April 13, 2024

Strong increase in investments in 2023 – SSB

Final investments for 2023 within oil and gas, manufacturing, mining and quarrying and electricity supply amounted to NOK 290.3 billion, measured in current value. This gives an increase of 22 per cent compared with to the investments made in 2022. Oils and gas industry had a strong rise of 22 per cent. Investments in manufacturing had also a strong growth of 29 per cent and electricity supply showed an increase of 11 per cent.

– The reason for the large investments in oil and gas industry is mainly due to a strong increase in investments in field development, with an increase of 52 per cent in 2023 compared to 2022, says senior advisor at Statistics Norway Ståle Mæland.

Figure 1. Final Investments. Mill. current NOK

The companies’ latest estimates for total investments in 2024 now suggest a further increase of 21.0 per cent compared to the corresponding figure for 2023. The increment in 2024 is particularly driven by the fact that a significant upswing is estimated within oil and gas industry. Investments within electricity supply also contribute to the upturn, with an increase of 14.0 per cent. Manufacturing investments are estimated at a historically high level, but still 11 percent lower than the corresponding estimate in 2023. For more details about investments within the oil and -gas industry, please see the following article.

-Large investments are expected this year in field development and fields in operation. The oil companies’ latest estimates indicate an increase of 25 per cent in 2024 compared with the corresponding estimate for 2023, says Ståle Mæland.

According to , quarterly final investments had following development from the 3rd to the 4th quarter of 2023:

  • Oil and gas: 5.8 %
  • Manufacturing: 3.9 %
  • Electricity supply: 7.8 %
Figure 2. Final investments per quarter. Seasonally adjusted. 2005=100

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