Statistical analyses 159
Norwegian manufacturing 2017
Is the recession slowing down?
Production in Norwegian manufacturing was almost unchanged from 2016 to 2017, with a marginal growth of 0.5 per cent. Thus, 2017 turned out to be a year where the severe downturn from the last two years came to an end. From 2014 to 2016, manufacturing fell by approximately 8 per cent. Growth in several export-related industries, together with a less steep decline than in the previous two years in petroleum-related industries, contributed to the development.
The relatively small textiles, wearing apparel and leather industry experienced the highest growth among the manufacturing industries in 2017, with a rise of 9.4 per cent. Growth was also particularly high within the industry grouping refined petroleum, chemicals and pharmaceuticals, amounting to 8.7 per cent. Conversely, machinery and equipment had the largest decline, with a fall of almost 10 per cent. This decline was however smaller than that of the previous year.
Production development in Denmark and Sweden showed a growth from 2016 to 2017, of 3.1 and 4.7 per cent respectively. The overall growth in the euro zone was also solid, with a rise of 3.1 per cent.
Other key indicators of developments in the manufacturing industry show different trends from 2016 to 2017. The total turnover in manufacturing increased by 2.8 per cent, driven by an increase of 7.4 per cent in the export market. Employment in manufacturing fell 1.8 per cent. Manufacturing industries invested NOK 21.4 billion, measured in current value. This represents a decline of 8 per cent from 2016. However, the decline must be viewed in conjunction with the particularly high increase in investment in 2016 of over 17 per cent.