Oil-driven Growth In Manufacturing

11 Feb 2013

Norway, production in manufacturing went up 2.7 per cent from 2011 to 2012, according to Statistic Norway's adjusted figures. The gap between the different industries increased in 2012.

Industries such as machinery and equipment, and ships, boats and oil platforms had a significant growth and a record-high production in 2012. This was related to the strong growth in investments within the Norwegian petroleum sector over time, and a high level of unfilled orders. There was also growth in fabricated metal products.

The production in industries such as paper and paper products, basic chemicals and basic metals had a clear decline in 2012 compared with 2011.

A high exchange rate, weak international market and a high stock of goods all had a negative impact on industries such as non-ferrous metals.

The differences between industries linked to the Norwegian oil and gas industries, and more traditional Norwegian export industries have thereby continued to increase in 2012 .

The production of food products showed growth in 2012 compared with 2011. Larger slaughter volumes of Norwegian farmed salmon have contributed to a growth in the production of fish and fish products. There has also been an increase in fodder production for Norwegian farmed salmon.

The output in manufacturing saw a decline of 0.9 per cent from the third to the fourth quarter of 2012, according to seasonally-adjusted figures. Production of basic chemicals and basic metals experienced a drop, while machinery and equipment, together with ships, boats and oil platforms had a production growth.

There was a 2.4 per cent increase in Norwegian manufacturing output from November 2011 to November 2012, according to working-day adjusted figures. Industrial production in the euro area decreased by 4.2 per cent in the same period, according to figures published by Eurostat.

Source: http://www.norwaypost.no/index.php/news/latest-news/28100-oil-driven-growth-in-manufacturing