An Norwegian investment survey in May within the oil and gas, manufacturing, mining and quarrying and electricity supply sectors estimates investments of NOK 228 billion ($26.21 billion) for 2020, 8.2% higher than the corresponding figure for 2019, according to the Statistics Norway (SSB) on Tuesday.
The forecast shows that the latest investments for 2020 are expected to increase within these sectors, while new 2019 estimates are substantially adjusted upwards from the previous survey to show growth compared to 2018.
"The growth can mainly be attributed to growth within the oil and gas industry. Companies’ latest total investment estimates for 2019 suggest a growth of 17% compared to the corresponding figure of 2018," the SSB explained.
The increase in 2019 is driven by "a clear growth in investment within the oil and gas industry, as well as strong investment growth within manufacturing," according to the SSB.
(1 NOK = US$0.11)
By Murat Temizer