441103
/en/nasjonalregnskap-og-konjunkturer/statistikker/knr/maaned
441103
statistikk
2021-04-12T08:00:00.000Z
National accounts and business cycles
en
knr, National accounts, gross domestic product, GDP, value added, gross product by industry, gross investments, household consumption, consumption in non-profit organisations, public consumption, material production, service production, export, import, wage costs, employment, man-hours, oil investments, mainland NorwayNational accounts , National accounts and business cycles
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National accounts

Updated

Next update

Key figures

-0.5 %

seasonally adjusted volume growth for GDP mainland Norway in February

Final expenditure and gross domestic product. Seasonally adjusted. Percentage change in volume12
YearRolling three-month sumMonth
20192020September 2020 - November 2020October 2020 - December 2020November 2020 - January 2021December 2020 - February 2021February 2021
1Volume change in rolling three months is calculated by comparing a three-month period with the previous three-month period, for example GDP in May to July compared with February to April. Furthermore, a quarter will be the sum of three months. For example, the January-March period will refer to the first quarter.
2Figures from 2019 onwards are preliminary.
Gross domestic product0.9-0.81.30.70.60.6-0.7
Gross domestic product Mainland Norway2.3-2.52.32.00.90.4-0.5
Petroleum activities and ocean transport-6.18.0-3.2-5.1-0.61.3-1.4
Final domestic use of goods and services2.3-4.71.50.2-0.2-1.4-0.8
Final consumption expenditure of households and NPISH1.4-7.61.40.1-1.3-2.7-0.2
Final consumption expenditure of general government1.91.72.42.81.80.8-0.2
Gross fixed capital formation (GFCF)4.8-3.91.21.20.50.11.1
Total exports0.5-0.91.81.80.61.00.1
Total imports4.7-12.22.30.3-2.0-5.10.0
 
Employed persons1.6-1.3.0.7..
Total hours worked1.8-2.2.1.8..

See selected tables from this statistics

Table 1 
Final expenditure and gross domestic product. Monthly. Seasonally adjusted figures. Percentage change in volume from the previous period

Final expenditure and gross domestic product. Monthly. Seasonally adjusted figures. Percentage change in volume from the previous period1
July 2020August 2020September 2020October 2020November 2020December 2020January 2021February 2021
1Figures from 2018 onwards are preliminary
2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices
3Includes oil and gas extraction, transport via pipelines and ocean transport
Final consumption expenditure of households and NPISHs3.2-1.61.50.4-1.0-0.2-2.7-0.2
¬ Household final consumption expenditure3.3-1.81.60.3-1.0-0.1-2.6-0.1
¬¬ Goods3.5-5.63.8-0.42.4-1.3-2.50.2
¬¬ Services2.02.40.61.7-3.90.2-2.4-0.8
¬¬ Direct purchases abroad by resident households220.323.3-45.9-7.0-35.636.91.4-49.9
¬¬ Direct purchases by non-residents92.213.34.636.714.3-27.718.3-46.4
¬ Final consumption expenditure of NPISHs2.61.90.01.9-1.2-2.0-4.9-2.4
Final consumption expenditure of general governmen0.91.20.11.60.51.0-1.5-0.2
¬ Final consumption expenditure of central government-0.50.90.31.40.30.8-1.1-0.2
¬¬¬ Central government, civilian-0.60.90.31.60.20.9-1.5-0.3
¬¬¬ Central government, defence0.00.70.50.10.8-0.21.40.2
¬ Final consumption expenditure of local government2.31.4-0.11.80.81.3-1.9-0.1
Gross fixed capital formation (GFCF)-3.30.23.6-1.90.12.1-2.51.1
¬ Extraction and transport via pipelines (GFCF)-3.60.0-2.84.0-1.15.6-3.9-3.2
¬ Ocean transport (GFCF)-87.72 845.8-98.9989.3638.9-98.51 822.1314.9
¬ Mainland Norway (GFCF)-2.7-2.07.5-3.4-1.33.3-2.70.3
¬¬ Mainland Norway excluding general government (GFCF)-2.1-3.06.9-0.8-1.23.8-4.12.0
¬¬¬ Industries (GFCF)-3.7-2.49.7-3.1-2.04.2-3.21.8
¬¬¬¬ Services activities incidential to extraction (GFCF)-14.51.01.4-32.02.91.428.45.7
¬¬¬¬ Other services (GFCF)-4.5-1.114.0-1.8-2.94.5-10.21.7
¬¬¬¬ Manufacturing and mining (GFCF)0.0-0.12.0-6.80.94.211.7-0.4
¬¬¬¬ Production of other goods (GFCF)-3.5-6.74.3-3.3-1.53.65.53.6
¬¬¬ Dwelling service (households) (GFCF)0.4-4.12.53.20.23.1-5.52.2
¬¬¬ General government (GFCF)-4.00.38.9-9.3-1.82.00.7-3.4
Acquisitions less disposals of valuables327.5-42.9-30.2-34.0-27.9132.2-67.772.9
Changes in stocks and statistical discrepancies-15.8115.2-35.0-34.0101.8-60.8121.5-22.4
Gross capital formation-4.610.7-3.3-5.88.6-7.85.7-2.2
Final domestic use of goods and services0.32.6-0.3-1.12.1-2.20.0-0.8
Final demand from Mainland Norway (excl. changes in stocks)1.2-0.92.5-0.2-0.60.9-2.4-0.1
Final demand from general government-0.11.01.8-0.60.11.2-1.1-0.8
Total exports3.1-1.11.51.4-2.84.9-3.60.1
¬ Traditional goods (export)6.25.41.42.1-4.26.5-2.4-0.7
¬ Crude oil and natural gas (export)2.1-4.72.50.7-3.66.1-7.80.2
¬ Ships, oil platforms and aircraft (export)48.9-62.5-71.8-24.41.4477.7-79.7507.0
¬ Services (export)-0.10.80.92.00.6-1.24.7-1.4
Total use of goods and services1.11.60.2-0.40.7-0.2-1.1-0.5
Total imports1.63.0-1.40.52.6-5.7-1.80.0
¬ Tradisjonelle varer (import)4.60.4-1.71.36.3-7.5-3.91.2
¬ Crude oil and natural gas (import)-34.771.8-8.832.1-35.0-10.255.3-58.6
¬ Ships, oil platforms and aircraft (import)-55.693.718.4-26.4-8.2-28.6-6.133.9
¬ Services (import)6.20.1-2.60.5-1.92.20.6-0.2
Gross domestic product, market values21.01.10.7-0.70.11.5-0.9-0.7
Gross domestic product Mainland Norway, market values21.01.10.71.3-0.81.2-0.8-0.5
Petroleum activities and ocean transport30.81.50.7-9.74.53.1-1.1-1.4
Gross domestic product Mainland Norway, basic values0.61.60.51.3-0.81.2-0.4-0.6
¬ Mainland Norway excluding general government (GDP)0.91.60.61.6-1.31.2-0.2-0.8
¬¬ Manufacturing and mining (GDP)0.55.9-1.92.01.40.31.9-1.9
¬¬ Production of other goods (GDP)3.1-1.70.73.2-4.85.10.7-2.0
¬¬ Service activities (GDP)0.41.90.91.2-0.70.3-0.8-0.3
¬ General government (GDP)-0.11.40.40.30.71.1-0.9-0.1
Taxes and subsidies products3.2-2.21.61.6-0.61.4-3.90.1

Table 2 
Final expenditure and gross domestic product. Rolling three-month sum. Seasonally adjusted. Percentage change in volume

