Minor growth in manufacturing output

The index level for Norwegian manufacturing from May to July 2018 amounted to 115.3 (2005=100). The corresponding figure for the previous three-month period was 114.8.

Three-month change: increase in food products

According to seasonally-adjusted figures, manufacturing output saw a minor increase of 0.4 per cent from May to July 2018 compared to previous three-month period. The growth is particularly related to high activity within food products, as well as in the industry grouping refined petroleum, chemicals and pharmaceuticals. The former increased 2.6 per cent due to higher production within processing and preserving of fish. The latter had an output growth of 2.9 per cent.

On the other hand, the overall output increase was dampened by lower production in computer and electrical equipment and in machinery and equipment, which declined 2.3 and 2.8 per cent respectively.

Monthly change: production growth in manufacturing

According to seasonally-adjusted figures, manufacturing output increased by 0.9 per cent from June to July 2018. The industry grouping refined petroleum, chemicals and pharmaceuticals contributed the most to this growth. The overall output growth was somewhat dampened by lower production in industries within the analytical grouping petroleum-related manufacturing, such as computer and electrical equipment and machinery and equipment.

Decline in the Euro area in June 2018

Estimated figures from Eurostat, the EU’s statistical office, indicate that output in manufacturing in the Euro area declined 0.7 per cent from May to June 2018. In the same period, Norwegian manufacturing output was more or less unchanged.  In two of our neighboring countries, Sweden and Denmark, both countries saw a minor production increase of 0.2 and 0.3 per cent respectively.

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

According to seasonally-adjusted figures, the total production index (PII) covering extraction, mining, manufacturing and electricity supply had a marginal increase of 0.3 per cent from May to July 2018 compared to the previous three-month period. Extraction of crude petroleum saw a decline of 1.6 per cent, while extraction of natural gas increased strongly by 8.5 per cent. For more details about oil and gas extraction for July 2018, see the press release from The Norwegian Petroleum Directorate.

Within support activities for petroleum and natural gas extraction, there was an output increase equivalent to 2.2 per cent from May to July 2018 compared to the previous three-month period. In the same period, mining and quarrying decreased 2.5 per cent, while production within Norwegian electricity supply had a severe drop of 11.8 per cent. The drop must be seen in context with high temperatures and low level of rainfall during the last months.