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140222
Record-high manufacturing output
statistikk
2014-06-06T10:00:00.000Z
Energy and manufacturing;National accounts and business cycles;Energy and manufacturing
en
pii, Index of industrial production, industrial production, volume indicator, intermediate goods, capital goods, consumer goods, energy goodsEnergy , Oil and gas , Business cycles , Manufacturing, mining and quarrying , National accounts and business cycles, Energy and manufacturing
false
Index of Industrial Production monitors added value in oil and gas, manufacturing, mining and electricity. Manufacturing was unchanged from March to April 2014.

Index of industrial production, April 2014

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Record-high manufacturing output

Production in Norwegian manufacturing increased by 1.2 per cent from February to April 2014 compared with the previous three-month period, according to seasonally-adjusted figures. On a month to month basis, from March to April 2014, the output in manufacturing was unchanged.

Index of production. Changes in per cent and weightsPublished 6 June 2014
Seasonally adjustedCalendar adjusted1Weights2
Monthly changeThree-month changeTwelve-month change
April 2014 / March 2014February 2014 - April 2014 / November 2013 - January 2014April 2014 / April 2013
1Adjusted for working-days and for public holidays in Norway.
2The weights are updated annually, and are valid for the entire year.
Extraction, mining, manufacturing and elec-0.13.33.2100.0
Extraction and related services-1.22.50.771.9
Mining and quarrying-1.210.3-0.90.6
 
Manufacturing0.01.21.822.7
Food, beverage and tobacco4.93.47.74.1
Refined petro., chemicals, pharmac.0.03.6-3.72.0
Basic metals0.40.99.21.1
Machinery and equipment-2.12.05.23.2
Ships, boats and oil plattforms0.63.21.42.4
 
Electricity, gas and steam9.06.920.94.8

Source: Statistics Norway

The index level for Norwegian manufacturing for the period February to April 2014 amounted to 122.0 (2005= 100), which is a record high level. The corresponding figure for the previous three-month period was 120.5. After a production decline from September to November 2013, Norwegian manufacturing has seen an output increase so far in 2014.

Three-month change: increase in manufacturing

There was a production increase in industries such as machinery and equipment, and ships, boats and oil platforms from February to April 2014 compared with the previous three-month period, according to seasonally-adjusted figures . The activity in machinery and equipment was at a record high level, with an output increase equivalent to 113 per cent since 2005.

Furthermore, food and food products also saw a solid output increase, partly due to high production of fish and fish products in April 2014. High demand abroad for salmon products and improved access to raw materials have led to this production growth. On the other hand, wood and wood products and computer and electrical equipment had a minor decrease in production in this three-month period.

Monthly change: unchanged production level from March to April 2014

Food and food products, together with wood and wood products, and rubber, plastic and mineral products had an output increase from March to April 2014, according to seasonally-adjusted figures. In addition, ships, boats and oil platforms also saw a minor increase in production.

On the other hand, basic chemicals and machinery and equipment saw a decline in production in the same period. The downturn in basic chemicals was partly due to shutdowns for planned maintenance work among main producers.

Twelve-month change: stronger growth in Norway than euro area in March 2014

Production in Norwegian manufacturing went up by 3.7 per cent from March 2013 to March 2014, according to calendar-adjusted figures . The growth can particularly be related to an output increase in industries such as food and food products and machinery and equipment. Estimated figures from Eurostat indicate that production in the manufacturing industries in the euro area increased by 1.9 per cent in this period.

Three-month change: increase in total industrial production (PII)

The overall production index (PII) covering extraction, mining, manufacturing and electricity supply increased by 3.3 per cent from February to April 2014 compared with the previous three-month period, according to seasonally-adjusted figures. Extraction of crude petroleum decreased by 1.3 per cent, while extraction of natural gas went up by 6.8 per cent in this period. On a month to month basis, from March to April 2014, extraction of crude petroleum declined by 1.5 per cent, while extraction of natural gas increased by 0.3 per cent. Some fields on the Norwegian continental shelf experienced reduced production due to technical difficulties and maintenance work in April 2014, according to The Norwegian Petroleum Directorate .

Production within Norwegian electricity supply increased by 6.9 per cent from February to April 2014 compared with the previous three-month period, according to seasonally-adjusted figures.

On the effect of EasterOpen and readClose

It is important to be aware that the uncertainty for the calendar-adjusted and seasonally-adjusted indices for March and April is greater than normal due to the changed placing of Easter. This effect will also affect the seasonally-adjusted figures for the 1st and 2nd quarters. This is accounted for when adjusting for seasonal variations. However, it can still be difficult to adjust for all impacts.