Final expenditure and gross domestic product. Rolling three-month sum. Seasonally adjusted. Percentage change in volume12
May 2020 - July 2020June 2020 - August 2020July 2020 - September 2020August 2020 - October 2020September 2020 - November 2020October 2020 - December 2020November 2020 - January 2021December 2020 - February 2021
1Figures from 2018 onwards are prelimanry
2Rolling three-month growth is calculated by comparing a three-month period with the previous three-month period, for example growth in May to July compared with February to April. Furthermore, March, June, September and December represent the quarters in a year. For example, March will represent the first quarter.
3Gross domestic product is measured at market prices, while value added by industry is measured at basic prices.
4Includes oil and gas extraction, transport via pipelines and ocean transport.
Final consumption expenditure of households and NPISHs0.69.79.23.91.40.1-1.3-2.7
¬ Household final consumption expenditure1.110.09.33.81.30.0-1.2-2.5
¬¬ Goods10.210.05.80.51.51.31.6-1.5
¬¬ Services-3.410.612.27.62.70.3-3.3-3.7
¬¬ Direct purchases abroad by resident households-87.5-30.8457.976.2-33.7-45.9-40.4-18.2
¬¬ Direct purchases by non-residents-78.6-32.998.189.075.545.021.2-19.0
¬ Final consumption expenditure of NPISHs-8.93.37.76.33.01.1-2.9-6.1
Final consumption expenditure of general governmen0.22.32.92.82.42.81.80.8
¬ Final consumption expenditure of central government1.03.63.02.41.82.41.50.6
¬¬¬ Central government, civilian1.04.03.22.61.92.61.50.5
¬¬¬ Central government, defence0.91.21.21.31.31.11.31.3
¬ Final consumption expenditure of local government-0.61.02.93.23.13.22.11.0
Gross fixed capital formation (GFCF)-0.8-1.0-1.0-0.41.21.20.50.1
¬ Extraction and transport via pipelines (GFCF)-4.1-3.5-4.1-2.5-1.83.22.92.3
¬ Ocean transport (GFCF)-70.2..664.9252.2-24.7-5.3-0.530.6
¬ Mainland Norway (GFCF)0.6-1.4-1.0-0.52.20.8-0.1-0.6
¬¬ Mainland Norway excluding general government (GFCF)-1.4-1.1-0.10.33.03.11.60.5
¬¬¬ Industries (GFCF)-2.7-0.90.61.33.72.20.50.1
¬¬¬¬ Services activities incidential to extraction (GFCF)-11.1-11.3-13.4-17.8-23.4-29.5-13.08.6
¬¬¬¬ Other services (GFCF)-3.4-0.52.95.69.06.1-0.5-4.6
¬¬¬¬ Manufacturing and mining (GFCF)-4.8-1.11.8-0.5-2.4-3.73.510.2
¬¬¬¬ Production of other goods (GFCF)0.9-1.2-5.0-6.8-4.4-2.71.86.3
¬¬¬ Dwelling service (households) (GFCF)0.7-1.4-1.2-1.32.04.63.31.2
¬¬¬ General government (GFCF)5.4-2.3-2.9-2.10.4-4.4-3.9-3.2
Acquisitions less disposals of valuables-50.139.5226.2-13.2-52.8-54.7-37.4-2.7
Changes in stocks and statistical discrepancies-20.963.172.157.1-3.5-22.7-5.8-13.9
Gross capital formation-2.94.24.94.60.6-2.0-0.3-1.6
Final domestic use of goods and services-0.66.06.23.81.50.2-0.2-1.4
Final demand from Mainland Norway (excl. changes in stocks)0.54.84.92.61.91.0-0.1-1.2
Final demand from general government1.21.41.71.82.01.40.70.1
Total exports-3.81.14.43.41.81.80.61.0
¬ Traditional goods (export)-6.50.68.311.27.04.11.02.3
¬ Crude oil and natural gas (export)2.63.02.1-0.5-0.80.3-1.1-1.6
¬ Ships, oil platforms and aircraft (export)5.7-6.112.4-72.3-87.0-57.515.0327.7
¬ Services (export)-11.6-1.83.83.42.92.83.02.5
Total use of goods and services-1.54.55.73.71.60.60.0-0.7
Total imports-5.97.610.46.62.30.3-2.0-5.1
¬ Tradisjonelle varer (import)2.313.112.66.73.01.80.0-5.4
¬ Crude oil and natural gas (import)-34.0-10.6-5.942.817.37.9-17.3-22.5
¬ Ships, oil platforms and aircraft (import)27.216.02.111.16.6-16.9-37.5-36.0
¬ Services (import)-22.1-4.17.43.6-1.0-1.8-0.81.4
Gross domestic product, market values3-0.23.74.42.81.30.70.60.6
Gross domestic product Mainland Norway, market values-0.44.34.93.62.32.00.90.4
Petroleum activities and ocean transport40.60.92.0-0.8-3.2-5.1-0.61.3
Gross domestic product Mainland Norway, basic values-0.83.94.73.82.42.00.90.6
¬ Mainland Norway excluding general government (GDP)-1.73.34.64.02.62.10.70.5
¬¬ Manufacturing and mining (GDP)-5.1-0.72.55.23.83.62.92.5
¬¬ Production of other goods (GDP)0.82.42.82.01.11.51.02.5
¬¬ Service activities (GDP)-1.84.25.44.42.82.00.3-0.4
¬ General government (GDP)1.75.85.03.11.71.81.41.0
Taxes and subsidies products2.86.86.22.72.02.00.6-1.1

Table 3 
Final expenditure and gross domestic product. Quarter and year. At current prices. NOK million

Final expenditure and gross domestic product. Quarter and year. At current prices. NOK million1
201920204th quarter 20191st quarter 20202nd quarter 20203rd quarter 20204th quarter 2020
1Figures from 2019 onwards are prelimanry
2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices
3Includes oil and gas extraction, transport via pipelines and ocean transport.
Final consumption expenditure of households and NPISHs1 583 1941 485 976415 395375 177349 156369 152392 491
¬ Household final consumption expenditure1 497 6041 407 145392 007353 379330 171351 814371 782
¬¬ Goods677 948718 502181 366153 150178 310185 420201 622
¬¬ Services743 791673 198189 196186 136152 235165 016169 811
¬¬ Direct purchases abroad by resident households127 38530 00528 95721 7248545 2302 197
¬¬ Direct purchases by non-residents-51 520-14 561-7 513-7 631-1 228-3 853-1 848
¬ Final consumption expenditure of NPISHs85 59078 83123 38821 79818 98517 33920 710
Final consumption expenditure of general governmen868 066909 640218 133223 138233 145224 019229 337
¬ Final consumption expenditure of central government423 407449 304107 661109 556114 803110 614114 330
¬¬¬ Central government, civilian372 087395 25894 12296 690100 69197 538100 338
¬¬¬ Central government, defence51 32154 04613 53912 86614 11113 07613 992
¬ Final consumption expenditure of local government444 659460 336110 472113 582118 342113 404115 007
 
Gross fixed capital formation (GFCF)914 603906 908243 620220 607224 186223 994238 120
¬ Extraction and transport via pipelines (GFCF)178 121179 74449 80544 52845 40243 67546 138
¬ Ocean transport (GFCF)2 8155 4059922 0532521 5631 536
¬ Mainland Norway (GFCF)733 668721 759192 823174 026178 532178 755190 446
¬¬ Industries (GFCF)325 438312 94188 34175 79776 61975 95984 567
¬¬¬ Services activities incidential to extraction (GFCF)3 8712 6731 098791780542560
¬¬¬ Other services (GFCF)192 906187 00150 15047 30844 74344 47150 478
¬¬¬ Manufacturing and mining (GFCF)51 58547 37315 86111 30311 25810 84313 969
¬¬¬ Production of other goods (GFCF)77 07775 89521 23316 39419 83920 10319 559
¬¬ welling service (households) (GFCF)194 763190 75348 03346 26947 44247 06649 976
¬¬ General government (GFCF)213 467218 06556 44851 96054 47055 73155 904
Acquisitions less disposals of valuables39316811191162833
Changes in stocks and statistical discrepancies144 846126 01331 91862 6454 39922 27736 692
Gross capital formation1 059 8421 033 089275 649283 344228 602246 299274 845
 
Final domestic use of goods and services3 511 1023 428 705909 177881 658810 903839 469896 674
Final demand from Mainland Norway (excl. changes in stocks)3 184 9273 117 375826 351772 341760 832771 926812 275
Final demand from general government1 081 5321 127 705274 582275 098287 615279 750285 241
 
Total exports1 296 2211 102 876344 054308 681236 066257 294300 834
¬ Traditional goods (export)432 332407 567113 063108 16295 85595 770107 780
¬ Crude oil and natural gas (export)463 694349 489131 239103 70458 44079 986107 359
¬ Ships, oil platforms and aircraft (export)12 4748 6522 1913 7311 9792 063879
¬ Services (export)387 721337 16897 56193 08479 79279 47584 816
 
Total use of goods and services4 807 3234 531 5811 253 2311 190 3401 046 9691 096 7641 197 508
 
Total imports1 238 8351 122 965319 385294 716259 320275 643293 286
¬ Tradisjonelle varer (import)736 179747 170188 275181 492175 968187 241202 469
¬ Crude oil and natural gas (import)24 97516 7307 2135 9353 2413 9133 641
¬ Ships, oil platforms and aircraft (import)35 57238 3897 3339 21310 24210 0628 872
¬ Services (import)442 109320 675116 56498 07669 86974 42778 304
 
Gross domestic product, market values23 568 4883 408 616933 847895 624787 650821 121904 222
Gross domestic product Mainland Norway, market values23 068 4073 042 306795 791784 369726 597736 687794 653
 
Petroleum activities and ocean transport3500 081366 310138 056111 25561 05284 434109 569
Gross domestic product Mainland Norway, basic values2 669 5082 643 254691 109690 014630 687634 692687 860
¬ Mainland Norway excluding general government (GDP)1 992 8551 945 022520 996519 352451 201461 760512 710
¬¬ Manufacturing and mining (GDP)231 211234 51759 09262 85056 30455 02460 339
¬¬ Production of other goods (GDP)358 770326 38396 99090 01868 00079 21889 148
¬¬ Service activities (GDP)1 402 8741 384 122364 914366 484326 897327 518363 223
¬ General government (GDP)676 653698 232170 113170 662179 487172 933175 150
Taxes and subsidies products398 899399 053104 68194 35495 910101 995106 794

Table 4 
Final expenditure and gross domestic product. Quarter and year. At constant 2018-prices. NOK million

