Mainland GDP up 0.6 per cent
According to preliminary seasonally-adjusted volume figures, Mainland Norway’s gross domestic product (GDP) was up 0.6 per cent from the 3rd to the 4th quarter last year. This is still somewhat below trend growth. In 2013, Mainland GDP increased 2.0 per cent.
|20131||1st quarter 2013||2nd quarter 2013||3rd quarter 2013||4th quarter 2013|
|12013 are preliminary.|
|Gross domestic product||0.6||-0.4||1.1||0.8||-0.2|
|Gross domestic product Mainland Norway||2.0||0.6||0.3||0.5||0.6|
|Petroleum activities and ocean transport||-3.5||-3.6||3.9||1.7||-2.7|
|Final domestic use of goods and services||3.4||0.9||0.7||1.5||0.8|
|Final consumption expenditure of households and NPISH||2.1||1.0||0.2||0.0||0.4|
|Final consumption expenditure of general government||1.6||0.3||0.1||0.3||0.5|
|Gross fixed capital formation (GFCF)||8.7||1.4||5.4||-0.9||-1.1|
|Total hours worked||0.6||0.2||0.4||0.4||0.4|
Value added in petroleum activities and ocean transport decreased by 2.7 per cent in the 4th quarter, which contributed to a reduction in total GDP of 0.2 per cent. In 2013, the total GDP increased 0.6 per cent.
Drop in manufacturing
After several quarters of growth, gross value added in manufacturing decreased by 1.1 per cent in the 4th quarter of 2013. Industries contributing to the decrease include machinery and other equipment, refined petroleum, chemical and pharmaceutical products. Industries with an increased gross value added in the 4th quarter include building of ships, oil platforms and modules.
Within other goods-producing industries , it was mainly traditional fisheries and construction that increased value added in the 4th quarter. Electricity production dampened the growth from the 3rd to the 4th quarter.
Value added in service activities excluding general government was up 1.1 per cent in the 4th quarter. General government grew by 0.6 per cent, with slightly stronger growth in central government than local government.
Slow growth in household consumption
Household final consumption expenditures were up 0.4 per cent from the 3rd to the 4th quarter, after almost no change since the 1st quarter. Goods consumption was reduced in both the 2nd and the 3rd quarter, but increased slightly in the 4th quarter. Services rose 0.5 per cent following growth of 0.8 per cent in the previous quarter. Travel expenditures abroad had a strong growth through 2013, with 5 per cent and 1 per cent in the two final quarters of the year respectively.
Growth in mainland investments
Following a decrease in the 3rd quarter, the gross fixed capital formation (GFCF) in mainland Norway rose 0.9 per cent in the 4th quarter. Growth was seen in manufacturing and in general government. Dwellings had a weaker growth of 0.7 per cent in both quarters in the second half of the year.
GFCF in petroleum-related activities decreased from the 3rd to the 4th quarter after strong growth in all three previous quarters of 2013.
Decreased exports and imports
Both exports and imports decreased in the 4th quarter, by 3.2 and 1.1 per cent respectively. Exports of crude oil and natural gasses fell by 5.5 per cent, while exports of traditional goods fell by just 0.1 per cent.
Imports of traditional goods grew by 0.4 per cent, while imports of both other goods and services decreased in the 4th quarter compared to the previous quarter.
Employment grew by 0.3 per cent in the 4th quarter; the same growth as through the first three quarters of 2013. Growth in hours worked was 0.4 per cent, slightly lower in market production and slightly higher in non-market production.
From 2012 to 2103, employment increased 1.2 per cent and growth in annual earnings is estimated at 3.9 per cent.
Slower annual growth
Mainland GDP rose 2.0 per cent in 2013, down from 3.4 per cent in the previous year. A decrease in value added in petroleum activities and ocean transport resulted in an annual growth in total GDP of 0.6 per cent.
Final consumption expenditures in both households and general government showed a slower growth in 2013 compared to the previous year. Gross fixed capital formation (GFCF) continued to increase strongly, in particular within oil-related activities by 18 per cent. Mainland GFCF had a more moderate annual growth rate of 4.7 per cent. Total exports of goods and services were reduced, while imports increased from 2012 to 2013.
Preliminary calculations show that Norway’s disposable income in real terms went down 0.8 per cent from 2012 to 2013. The reduction was due to lower production in the oil and natural gas extraction industry and a negative contribution from the terms-of-trade with the rest of the world.
Revisions of the first three quarters of 2013
When compiling figures for the 4th quarter, the other quarters in 2013 have been subject to revisions due to the incorporation of new information. For an overview of revisions in the main aggregates, please see the table below. 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 Other websites.
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.
New revised figures for national accounts and related statistics will be published in November and December 2014. Statistics Norway complies with international guidelines in its preparation of national accounts and statistics on foreign affairs. New international guidelines have now been issued for these statistics. Statistics Norway is currently in the process of implementing the changes, in addition to new source data for some of the statistics.