Latest estimates show that Norway's total investments covering its major industries are expected to decline in 2016 and 2017 mainly due to a significant decrease within oil and gas, the country's statistics bureau said on Wednesday.
New figures for 2016 show that total investments covering oil and gas, manufacturing, mining and quarrying and electricity supply are expected to amount to 213.7 billion Norwegian kroner (26.08 billion U.S. dollars) measured in current value, according to Statistics Norway.
The estimate is 12.3 percent lower than the corresponding figure for 2015 and the decline is mainly due to a significant fall of 17.5 percent within oil and gas.
The decrease is, however, partly offset by higher investments in electricity supply and manufacturing.
The estimates for 2017 show that total investments are expected to amount to 197.6 billion kroner, which is 14.5 percent lower than the corresponding figure for 2016, Statistics Norway said.
The decline in 2017 is mainly due to a fall within oil and gas and manufacturing, but the fall in total investments is moderated by higher expected investments within electricity supply.
The investments in oil and gas extraction and pipeline transport for 2016 are estimated at 163.5 billion kroner, which is 17.5 percent lower than the corresponding estimate for 2015.
The decrease is mainly due to lower estimates for field development and shutdown and removal.
The investments in oil and gas extraction and pipeline transport for 2017 are estimated at 150.5 billion kroner, which is 18.6 percent lower than the corresponding estimate for 2016. (1 U. S. dollar=8.19 Norwegian kroner)
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