Growth increase in mainland economy
The gross domestic product (GDP) of mainland Norway grew 0.7 per cent in the 1st quarter of 2013, up from 0.2 per cent in the previous quarter, according to seasonally-adjusted volume figures. Final consumption expenditures of households rose 1.1 per cent in the 1st quarter, after a modest increase in the 4th quarter of 2012. The gross fixed capital formation (GFCF) in petroleum extraction and pipelines increased by 5.5 per cent and in dwellings by 2.4 per cent.
|2012||2nd quarter 2012||3rd quarter 2012||4th quarter 2012||1st quarter 2013|
|Gross domestic product||3.1||0.6||-0.6||0.1||-0.2|
|Gross domestic product Mainland Norway||3.4||0.6||0.8||0.2||0.7|
|Petroleum activities and ocean transport||1.8||0.7||-5.9||0.0||-3.6|
|Final domestic use of goods and services||3.4||1.3||1.1||0.5||-0.2|
|Final consumption expenditure of households and NPISH||3.0||1.0||0.6||0.4||1.0|
|Final consumption expenditure of general government||1.8||1.2||0.4||0.4||0.5|
|Gross fixed capital formation||8.0||3.8||2.7||1.8||1.0|
|Total hours worked||2.0||0.3||0.3||0.1||0.1|
Strongest growth in service-producing industries and construction
Gross value added in manufacturing and mining grew 0.3 per cent in the 1st quarter of 2013. Marked growth was noticeable in industries supplying petroleum activities, and which also to a large extent are export oriented. Combined growth in value added in the production of machinery and other equipment, building of ships, oil platforms and modules, and repair and installations of machinery and equipment was 2.3 per cent, with an annual growth of 7.1 per cent in 2012. In contrast, the remaining manufacturing industries in total fell 1.7 per cent in the 1st quarter, and were down 1.8 per cent in 2012.
Other goods-producing industries rose 0.3 per cent in the 1st quarter, with a marked increase in construction of 2.2 per cent, while primary industries including fish farming fell. A fall in electricity production contributed in isolation to a dampening of the GDP of mainland Norway by 0.1 percentage points both in the 4th quarter of 2012 and the 1st quarter of 2013.
Service-producing industries excluding general government were up 0.7 per cent, while general government grew 0.6 per cent. There was marked growth in value added of wholesale and retail trade, and in technical, administrative and support service activities.
A reduction in the extraction of crude oil and natural gas from the 4th to the 1st quarter led to a reduction of total GDP of 0.2 per cent.
Sharp rise in goods consumption
Household final consumption expenditures grew 1.1 per cent in the 1st quarter of 2013. Modest growth was seen in the consumption of services, while goods consumption rose 1.8 per cent. An increase in purchases of cars and other transport vehicles, which was especially high in the first two months of the year, contributed in isolation to a rise in goods consumption of 0.8 percentage points and in final consumption expenditures of households in total by 0.4 percentage points. Reduced electricity consumption contributed with -0.2 percentage points in total household consumption in the 1st quarter of 2013.
Consumption in general government grew 0.5 per cent in the 1st quarter, with consumption in central government rising 0.8 per cent and local government 0.2 per cent.
Lower level of investments in mainland economy
The gross fixed capital formation (GFCF) was up 1 per cent from the 4th to the 1st quarter due to an increase in the GFCF in petroleum extraction and pipelines of 5.5 per cent in the 1st quarter of 2013, and 6.6 per cent in the last quarter of 2012. The GFCF in industries in mainland Norway were down 4.5 per cent in the 1st quarter.
The GFCF in dwellings rose 2.4 per cent in the 1st quarter of 2013, and 7.4 per cent from 2011 to 2012.
Higher imports and exports
Exports grew 0.2 per cent in the 1st quarter. The slow growth in total exports was due to a fall in exports of petroleum products. Exports of traditional goods, on the other hand, grew 1.6 per cent. Preliminary estimates show a marked rise in the export of services in the 1st quarter of 2013.
Imports were up 0.3 per cent in total. Imports of traditional goods fell 0.5 per cent, while imports of services showed modest growth.
Employment rose sharply through the first half of 2012 and levelled out towards the end of the year. In the 1st quarter of 2013, the number of employed persons rose by 7 000, or 0.3 per cent. Nearly half of this increase took place in local government.
When compiling figures for the 1st quarter, the quarters in 2012 have been subject to revisions due to the incorporation of new information. For 2012, the growth in GDP of mainland Norway has been estimated to 3.4 per cent, which is 0.1 percentage points lower than the estimates published in February. For an overview of revisions in the main aggregates, please refer to table number 48 in Tables . The seasonally-adjusted figures are revised from the 1st quarter of 2009 and onwards, in accordance with our seasonal adjustment routines. For more information on compilation methods and seasonal adjustment practice, please see About the statistics and On seasonal adjustment of the quarterly national accounts .
For an overview of the development in the GDP of some of our trading partners, please refer to the link to OECD statistics under Additional information.