Final expenditure and gross domestic product. Quarter and year. At constant 2018-prices. NOK million1
201920204th quarter 20191st quarter 20202nd quarter 20203rd quarter 20204th quarter 2020
1Figures from 2019 onwards are preliminary
2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices
Final consumption expenditure of households and NPISHs1 548 0141 429 904404 452359 403333 915357 735378 851
¬ Household final consumption expenditure1 465 2621 356 914382 656338 299317 285341 306360 023
¬¬ Goods668 007704 663178 373153 138175 274179 915196 335
¬¬ Services724 766639 036184 552172 591142 455160 438163 552
¬¬ Direct purchases abroad by resident households122 75227 25027 04719 9507414 6361 924
¬¬ Direct purchases by non-residents-50 264-14 036-7 316-7 380-1 185-3 682-1 789
¬ Final consumption expenditure of NPISHs82 75372 99121 79621 10416 63016 42918 828
Final consumption expenditure of general governmen841 508856 128211 636212 609209 895213 968219 656
¬ Final consumption expenditure of central government411 130422 483103 657105 107103 130105 967108 278
¬¬¬ Central government, civilian361 203370 82490 87092 44290 28092 98395 119
¬¬¬ Central government, defence49 92751 65912 78612 66512 85012 98413 159
¬ Final consumption expenditure of local government430 378433 645107 979107 502106 765108 001111 378
 
Gross fixed capital formation (GFCF)891 426856 889235 410211 730210 183211 951223 025
¬ Extraction and transport via pipelines (GFCF)172 306163 92947 42541 51440 56840 44041 407
¬ Ocean transport (GFCF)2 6424 7509161 9031941 3671 286
¬ Mainland Norway (GFCF)716 478688 210187 068168 314169 421170 144180 331
¬¬Næringer (bruttoinvestering)318 274298 24385 71973 09672 53872 49680 112
¬¬¬ Services activities incidential to extraction (GFCF)3 7662 5191 060753728513524
¬¬¬ Other services (GFCF)189 001178 94948 76545 77342 48042 65748 038
¬¬¬ Manufacturing and mining (GFCF)50 29344 84315 37010 83010 57910 27313 161
¬¬¬ Production of other goods (GFCF)75 21471 93320 52415 73918 75119 05318 389
¬¬ Dwelling service (households) (GFCF)190 300182 65946 68044 99545 38444 84947 431
¬¬ General government (GFCF)207 904207 30954 66950 22351 49952 79952 788
Acquisitions less disposals of valuables37815110684142429
Changes in stocks and statistical discrepancies145 788122 26932 92660 2846 45821 07434 454
Gross capital formation1 037 592979 309268 442272 098216 655233 050257 508
 
Final domestic use of goods and services3 427 1143 265 342884 530844 110760 464804 753856 015
Final demand from Mainland Norway (excl. changes in stocks)3 106 0012 974 243803 156740 326713 231741 848778 839
Final demand from general government1 049 4121 063 437266 305262 832261 394266 767272 444
 
Total exports1 356 5821 344 779356 192349 206317 489327 599350 484
¬ Traditional goods (export)429 387419 589111 303105 08397 217103 034114 255
¬ Crude oil and natural gas (export)544 745596 689152 122155 872142 269143 963154 584
¬ Ships, oil platforms and aircraft (export)12 1957 5482 0083 2641 6471 851786
¬ Services (export)370 256320 95490 75984 98776 35678 75180 859
 
Total use of goods and services4 783 6974 610 1211 240 7211 193 3161 077 9541 132 3531 206 499
 
Total imports1 199 5221 053 275300 424279 312241 047260 775272 142
¬ Tradisjonelle varer (import)718 462700 148179 501173 116162 192175 877188 963
¬ Crude oil and natural gas (import)25 39622 1537 1516 8004 9545 3915 007
¬ Ships, oil platforms and aircraft (import)33 01532 3306 5748 2178 4058 5787 129
¬ Services (import)422 650298 645107 19891 17865 49570 93071 043
 
Gross domestic product, market values23 584 1753 556 846940 298914 005836 907871 577934 357
Gross domestic product Mainland Norway, market values23 003 2192 929 344780 690749 730685 394719 386774 834
 
Petroleum activities and ocean transport580 956627 502159 608164 274151 513152 191159 523
Gross domestic product Mainland Norway, basic values2 605 5062 539 599677 713654 733592 483620 801671 581
¬ Mainland Norway excluding general government (GDP)1 949 7581 888 751512 113492 492435 500456 715504 043
¬¬ Manufacturing and mining (GDP)224 468218 71158 20757 35552 33451 56357 459
¬¬ Production of other goods (GDP)358 099360 06097 12393 37977 44889 26999 965
¬¬ Service activities (GDP)1 367 1921 309 980356 782341 759305 719315 884346 618
¬ General government (GDP)655 748650 848165 600162 241156 983164 086167 538
Taxes and subsidies products397 713389 745102 97794 99792 91198 585103 253

Table 5 
Final expenditure and gross domestic product. Quarter and year. Percentage change in volume from the same period in the previous year

Final expenditure and gross domestic product. Quarter and year. Percentage change in volume from the same period in the previous year1
201920204th quarter 20191st quarter 20202nd quarter 20203rd quarter 20204th quarter 2020
1Figures from 2019 onwards are prelimanry
2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices.
3Includes oil and gas extraction, transport via pipelines and ocean transport.
Final consumption expenditure of households and NPISHs1.4-7.60.9-3.7-13.6-6.9-6.3
¬ Household final consumption expenditure1.3-7.40.8-3.8-13.3-6.5-5.9
¬¬ Goods0.05.5-0.3-2.44.19.410.1
¬¬ Services2.8-11.83.2-3.0-20.3-12.6-11.4
¬¬ Direct purchases abroad by resident households0.9-77.8-5.1-21.6-97.7-87.9-92.9
¬¬ Direct purchases by non-residents4.2-72.110.5-13.7-91.2-82.5-75.5
¬ Final consumption expenditure of NPISHs3.0-11.83.0-1.6-19.4-13.0-13.6
Final consumption expenditure of general governmen1.91.72.92.2-0.71.73.8
¬ Final consumption expenditure of central government1.92.83.23.40.42.74.5
¬¬¬ Central government, civilian1.62.72.73.40.02.64.7
¬¬¬ Central government, defence3.83.56.53.93.43.82.9
¬ Final consumption expenditure of local government1.90.82.61.0-1.70.63.1
 
Gross fixed capital formation (GFCF)4.8-3.94.52.0-4.3-7.3-5.3
¬ Extraction and transport via pipelines (GFCF)12.6-4.912.310.8-5.6-9.0-12.7
¬ Ocean transport (GFCF)-68.279.8-54.7555.2-68.366.140.5
¬ Mainland Norway (GFCF)4.0-3.93.3-0.9-3.8-7.3-3.6
¬¬ Industries (GFCF)5.6-6.34.4-1.4-7.1-9.8-6.5
¬¬¬ Services activities incidential to extraction (GFCF)38.7-33.133.0-6.7-27.2-42.8-50.6
¬¬¬ Other services (GFCF)3.5-5.3-0.1-1.6-9.2-9.1-1.5
¬¬¬ Manufacturing and mining (GFCF)24.4-10.823.4-0.8-9.8-16.3-14.4
¬¬¬ Production of other goods (GFCF)-0.6-4.42.3-0.71.0-6.0-10.4
¬¬ Dwelling service (households) (GFCF)-1.7-4.0-3.7-5.7-5.5-6.41.6
¬¬ General government (GFCF)7.2-0.38.34.62.8-4.3-3.4
Acquisitions less disposals of valuables5.8-60.14.5-13.1-85.3-69.8-72.6
Changes in stocks and statistical discrepancies-0.5-16.1-23.50.9-75.6-20.94.6
Gross capital formation4.1-5.60.01.8-12.0-8.8-4.1
 
Final domestic use of goods and services2.3-4.71.1-0.5-9.9-5.3-3.2
Final demand from Mainland Norway (excl. changes in stocks)2.1-4.22.0-1.4-7.8-4.6-3.0
Final demand from general government2.91.34.02.70.00.42.3
 
Total exports0.5-0.94.52.9-4.2-0.6-1.6
¬ Traditional goods (export)4.6-2.31.5-3.1-7.6-1.32.7
¬ Crude oil and natural gas (export)-4.39.55.88.311.718.71.6
¬ Ships, oil platforms and aircraft (export)1.4-38.177.84.4-63.4-27.8-60.8
¬ Services (export)3.5-13.35.21.3-19.1-22.3-10.9
 
Total use of goods and services1.8-3.62.00.5-8.3-4.0-2.8
 
Total imports4.7-12.23.0-2.5-21.1-15.1-9.4
¬ Tradisjonelle varer (import)5.7-2.51.5-4.3-11.00.05.3
¬ Crude oil and natural gas (import)5.0-12.825.445.5-9.8-33.2-30.0
¬ Ships, oil platforms and aircraft (import)-12.9-2.1-17.626.3-19.0-10.28.4
¬ Services (import)4.7-29.36.1-3.3-39.0-37.7-33.7
 
Gross domestic product, market values20.9-0.81.71.4-3.8-0.1-0.6
Gross domestic product Mainland Norway, market values22.3-2.51.70.1-6.4-3.0-0.8
 
Petroleum activities and ocean transport3-6.18.01.87.89.816.3-0.1
Gross domestic product Mainland Norway, basic values2.5-2.51.80.3-6.4-3.3-0.9
¬ Mainland Norway excluding general government (GDP)2.6-3.11.60.4-7.2-4.5-1.6
¬¬ Manufacturing and mining (GDP)2.7-2.61.21.3-6.1-4.4-1.3
¬¬ Production of other goods (GDP)1.50.5-0.21.4-1.5-1.12.9
¬¬ Service activities (GDP)2.8-4.22.10.0-8.7-5.4-2.8
¬ General government (GDP)2.2-0.72.50.2-4.3-0.11.2
Taxes and subsidies products1.4-2.01.2-1.6-6.2-0.60.3

