.2 per cent in the same period. The decrease within the grouping refined petroleum products, and chemical and pharmaceutical was mainly due to a decline in prices of refined petroleum products. Lower investment activities in the oil and gas sector account for much of the decline in machinery and equipment. On the other hand, food products showed a growth of 4.5 per cent.

Monthly change: building of ships and platforms has the biggest fall

The falling trend continued in 2016 and total manufacturing turnover went down 2.3 per cent from January 2016 to February 2016, according to seasonally-adjusted figures. The decline was within the domestic market, while the export market was almost unchanged.

Building of ships and oil platforms (23.7 per cent) was the biggest contributor to pulling down the manufacturing turnover. The grouping refined petroleum products, and chemical and pharmaceutical products (9.9 per cent) also contributed to the development.

On the contrary, a rise in food products, rubber, plastic and mineral products in addition to basic metals helped to partially offset the downward trend in the total turnover from January 2016 to February 2016.

Twelve-month change: notable fall in machinery and equipment

Calendar-adjusted figures showed a decrease of 11.0 per cent in total manufacturing turnover in February 2016 compared to February 2015. Both the domestic and export market had a decrease. The decrease was 13.4 and 6.9 per cent respectively.

The biggest contributor to pulling down total manufacturing turnover was machinery and equipment, which decreased by 37.9 per cent. Another contributor to the development was building of oil platforms and platforms, with a decline of 39.6 per cent in the same period.

Food products had the largest share in curbing the fall in the total manufacturing turnover, with an increase of 13.1 per cent during the last twelve months.

Monthly change: fall in Norway and more or less no change in the euro area in January 2016

Norwegian manufacturing turnover went up by 1.7 per cent from December 2015 to January 2016, according to seasonally-adjusted figures, while manufacturing turnover in the euro area remained almost unchanged. Among the Nordic countries, Sweden showed a decrease of 3.0 per cent, while Denmark enjoyed a 0.6 per cent increase, according to Eurostat.