About half of the GDP increase can be explained by the strong surge in Norway's oil activities. The strong growth in the production of oil and gas is also reflected in the substantial upswing in exports. Compared to third quarter 1995, exports of oil and gas increased by NOK 5.9 billion in 1993 kroner. So far this year the value of exports calculated in constant prices has increased by more than NOK 16 billion. Adjusted for normal seasonal variations, exports of oil and gas show steady growth through 1996.
Norway's GDP, calculated in constant prices, increased by NOK 11.4 billion in 1993 kroner from third quarter 1995 to third quarter 1996. This corresponds to an increase of 5.1 per cent. The preliminary quarterly accounts statistics show that GDP increased by 5.4 per cent in the first three quarters of this year compared to the same period last year.
The gross product of industry and mining, calculated in constant prices, grew by 4.6 per cent from third quarter 1995 to third quarter 1996, while the private services industry grew by 3.5 per cent. According to seasonally adjusted figures, industrial production rose from the second to the third quarter, after slowing down from the first to the second quarter, while production growth in the private services sector was somewhat weaker in the third quarter compared to the previous quarter.
Growth in household consumption
In third quarter 1996, the consumption of households and nonprofit organizations was NOK 4.4 billion higher in 1993 kroner than during the same period last year. This is an increase of 3.9 per cent. Household consumption of goods increased by 4.7 per cent or NOK 2.8 billion. Nearly 70 per cent of the growth in goods consumption is attributed to the increase in purchases of new cars by consumers. By comparison, services consumption grew by 2.5 per cent from third quarter 1995 to third quarter 1996.
Weekly Bulletin issue no. 49, 1996