Table 6 
Final expenditure and gross domestic product. Quarter and year. Percentage change in prices from the same period in the previous year

Final expenditure and gross domestic product. Quarter and year. Percentage change in prices from the same period in the previous year1
201920204th quarter 20191st quarter 20202nd quarter 20203rd quarter 20204th quarter 2020
1Figures from 2019 onwards are prelimanry
2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices.
3Includes oil and gas extraction, transport via pipelines and ocean transport.
Final consumption expenditure of households and NPISHs2.31.61.81.82.01.80.9
¬ Household final consumption expenditure2.21.51.81.71.71.70.8
¬¬ Goods1.50.50.1-1.50.31.81.0
¬¬ Services2.62.72.94.03.61.71.3
¬¬ Direct purchases abroad by resident households3.86.15.96.912.48.86.6
¬¬ Direct purchases by non-residents2.51.22.22.31.21.50.6
¬ Final consumption expenditure of NPISHs3.44.42.43.68.64.22.5
Final consumption expenditure of general governmen3.23.02.73.65.51.81.3
¬ Final consumption expenditure of central government3.03.32.03.25.92.41.7
¬¬¬ Central government, civilian3.03.52.53.26.22.71.8
¬¬¬ Central government, defence2.81.8-1.32.83.60.40.4
¬ Final consumption expenditure of local government3.32.73.43.95.11.20.9
 
Gross fixed capital formation (GFCF)2.63.21.82.73.93.03.2
¬ Extraction and transport via pipelines (GFCF)3.46.12.56.18.14.56.1
¬ Ocean transport (GFCF)6.66.810.4-7.023.911.610.2
¬ Mainland Norway (GFCF)2.42.41.61.82.92.52.5
¬¬ Industries (GFCF)2.32.62.02.13.32.72.4
¬¬¬ Services activities incidential to extraction (GFCF)2.83.22.02.74.33.03.2
¬¬¬ Other services (GFCF)2.12.41.61.93.12.42.2
¬¬¬ Manufacturing and mining (GFCF)2.63.03.52.33.83.12.8
¬¬¬ Production of other goods (GFCF)2.53.02.02.53.53.12.8
¬¬ Dwelling service (households) (GFCF)2.32.01.01.52.02.22.4
¬¬ General government (GFCF)2.72.41.41.82.82.62.6
Acquisitions less disposals of valuables3.97.34.55.913.28.48.9
Changes in stocks and statistical discrepancies-0.63.72.83.6-33.69.09.9
Gross capital formation2.13.32.22.92.83.63.9
 
Final domestic use of goods and services2.52.52.22.63.32.31.9
Final demand from Mainland Norway (excl. changes in stocks)2.52.22.02.33.32.01.4
Final demand from general government3.12.92.53.25.01.91.5
 
Total exports-4.4-14.2-6.8-10.2-21.7-14.7-11.1
¬ Traditional goods (export)0.7-3.51.62.8-3.6-5.9-7.1
¬ Crude oil and natural gas (export)-14.9-31.2-19.1-29.2-50.6-26.2-19.5
¬ Ships, oil platforms and aircraft (export)2.312.111.215.920.94.62.4
¬ Services (export)4.70.34.15.31.9-3.8-2.4
 
Total use of goods and services0.5-2.2-0.4-1.1-3.8-2.3-1.7
 
Total imports3.33.24.24.15.12.61.4
¬ Tradisjonelle varer (import)2.54.12.93.96.54.12.2
¬ Crude oil and natural gas (import)-1.7-23.21.4-7.5-34.6-25.4-27.9
¬ Ships, oil platforms and aircraft (import)7.710.29.14.413.610.811.6
¬ Services (import)4.62.76.15.13.80.61.4
 
Gross domestic product, market values2-0.4-3.7-1.9-2.7-6.3-3.7-2.6
Gross domestic product Mainland Norway, market values22.21.61.62.72.51.00.6
 
Petroleum activities and ocean transport3-13.9-32.2-18.4-28.5-52.2-28.3-20.6
Gross domestic product Mainland Norway, basic values2.51.61.92.82.50.70.4
¬ Mainland Norway excluding general government (GDP)2.20.81.62.30.60.00.0
¬¬ Manufacturing and mining (GDP)3.04.10.78.33.80.83.4
¬¬ Production of other goods (GDP)0.2-9.5-1.7-6.8-12.4-8.7-10.7
¬¬ Service activities (GDP)2.63.02.73.83.32.32.5
¬ General government (GDP)3.24.02.74.57.32.51.8
Taxes and subsidies products0.32.10.11.42.62.71.7

Table 7 
Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. At current prices. NOK million

Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. At current prices. NOK million1
201920204th quarter 20191st quarter 20202nd quarter 20203rd quarter 20204th quarter 2020
1Figures from 2019 onwards are prelimanry
2Includes oil and gas extraction, transport via pipelines and ocean transport.
Final consumption expenditure of households and NPISHs1 583 1941 485 976400 710385 188345 402378 382378 495
¬ Household final consumption expenditure1 497 6041 407 145378 828363 812327 008358 877359 185
¬¬ Goods677 948718 502170 302164 841175 880188 114190 469
¬¬ Services743 791673 198190 506183 191151 526168 851169 695
¬¬ Direct purchases abroad by resident households127 38530 00531 61326 9127784 2342 357
¬¬ Direct purchases by non-residents-51 520-14 561-13 593-11 132-1 176-2 323-3 337
¬ Final consumption expenditure of NPISHs85 59078 83121 88221 37618 39419 50519 309
Final consumption expenditure of general governmen868 066909 640220 728225 663226 000226 343232 075
¬ Final consumption expenditure of central government423 407449 304107 066111 644111 981112 077113 729
¬¬¬ Central government, civilian372 087395 25893 95298 30398 37598 531100 182
¬¬¬ Central government, defence51 32154 04613 11313 34113 60613 54713 547
¬ Final consumption expenditure of local government444 659460 336113 662114 019114 019114 265118 346
 
Gross fixed capital formation (GFCF)914 603906 908233 855227 441227 339224 047227 676
¬ Extraction and transport via pipelines (GFCF)178 121179 74448 06046 30845 92343 22944 219
¬ Ocean transport (GFCF)2 8155 4059962 0702351 5601 540
¬ Mainland Norway (GFCF)733 668721 759184 799179 062181 180179 259181 917
¬¬ Industries (GFCF)325 438312 94183 19880 10676 65676 78279 225
¬¬¬ Services activities incidential to extraction (GFCF)3 8712 673995811757643462
¬¬¬ Other services (GFCF)192 906187 00148 48447 87844 62145 72548 716
¬¬¬ Manufacturing and mining (GFCF)51 58547 37313 63812 34311 57411 71511 705
¬¬¬ Production of other goods (GFCF)77 07775 89520 08119 07519 70318 69918 343
¬¬ Dwelling service (households) (GFCF)194 763190 75347 41946 99747 46646 92049 351
¬¬ General government (GFCF)213 467218 06554 18251 96057 05855 55753 342
Acquisitions less disposals of valuables39316810189134223
Changes in stocks and statistical discrepancies144 846126 01332 88138 91610 70929 53436 790
Gross capital formation1 059 8421 033 089266 837266 446238 061253 624264 489
 
Final domestic use of goods and services3 511 1023 428 705888 275877 297809 463858 349875 059
Final demand from Mainland Norway (excl. changes in stocks)3 184 9273 117 375806 237789 913752 582783 984792 487
Final demand from general government1 081 5321 127 705274 910277 623283 058281 899285 417
 
Total exports1 296 2211 102 876331 694306 230244 470271 085281 672
¬ Traditional goods (export)432 332407 567110 591108 13295 35199 193103 904
¬ Crude oil and natural gas (export)463 694349 489119 50094 44767 87490 60494 653
¬ Ships, oil platforms and aircraft (export)12 4748 6522 1913 7311 9792 063879
¬ Services (export)387 721337 16899 41299 92079 26679 22582 236
 
Total use of goods and services4 807 3234 531 5811 219 9691 183 5271 053 9331 129 4341 156 731
 
Total imports1 238 8351 122 965313 654304 678258 367279 745282 143
¬ Tradisjonelle varer (import)736 179747 170183 755181 673174 571192 343195 521
¬ Crude oil and natural gas (import)24 97516 7307 1006 5443 4943 4153 590
¬ Ships, oil platforms and aircraft (import)35 57238 3897 3339 21310 24210 0628 872
¬ Services (import)442 109320 675115 465107 24870 06073 92574 160
 
Gross domestic product, market values3 568 4883 408 616906 315878 849795 566849 689874 588
Gross domestic product Mainland Norway, market values3 068 4073 042 306780 968772 578730 079757 853775 234
 
Petroleum activities and ocean transport2500 081366 310125 348106 27065 48791 83699 354
Gross domestic product Mainland Norway, basic values2 669 5082 643 254680 579674 808634 623655 679672 798
¬ Mainland Norway excluding general government (GDP)1 992 8551 945 022508 115501 152462 432480 517495 224
¬¬ Manufacturing and mining (GDP)231 211234 51759 39661 17556 66857 73960 638
¬¬ Production of other goods (GDP)358 770326 38389 61285 32177 08880 34881 485
¬¬ Service activities (GDP)1 402 8741 384 122359 106354 656328 677342 430353 102
¬ General government (GDP)676 653698 232172 464173 656172 191175 162177 573
Taxes and subsidies products398 899399 053100 38997 77095 456102 174102 436

