Moderate growth in mainland GDP
After a weak 2nd quarter, growth in mainland Norway’s gross domestic product (GDP) rose to 0.5 per cent in the 3rd quarter, according to seasonally-adjusted volume figures. This is somewhat lower than trend growth. Growth was evident mainly in goods-producing industries and general government.
|2012||4th quarter 2012||1st quarter 2013||2nd quarter 2013||3rd quarter 2013|
|Gross domestic product||2.9||0.4||-0.4||1.2||0.7|
|Gross domestic product Mainland Norway||3.4||0.2||0.5||0.3||0.5|
|Petroleum activities and ocean transport||1.3||1.1||-3.2||4.2||1.5|
|Final domestic use of goods and services||3.6||0.9||0.2||0.6||1.6|
|Final consumption expenditure of households and NPISH||3.0||0.3||1.0||0.2||0.1|
|Final consumption expenditure of general government||1.8||0.1||0.4||0.5||0.5|
|Gross fixed capital formation||8.3||4.0||-1.8||4.8||-0.5|
|Total hours worked||2.0||0.3||0.4||0.4||0.5|
Value added in petroleum activities and ocean transport increased by 1.5 per cent in the 3rd quarter, which contributed to a growth in total GDP of 0.7 per cent.
Marked growth in manufacturing
Gross value added in manufacturing grew by 1.5 per cent in the 3rd quarter of 2013. The strong growth was for the most part due to increased activity in machinery-producing industries, production of food products, and parts of commodity manufacturing. Value added in building of ships, oil platforms and modules fell after several quarters of marked growth.
Within other goods-producing industries , it was mainly construction that increased in the 3rd quarter; up by as much as 2.9 per cent. Traditional fisheries and electricity production contributed to dampen growth from the 2nd to the 3rd quarter. In construction, due to new information, an upward revision of the 2nd quarter estimate has led to a seasonally-adjusted growth rate of 1.9 per cent from the 1st to the 2nd quarter.
Value added in service activities excluding general government was nearly unchanged in the 3rd quarter. General government grew by 0.5 per cent, with somewhat stronger growth in local government than central government.
Increased consumption of services, lower goods consumption
Household final consumption expenditures were slightly up from the 2nd to the 3rd quarter. Goods consumption fell by 1.3 per cent, with a marked negative contribution from the consumption of motor vehicles, electricity and clothing and footwear. Household final consumption expenditures on services grew by 0.8 per cent, led by a rise in the consumption of hotel and restaurant services, as well as leisure services, amongst others. Household consumption abroad was up 5 per cent, and contributed with 0.4 percentage points to the growth in household final consumption expenditures.
Lower mainland investments
Gross fixed capital formation (GFCF) in mainland Norway fell by 0.3 per cent in the 3rd quarter. Growth in GFCF was seen in general government and dwellings, while GFCF in industries was lower than in the previous quarter.
GFCF in petroleum-related activities continued to grow in the 3rd quarter and were up 1.5 per cent from the 2nd quarter. GFCF in the three first quarters of 2013 was about 16 per cent higher than in the same period in 2012.
Levelling out of exports - higher imports
Exports grew by 0.1 per cent in the 3rd quarter. Exports of crude oil were up, while exports of traditional goods fell by 2 per cent and were at the lowest level since the 4th quarter of 2011.
Imports grew by 2.6 per cent, with growth in the import of both traditional goods and services, which is seen in conjunction with the fall in imports in the 2nd quarter.
Employment grew by 0.5 per cent in the 3rd quarter, up from 0.3 and 0.4 per cent in the 1st and 2nd quarter respectively. Growth in hours worked was about the same as growth in employment. In 2013, a marked growth in employment has been evident in general government and construction.
When compiling figures for the 3rd quarter, final annual figures for 2011 from annual national accounts have been incorporated into the quarterly national accounts. There has not been any major revision in the main aggregates for either 2011 or 2012. For an overview of the main revisions in the annual estimates, please see the statistics Annual national accounts . The quarters from 2011 and onwards have been open for revision, both due to the incorporation of annual national accounts for 2011 and newly available information. For an overview of the revisions in the main aggregates in the last quarters, see table 48.
For an overview of the development in the GDP of some of our trading partners , please refer to OECD statistics.
For more information about definitions of the main concepts, variables and classifications in national accounts, see About the statistics, definitions.
Sum four quarters in Quarterly National Accounts (QNA) are preliminary annual figures until Annual National Accounts (ANA) for year t are published in November in year t+2 and incorporated as a new base year in QNA. Hence, 2011 is the base year in QNA when publishing data in November 2013.
In both ANA and QNA, the figures stripped of movements in prices are referred to as volume changes, or fixed price estimates in QNA, and this is done to identify the underlying cyclical pattern of the economy.
Note that in the time series in volume, the figures from the base year and onwards are fixed price figures, while data prior to the base year are chained volume figures. This implies that additivity in volume is lost prior to the base year.