Table 8 
Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. At constant 2018-prices. NOK million

Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. At constant 2018-prices. NOK million1
201920204th quarter 20191st quarter 20202nd quarter 20203rd quarter 20204th quarter 2020
1Figures from 2019 onwards are preliminary
2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices.
3Includes oil and gas extraction, transport via pipelines and ocean transport.
Final consumption expenditure of households and NPISHs1 548 0141 429 904388 780372 035332 681363 684363 507
¬ Household final consumption expenditure1 465 2621 356 914367 855351 867316 115345 798345 453
¬¬ Goods668 007704 663167 577163 839173 752183 937185 258
¬¬ Services724 766639 036183 719173 842142 826160 335161 321
¬¬ Direct purchases abroad by resident households122 75227 25029 67224 8756733 7572 081
¬¬ Direct purchases by non-residents-50 264-14 036-13 113-10 690-1 136-2 230-3 208
¬ Final consumption expenditure of NPISHs82 75372 99120 92620 16716 56517 88618 054
Final consumption expenditure of general governmen841 508856 128212 383212 921208 356214 474220 461
¬ Final consumption expenditure of central government411 130422 483103 849105 177102 877105 952108 480
¬¬¬ Central government, civilian361 203370 82491 09592 46490 04292 96795 355
¬¬¬ Central government, defence49 92751 65912 75412 71312 83412 98513 125
¬ Final consumption expenditure of local government430 378433 645108 534107 743105 479108 522111 981
 
Gross fixed capital formation (GFCF)891 426856 889226 617217 705213 508211 705213 592
¬ Extraction and transport via pipelines (GFCF)172 306163 92945 91043 39841 02139 71739 771
¬ Ocean transport (GFCF)2 6424 7509201 9191781 3621 291
¬ Mainland Norway (GFCF)716 478688 210179 787172 388172 309170 625172 531
¬¬ Industries (GFCF)318 274298 24380 78877 22872 71873 14175 003
¬¬¬ Services activities incidential to extraction (GFCF)3 7662 519961772707611429
¬¬¬ Other services (GFCF)189 001178 94947 22046 31642 46643 70946 403
¬¬¬ Manufacturing and mining (GFCF)50 29344 84313 14511 82310 94811 13610 908
¬¬¬ Production of other goods (GFCF)75 21471 93319 46218 31718 59717 68517 263
¬¬ Dwelling service (households) (GFCF)190 300182 65946 30545 26645 44844 89047 004
¬¬ General government (GFCF)207 904207 30952 69449 89454 14452 59450 524
Acquisitions less disposals of valuables3781519485113817
Changes in stocks and statistical discrepancies145 788122 26928 72036 35919 41033 19925 924
Gross capital formation1 037 592979 309255 430254 149232 929244 941239 533
 
Final domestic use of goods and services3 427 1143 265 342856 593839 104773 966823 099823 502
Final demand from Mainland Norway (excl. changes in stocks)3 106 0012 974 243780 950757 343713 346748 783756 499
Final demand from general government1 049 4121 063 437265 076262 814262 500267 067270 985
 
Total exports1 356 5821 344 779352 347346 446321 017335 150341 202
¬ Traditional goods (export)429 387419 589108 415105 56197 322105 471109 578
¬ Crude oil and natural gas (export)544 745596 689148 340144 650147 526150 539151 309
¬ Ships, oil platforms and aircraft (export)12 1957 5482 0083 2641 6471 851786
¬ Services (export)370 256320 95493 58492 97174 52177 28879 528
 
Total use of goods and services4 783 6974 610 1211 208 9401 185 5501 094 9831 158 2491 164 704
 
Total imports1 199 5221 053 275298 464288 031238 746263 836264 602
¬ Tradisjonelle varer (import)718 462700 148176 895172 601160 248180 526183 832
¬ Crude oil and natural gas (import)25 39622 1537 2737 2755 1424 8205 168
¬ Ships, oil platforms and aircraft (import)33 01532 3306 5748 2178 4058 5787 129
¬ Services (import)422 650298 645107 72299 93864 95169 91168 473
 
Gross domestic product, market values23 584 1753 556 846910 476897 520856 237894 413900 102
Gross domestic product Mainland Norway, market values23 003 2192 929 344757 450742 611698 550733 518747 407
 
Petroleum activities and ocean transport3580 956627 502153 026154 908157 686160 895152 695
Gross domestic product Mainland Norway, basic values2 605 5062 539 599657 630645 719605 889634 167647 402
¬ Mainland Norway excluding general government (GDP)1 949 7581 888 751492 368482 726449 439469 987480 213
¬¬ Manufacturing and mining (GDP)224 468218 71157 13856 40852 89254 20256 146
¬¬ Production of other goods (GDP)358 099360 06089 77589 19787 66990 13191 619
¬¬ Service activities (GDP)1 367 1921 309 980345 454337 121308 879325 654332 448
¬ General government (GDP)655 748650 848165 262162 994156 450164 180167 189
Taxes and subsidies products397 713389 74599 82096 89292 66199 351100 005

Table 9 
Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. Percentage change in volume from the previous period.

Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. Percentage change in volume from the previous period.1
201920204th quarter 20191st quarter 20202nd quarter 20203rd quarter 20204th quarter 2020
1Figures from 2019 onwards are prelimanry
2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices.
3Includes oil and gas extraction, transport via pipelines and ocean transport.
Final consumption expenditure of households and NPISHs1.4-7.6-0.4-4.3-10.69.30.0
¬ Household final consumption expenditure1.3-7.4-0.4-4.3-10.29.4-0.1
¬¬ Goods0.05.5-0.6-2.26.15.90.7
¬¬ Services2.8-11.80.9-5.4-17.812.30.6
¬¬ Direct purchases abroad by resident households0.9-77.8-5.2-16.2-97.3458.0-44.6
¬¬ Direct purchases by non-residents4.2-72.15.1-18.5-89.496.443.8
¬ Final consumption expenditure of NPISHs3.0-11.80.2-3.6-17.98.00.9
Final consumption expenditure of general governmen1.91.70.70.3-2.12.92.8
¬ Final consumption expenditure of central government1.92.80.71.3-2.23.02.4
¬¬¬ Central government, civilian1.62.70.51.5-2.63.22.6
¬¬¬ Central government, defence3.83.51.9-0.31.01.21.1
¬ Final consumption expenditure of local government1.90.80.6-0.7-2.12.93.2
 
Gross fixed capital formation (GFCF)4.8-3.9-1.0-3.9-1.9-0.80.9
¬ Extraction and transport via pipelines (GFCF)12.6-4.95.1-5.5-5.5-3.20.1
¬ Ocean transport (GFCF)-68.279.812.4108.7-90.7665.5-5.3
¬ Mainland Norway (GFCF)4.0-3.9-2.5-4.10.0-1.01.1
¬¬ Industries (GFCF)5.6-6.3-0.5-4.4-5.80.62.5
¬¬¬ Services activities incidential to extraction (GFCF)38.7-33.1-4.0-19.6-8.5-13.5-29.8
¬¬¬ Other services (GFCF)3.5-5.3-1.7-1.9-8.32.96.2
¬¬¬ Manufacturing and mining (GFCF)24.4-10.8-0.2-10.1-7.41.7-2.0
¬¬¬ Production of other goods (GFCF)-0.6-4.42.3-5.91.5-4.9-2.4
¬¬ Dwelling service (households) (GFCF)-1.7-4.0-3.5-2.20.4-1.24.7
¬¬ General government (GFCF)7.2-0.3-4.3-5.38.5-2.9-3.9
Acquisitions less disposals of valuables5.8-60.1-0.4-9.3-86.5229.0-54.2
Changes in stocks and statistical discrepancies-0.5-16.1-25.126.6-46.671.0-21.9
Gross capital formation4.1-5.6-4.4-0.5-8.35.2-2.2
 
Final domestic use of goods and services2.3-4.7-1.4-2.0-7.86.30.0
Final demand from Mainland Norway (excl. changes in stocks)2.1-4.2-0.6-3.0-5.85.01.0
Final demand from general government2.91.3-0.4-0.9-0.11.71.5
 
Total exports0.5-0.96.9-1.7-7.34.41.8
¬ Traditional goods (export)4.6-2.31.5-2.6-7.88.43.9
¬ Crude oil and natural gas (export)-4.39.516.3-2.52.02.00.5
¬ Ships, oil platforms and aircraft (export)1.4-38.1-21.762.5-49.512.4-57.5
¬ Services (export)3.5-13.30.8-0.7-19.83.72.9
 
Total use of goods and services1.8-3.60.9-1.9-7.65.80.6
 
Total imports4.7-12.2-1.6-3.5-17.110.50.3
¬ Tradisjonelle varer (import)5.7-2.5-1.9-2.4-7.212.71.8
¬ Crude oil and natural gas (import)5.0-12.8-3.00.0-29.3-6.37.2
¬ Ships, oil platforms and aircraft (import)-12.9-2.1-31.225.02.32.1-16.9
¬ Services (import)4.7-29.31.7-7.2-35.07.6-2.1
 
Gross domestic product, market values20.9-0.81.7-1.4-4.64.50.6
Gross domestic product Mainland Norway, market values22.3-2.50.0-2.0-5.95.01.9
 
Petroleum activities and ocean transport3-6.18.011.21.21.82.0-5.1
Gross domestic product Mainland Norway, basic values2.5-2.50.0-1.8-6.24.72.1
¬ Mainland Norway excluding general government (GDP)2.6-3.1-0.1-2.0-6.94.62.2
¬¬ Manufacturing and mining (GDP)2.7-2.60.0-1.3-6.22.53.6
¬¬ Production of other goods (GDP)1.50.5-1.8-0.6-1.72.81.7
¬¬ Service activities (GDP)2.8-4.20.3-2.4-8.45.42.1
¬ General government (GDP)2.2-0.70.6-1.4-4.04.91.8
Taxes and subsidies products1.4-2.0-0.2-2.9-4.47.20.7

About the statistics

The national accounts provide an overview of the state and development in the Norwegian economy. Key figures are gross domestic product (GDP), consumption, gross investment, exports and imports, employment and wages, profitability in industries and productivity. 1st to 3rd quarter is published with monthly national accounts in May, August and November. 4th quarter will be published February the following year.

Definitions

Definitions of the main concepts and variables

See Concepts and definitions in national accounts for explanations.

Valuation

Registration of values: A transaction may be registered at different values, depending on under which circumstances it is registered. Different concepts regarding valuation are also relevant for the general aspect of registration (cf. cash values or accruals values, and other principles for the recording of statistical data). The transactions of variables in the national accounts follow the accrual principle. Thus, taxes and subsidies on production should be registered as accrued values and not as cash values as recorded in the government accounts.

In the description of the transaction of goods and services several price concepts are used. Output is valued at basic prices. Basic price is the price the seller receives, after corresponding taxes on the product are deducted (and subsidies added). The use categories, both intermediate consumption and final use, are valued at purchaser prices, that is the price the purchaser must pay. Exports are valued at fob (free on board), while imports are valued at cif (cost-insurance-freight).

The value added of an industry is "valued" at basic prices (calculated as output at basic prices less intermediate consumption at purchaser prices). The total value added of all the industries is also "valued" at basic prices.

GDP is "valued" at market prices, which means that taxes on products, including VAT, less subsidies on products are added to the total value added of the industries at basic prices.

 

Standard classifications

The accounting system of the Norwegian national accounts is based on the international standards for national accounts, i.e. 2008 SNA and ESA 2010. The accounting system outlines the framework and contents for production of national accounts statistics. The level of detail in the classifications used for compilation of quarterly and preliminary annual national accounts are more aggregated than in that used for calculation of the annual national accounts.

In addition to accounting structure, the international standards give recommendations of groupings or classifications to be used in the national accounts:

Activity classification

The classification of Industries in the National Accounts follows the Norwegian Standard Industrial Classification (SN2007), which is based on NACE Rev.2. Several levels of aggregation have been introduced for publication and reporting purposes.

Classification of non-financial assets and gross fixed capital formation

Non-financial assets are classified by type of aggregates defined in 2008 SNA, such as fixed assets, inventories, valuables, and non-produced assets, including both tangible assets such as land, subsoil-assets, water resources etc., and intangible assets such as transferable contracts etc. Gross fixed capital formation is grouped by main type within building and construction, machinery and equipment and transportation equipment.

Product classification

The product classification used in the national accounts is based on the EU's standard product classification CPA - Statistical Classification of Products by Activity in the European Community. The CPA groups products by activities, i.e. it defines characteristic products within each activity and connects them to the activity classification NACE Rev.2. The annual accounts supply and use tables contain about 700 products, in addition to which some products are also incorporated purely for technical reasons. The system to elaborate preliminary annual and quarterly accounts contains about 90 products. The separation on products might to large extent be considered as a tool to balance the national account system and to undertake calculations in constants prices.

Classification of individual consumption by purpose

The classification of Consumption expenditure groups in the National Accounts is based on the international classification COICOP - Classification of Individual Consumption by Purpose, published by the UN.

Classification of the functions of government

The classification of the functions of government by purpose applies to all types of general government expenses, such as government final consumption expenditure, gross fixed capital formation, subsidies, property rents (i.e. expenses), capital transfers and other transfers for use in government financial accounts and in the national accounts. This classification is based on the international classification COFOG - Classification of the Functions of Government, published by the UN.

Classification of the purpose of non-profit institutions serving households (NPISH)

This is a minor purpose classification which applies to expenses of NPISHs. It is based on the international classification COPNI - Classification of the Purposes of the Non-Profit Institutions Serving Households, published by the UN.

Administrative information

Name and topic

Name: National accounts
Topic: National accounts and business cycles

Next release

Responsible division

Division for National Accounts

Regional level

National level.

Frequency and timeliness

The monthly national accounts (MNA) are published about 40 days after the end of the given month.

The quarterly national accounts (QNA) are published about 40 days after the end of the given quarter. Quarterly figures are calculated as the sum of three months (from monthly national accounts).

The first estimates of the preliminary year is published about 40 days after the end of the year.

 

International reporting

Published figures are reported to Eurostat, the International Monetary Fund (IMF) and the Organisation for Economic Co-operation and Development (OECD).

Microdata

Not relevant

Background

Background and purpose

The national accounts (NA) statistics are designed to provide a consistent and comprehensive survey of the overall national economy. The national accounts give both a summarised description of the economy as a whole and a detailed description of transactions between different parts of the Norwegian economy, and between Norway and the rest of the world. The national accounts also provide information on capital stocks and employment.

The first Norwegian national accounts based on modern principles were published by Statistics Norway in 1952. Annual series national accounts were calculated back to 1865 during the 1950th.

Final annual national accounts figures are based on all available final economic statistics and therefore take time to produce. The purpose of the quarterly national accounts is to provide updated information about short-term developments in the Norwegian economy based on an overall, consistent accounting system. Statistics Norway has produced and released quarterly national accounts (QNA) on a regular basis from 1953 but were not published at fixed intervals from the 1970s to the beginning of the 1980s. A new model for a QNA system was developed at the beginning of the 1980s and has been used since 1985, with some modifications.

National accounts are used as a tool to compare the economic situation in different countries, and therefore it is important that the national accounts in various countries are based on a common template. Staff involved in elaborating national accounts in Statistics Norway participated actively in developing international recommendations and concepts regarding national accounts. The first international standard for national accounts, 1953 System of National Accounts (1953 SNA), was published by UN in 1953.

 From time to time adaptations or changes are made to the common international recommendations for national accounts. This requires corresponding changes in the construction of the Norwegian national accounts. At different time intervals, new source statistics are produced and indicate that parts of the national accounts figures need to be revised. Since one objective of the national accounts is to provide a picture of the development over time which is as correct as possible, it is not possible to introduce such changes from one year to another. With different time intervals, it will therefore be necessary to carry out major revisions of the national accounts figures, so-called main revisions, in order to introduce adaptations due to new international recommendations or introduce new levels based on new statistical sources. As part of these main revisions the time series are also revised so that the revised national accounts can give a consistent picture of the economic development over time.

In recent decades, Statistics Norway has carried out main revisions published in 1995, 2002, 2006, 2011 and 2014. The main purpose of main revision published in November 2014, was to incorporate updated international recommendations in 2008 SNA and ESA 2010. Changes due to this main revision are described, among else, in the article Main revision 2014. Planned changes in the national accounts statistics. See About the statistics for the annual national accounts for more information about main revisions. The publication History of national accounts in Norway. From free research to statistics regulated by law also provides more information about the history of national accounts in Norway, including main revisions. In the future main revisions of the national accounts normally will be carried out every five years.

Since the QNA are completely harmonised with the annual national accounts, it is also necessary to revise the QNA figures once the annual national accounts figures have been revised.

Users and applications

The quarterly figures are mostly used for observation and analysis of the current economic cycle. The QNA figures also serve as a basis for making forecasts of the future economic development, the government’s work with the national budget and other economic planning. In addition, the QNA contribute with material for research and development. Annual and quarterly national accounts are a useful tool for analyses of the economic development and structures in Norway. The national accounts are also used to compare the economy in different countries.

The annual and quarterly national accounts therefore have a wide group of users, from school pupils and students to public and private institutions that actively use the statistics in their analyses and investigation of economic structure and development. Active users include the Research Department in Statistics Norway, the Ministry of Finance, Norges Bank, international organisations such as the IMF, the OECD, the World Bank, the UN and Eurostat, resident and non-resident financial sector analysts, and the media.

Equal treatment of users

No external users have access to the statistics and analyses before they are published and accessible simultaneously for all users on ssb.no at 08.00 am. Prior to this, a minimum of three months' advance notice is given in the Statistics Release Calendar. This is one of Statistics Norway’s key principles for ensuring that all users are treated equally.

Coherence with other statistics

The monthly figures are the basis for quarterly figures, quarterly figures are calculated as the sum of three months. Quarterly figures will be updated when publishing the third month in the quarter. This means that there may be deviations between the monthly and quarterly figures in the two months before the new quarter is calculated. The deviations will mainly apply to seasonally adjusted figures. In addition, the monthly publication includes a table showing rolling numbers for three and three months. The three-month growth is calculated by comparing a three-month period with the previous three-month period. For example, the volume change in the rolling table for July is given by comparing the period May-July with February-April. Figures for March, June, September and December will correspond to growth for a quarter.


All historical figures are consistent with both preliminary and final annual national accounts figures in fixed and current prices

The Norwegian Balance of Payments (BOP) is an integrated part of the Norwegian system of national accounts, and the BOP figures are fully consistent with other preliminary and final quarterly and annual national accounts figures. Furthermore, quarterly and annual national accounts figures are fully consistent and compatible with the institutional sector accounts. The regional national accounts, and various satellite accounts (environment, tourism, health,non-profit institutions) are consistent with the above mentioned national accounts statistics. Previous published figures from the regional accounts and various satellite accounts are, however, not revised as a part of main revision of the national accounts, so figures for previous years may not necessarily be compatible with updated NA time series.

As mentioned in the chapter "Production: Data sources and sampling", the national accounts are based on various statistical sources. The source statistics may not use the same definitions or groupings as used in the national accounts. As a result, figures in the source statistics may be adapted or corrected before being used in the national accounts. Published figures in the source statistics of certain industries may therefore not correspond to published figures in the national accounts.

 

Legal authority

Not relevant

EEA reference

  • Regulation (EU) No 549/2013 (ESA 2010).
  • The European Parliament and of the council of 21 May 2013 on the European system of national and regional accounts in the European Union (text with EEA relevance).

Production

Population

The coverage of the national accounts is defined by international guidelines in the 2008 System of National Accounts (2008 SNA), published by the UN, the OECD, the IMF, the World Bank, and the Commission of the European Communities, and the European System of National and Regional Accounts (ESA 2010).

The total national economy, and the distinction between the national economy and foreign countries, is defined in terms of resident units. A unit is defined as a resident unit of the country when it has a centre of economic interest in the economic territory of the country - i.e. when it is involved in economic activities on this territory for an extended period of time (one year or more).

Two basic types of information are recorded in the national accounts: flows and stocks. Flows refer to actions and effects of events that take place within a given period of time, for example the output of an industry in one year. Stocks refer to positions at a certain point of time, for example the value of capital stock or the number of employed persons.

The national accounts consist of two main sets of tables; supply and use tables (SUT), also described as the real accounts, and the institutional sector accounts. The real accounts are based on local kind-of-activity units (KAUs), while the institutional sector accounts are based on institutional units. Institutional units are economic entities that are capable of owning goods and assets, of incurring liabilities and of engaging in economic activities and transactions with other units in their own right. An institutional unit contains one or more local kind-of-activity units (local KAUs). The local KAUs are classified by type of activity. An activity is characterised by an input of products, a production process and an output of products. All local KAUs engaged in the same or similar kind-of-activity constitute an industry.

The SUT at current and constant prices gives a structured overview of the supply (output and import) and use (final consumption, gross fixed capital formation, changes in inventories, export and intermediate consumption) of products (goods and services) in the economy. For each industry the value added is calculated as the difference between output and intermediate consumption. The value added in an industry can also be decomposed into compensation of employees, consumption of fixed capital, other taxes on production (net of subsidies) and operating surplus. The real accounts also give information on fixed assets, as well as wages, hours worked, full-time equivalent persons and employed persons by industry. Monthly national accounts does not include figures for employment etc..

Furthermore, the real accounts provide the basis for the calculation of the Gross Domestic Product (GDP) and other central macroeconomic measures. The annual growth in volume and price are calculated for most variables.

The non-financial sector accounts are based on institutional units. Institutional units are capable of providing a full set of accounts. The non-financial sector accounts describe all economic transactions in the various sectors. The accounts also provide information on the stocks financial and non-financial capital. Financial sector accounts are also based on institutional units. The institutional units are grouped in institutional sectors on the basis of their principal economic functions, behavior and objectives. The non-financial sector accounts are consistent with the real accounts. The further description of the national accounts covers the part of the national accounts that is based on the annual SUT (the real accounts).

The coverage of the preliminary annual and quarterly real accounts is the same as the final annual SUT

The accounting structure in the system that produces monthly, quarterly and preliminary annual figures (MNA) is, however, more aggregated than in the system that produces the final annual SUT. While the SUT in the annual accounts consists of about 130 industry groups and 700 product groups, the SUT in the MNA consists of about 80 industry groups and 120 product groups. The MNA and QNA system produces tables with seasonal adjusted figures for industries' value added, household consumption for aggregated consumption groups and for central macroeconomic measures. However, only tables for final expenditure and gross domestic product are published on a monthly basis, while the QNA contain more details.

Data sources and sampling

The calculations of the annual real accounts are based on statistics from several different sources, such as the structural business statistics for manufacturing and other industries, accounting statistics for general government and enterprises, statistics for wages and earnings, external trade statistics, household consumer surveys and employment statistics. Some parts of the national accounts are compiled more or less directly from the source statistics, while other parts are based on calculations and estimates.

Monthly information is used for compiling monthly national accounts, such as the production index of industrial production, the index for retail sales, consumer price index, building statistics, producer price indices and much more. For some service industries where we lack explicit production indicators, monthly information about jobs, working days and absence is obtained from the A-ordning. For investments where we only have quarterly information, such as oil investments, quarterly figures are conventionally distributed by month. In the months before we get the so-called oil census, the development is used in the planned investment figures reported together with those performed for a quarter. In connection with the work on the QNA, quarterly information is incorporated and an update of the previous months is made. Quarterly national accounts will appear as the sum of the three months in the quarter.

The source statistics used to calculate national accounts are with a few exceptions produced by Statistics Norway.

Having the reporting responsibility to Eurostat, the Division for National Accounts occasionally documents the calculations for the final annual national accounts, see Norwegian National Accounts - GNI Inventory for ESA95.

In addition, there are a number of reports giving more detailed documentation of calculation of figures for various specific industry groups or other parts of the national accounts (mostly in Norwegian only).

The documentation report for the Quarterly national accounts gives an overview of central sources and methods used for quarterly accounts compilation. This will be updated in the autumn of 2018 to include monthly national accounts.

Collection of data, editing and estimations

Compilation of the final annual real accounts

The annual national accounts are mainly based on statistics collected by other divisions in Statistics Norway. To some extent data produced by external suppliers are also used.

The process of compiling the final annual national accounts starts with the calculation of independent supply and use estimates for all goods and services at current prices. To some extent, source data are extracted directly from the databases and converted into national accounts codes and format. Other parts of the economy are based on more complex calculations, by means of different statistical sources and/or assessments.

The source data are critically evaluated and compared with alternative sources (for some parts of the economy). In some areas, the statistics have to be adjusted in order to satisfy the requirements of the national accounts. In areas where the statistics are incomplete, evaluations are essential. In the process of estimating national accounts data, estimated national accounts figures are critically evaluated and controlled in several steps.

Finally, supply and use for each of these goods and services are balanced using supplementary information and quality assessments of the various statistical sources. This results in integrated supply and use tables at current prices.

The figure below gives an outline of the calculation system for final annual national accounts figures. First, detailed figures are calculated and balanced in current prices. Then the system calculates figures in constant prices, based on the detailed current price figures and corresponding price indices. The deflation (current values being divided by price indices) takes place at the most detailed product level: A price index is allocated to each detailed product. The individual products are as price homogeneous as possible. Constant price figures in the annual national accounts are calculated using the price level of the previous year, which means that the base year is changed every
year.

The deflation approach has in fact two dimensions, (i) differentiated by main categories of supply and use (deflating output, imports, exports and implicitly for domestic use), and (ii) differentiated through valuation (deflating current values at basic prices by price indices and implicitly determining the other value components, including adjustments against values at purchaser prices). The method used to calculate constant figures is called double deflation, i.e. a separate deflation of output and intermediate consumption is carried out in order to arrive at value added at constant prices as a balancing item, based on a detailed input-output framework (supply and use tables).

Figure 1. The calculation system for final annual NA figures  (Click)

For a more detailed  documentation, see Norwegian National Accounts - GNI Inventory for ESA95.

Compilation of the MNA and QNA

The majority of the short-term statistics produced by Statistics Norway are transferred to the MNA system by use of a direct link to the relevant databases. The information in the data sources about growth is used more or less directly in the MNA system. Some other input data series in the MNA system, however, are based more or less on calculations and estimations, using various types of information from Statistics Norway and other sources. Quarterly figures are calculated as the sum of three months

The national accounts data for a specific month, quarter or year are revised in accordance with an ordinary publication and revision cycle. The quarterly figures within a specific year t become final 21 months later after the end of the year t. In addition, periodical main revisions generate revised figures.

In the process of calculating MNA or QNA figures for a specific month or quarter, the short-term statistics source data are critically evaluated and compared with alternative sources (for some parts of the economy). In some cases, the information in the source statistics must be adjusted in order to satisfy the requirements of the quarterly national accounts. In the process to estimate MNA data estimated MNA figures are critically evaluated and controlled in many steps.

Monthly process

The figure below gives an overview of the Norwegian MNA and QNA estimation process. The figure shows that the MNA system is based on two main pillars: a) The SUT for the (final) annual national accounts and b) short-term statistics.

Figure 2. The computing system in the Norwegian MNA/QNA

knr1-en

The main principle in the MNA system is that the national accounts figures for the current quarter are computed based on the development of short-term indicators and the current-price figures from the base year. The base year (t-2) is the latest calculated final version of the annual national accounts. The method is the same for most common variables: The value in the base year is given the same growth rate (percentage change) as in the appropriate indicator, or a grouping of different relevant indicators.

A simple projection method, based on the development in previous periods, is used if an indicator does not cover the whole period from the base year to the current quarter.

The indicator compilations are made in the indicator process (box 2 in the figure).

However, the indicator process alone does not give a complete harmonised account at current and constant prices. To calculate values for variables that are not calculated in the indicator compilations, and to harmonise the accounts, we use an input-output model (box 3 in the figure).

The input-output model includes a commodity-flow balance, a price input-output system and a set of equations for summaries and definitions. It now comprises over 12 000 equations in total. The input-output coefficients are calculated from the SUT in the base year. The variables calculated in the indicator compilations are transferred to the input-output model as exogenous variables. To calculate balanced accounts at current prices we need price indices on all supply and use categories. These are computed in the model by weighting together product price indices with the input-output coefficients as weights. Each product gets three different price indices, one for resident output delivered to the home market (to resident users), a second for import and a third for export.

The price index for an industry’s total output is then calculated as a weighted average of the price indices for the home and export market using the input-output coefficients as weights. The price indices of intermediate consumption, final consumption expenditure and gross fixed capital formation are calculated in a similar way, using the import and home market price indices and the input-output coefficients.

The model also calculates variables which are not covered by short-term statistics or other information and therefore not calculated in the indicator process. These calculations are based on simple assumptions. For instance, intermediate consumption for most industries at constant prices (the total except FISIM) is assumed to be a fixed proportion of total output for the relevant industry. The distribution of intermediate consumption (except FISIM) on different products at constant prices is also assumed to be the same as in the base year. The industries’ use of FISIM as intermediate consumption is supposed to equal the growth in total output of FISIM services. Output in the retail and wholesale trade activities in constant prices is assumed to follow the development of the use of the various goods in constant prices, such as household consumption, intermediate consumption and gross fixed capital formation of the various specific goods (that means supposed fixed margins).

Changes in stock of separate products are (for most products) calculated as the difference between the total supply and use of the product. As in the annual NA, the changes in stock may be adjusted if that seems reasonable after an evaluation of the figures.

The results are stored in the time series database (box 4 in the figure), which, among other things, provides the basis for different sets of tables (box 6). At the moment there are two different sets of tables (with seasonal unadjusted figures), sets for internal checks and analyses of data and more aggregated sets of data for publishing.

Process 1-4 describes how the quarterly seasonally unadjusted figures are estimated. The unadjusted figures are seasonally adjusted (box 5) using a seasonal adjustment program.

The method adopted to compile the MNA is highly mechanical. This applies to the update of variables in the national accounts based on short-term statistics as well as the balancing of commodities, the computation of indirect taxes and factor incomes and the overall balancing of the GDP and main aggregates. Technically, the data systems are programmed in FAME and TROLL (the latter is used for the input-output model only).

Checks and/or the evaluation of data are, however, performed in several steps. The MNA system offers a unique opportunity to compare different types of input data. The evaluation of the different sources is done in close contact with the relevant statistics divisions in Statistics Norway. A more thorough evaluation is being done when processing and publishing quarterly figures, while the monthly process is more automated and less profound. Therefore, only final expenditure and gross domestic product are published on a monthly basis while the quarterly accounts offer more details.

Quarterly figures are calculated as the total of three months at quarterly releases. Quarterly figures will be updated only when publishing the third month in the quarter. This means that there may be a mismatch between the monthly and quarterly figures in the interim months. This applies mainly to seasonally adjusted numbers. That is, when you get a new observation (new month), it will normally affect the seasonally adjusted figures back in time. We do not update the QNA numbers that have also been sent to international organizations before the next quarters release. At the same time, we show figures for three-month growth. This is calculated by comparing a three-month period with the previous three-month period. For example, the volume change in July is given by comparing the period May-July with February-April. Figures for March, June, September and December will correspond to growth for a quarter. This means that users may get a continuous update of the quarterly figures by looking at the monthly publication.

Annual process and alignment

The MNA system is updated with a new base year every year (i.e. the latest final version of the annual accounts). The database for the annual accounts (box 1a), as well as the base data and coefficients in the harmonisation model (box 3) are updated. At the same time, it is possible to implement new indicators, carry out changes in the input series and in the model, etc. Such changes are not carried out in an ordinary monthly or quarterly process.

The recalculation of the monthly accounts is carried out by distributing the annual figures between the months using the original monthly figures as keys. The recalculated monthly accounts will then add up to the annual accounts at constant and current prices.

The harmonisation is based on the principle that the differences between the monthly changes to the original and harmonised series shall be as small as possible. The monthly accounts should add up to the figures in the annual accounts.

When the base year is updated the MNA for that year is aligned automatically.

Reference year

All figures are published at current prices and (for most sizes) constant prices (i.e. the accounts also specify volume and price changes). Constant-price estimates in the national accounts are calculated based on the previous year's prices; i.e. the base year is changed every year. Subsequently, data on volume changes are constructed in terms of growth rates and corresponding implicit data on changes in prices. In parallel, time series of volume figures are constructed by using prices from a reference year. The constant-price estimates are consistent with the data on changes in volume in the series of growth rates. Since the chaining is carried out separately for all items, the table components do not, however, necessarily add up to the totals of the same table.

The publication Quarterly national accounts gives more information about sources, methods and the processes used to calculate quaterly NA figures. This will be updated in the autumn of 2018 to include monthly national accounts.

 

Seasonal adjustment

The methods and routines used to produce seasonally adjusted figures are described in the chapter About seasonal adjustment.

Confidentiality

§ 2-6 of the Statistics Act states that data under no circumstances shall be published in such a way that they may be traced back to the supplier. This means that the general rule is not to publish data if there are fewer than three enterprises in an industry. In practice, this means that for some detailed industry categories, figures must be aggregated up to a more aggregated industry group before they can be published.

Comparability over time and space

Consistent monthly time series will exist back to 2016. Consistent quarterly time series will exist back to 1978 and annual time series back to 1970. Annual NA figures for the years 1865-1970 are based on the previous standards used for the national accounts and are not compatible with the up to date figures after the latest main revision of the NA.

Quarterly figures are calculated as the sum of three months. Quarterly figures will be updated only when publishing the third month in the quarter. This means that there may be mismatch between the monthly and quarterly figures in the interim months, see the description of the monthly process above.

Monthly figures, and thus quarterly figures, are aligned with the final annual national accounts figures, both in fixed and current prices. The other parts of the national accounts, such as income and capital accounts, and foreign accounts are also consistent and consistent with MNA.

Accuracy and reliability

Sources of error and uncertainty

The national accounts are based on various statistical sources. The sources are either survey data from establishments, enterprises or households, or data from registers. National accounts statistics reflect the inaccuracy in the statistical sources and the methods of compilation. Weaknesses and inaccuracy in the statistical sources are normally described in the documentation of the relevant sources.

Since the national accounts are an integrated system with balancing methods and consistency checks, the national accounts may reduce some of the inaccuracies in the statistical sources. On the other hand, national accounts require the compilation of statistics in areas where the sources are unsatisfactory, and the inaccuracy in such areas may therefore be significant. Some of the figures in the national accounts are estimated as residuals, and the uncertainty may be substantial in these areas. Examples are the compilation of changes in inventories and operating surplus by activity.

The EU Commission and Eurostat have completed a quality evaluation of the national accounts in all EEA countries. The conclusion was that "The Norwegian national accounts are of a high quality, soundly based on reliable and exhaustive sources, integrated in a system with a detailed product breakdown". (Report on the sources and methods used in compiling GNP in Norway, Eurostat/B1/CPNB/237/EN, 9 December 1997, Luxembourg.)

The International Monetary Fund (IMF) completed an evaluation of central parts of Norwegian macroeconomic statistics in autumn 2002, including the Norwegian national accounts. In the report IMF (2003), the Norwegian macroeconomic statistics, including the national accounts, got positive reviews: "In summary, Norway's macroeconomic statistics are of generally high quality." About the national accounts, the IMF also expressed that: "The source data for both the annual and the quarterly national accounts are generally sound and timely, and sufficiently portray reality."

The production of several of the sources that are used in the national accounts takes a considerable amount of time. Consequently, preliminary figures are more inaccurate than final figures.

In 2003, Statistics Norway carried out a project to evaluate the quality of the Norwegian QNA. The task of the project was to describe and evaluate the different processes in the system, and set up a plan for further work to improve quality. A project report was released in April 2004 (in Norwegian only). The report lists a variety of measures to increase quality, such as changes in the organisation of the QNA process, technical changes in the data system, an increase and improvement of the documentation related to the QNA system etc.

Another way of measuring the general quality of the QNA figures is to compare the preliminary annual figures from the first version of the annual accounts (by adding up the quarters in the QNA) with the final version. This was done in 2004. The article (in Norwegian only) looks at the growth rates of the main aggregates: GDP, GDP for mainland Norway, household consumption, government consumption, gross fixed capital formation, exports, imports and compensation of employees. For most variables, the study covers the years 1972-2002, while for some variables it covers the years 1993-2002. The study concludes that the preliminary figures generally had underestimated the growth rate in relation to the final figures, but that the overall picture did not differ too much.

 

Revision

The national accounts data for a specific month, quarter or year are revised in accordance with an ordinary publication and revision cycle. The monthly and quarterly figures within a specific year t have the status final 21 months after the end of the year. See Administrative information, Frequency and timeliness. In addition, periodical main revisions give revised figures. See Background and purpose. The table below shows the publication cycle for yearly and quarterly national accounts figures. In addition to what is stated in the table, monthly data will be published about 40 days after the end of the month. In May, year t (which coincides with the QNR for the first quarter), all months, also in year t-1, can be revised. After May year t, only the monthly figures for the current year are subject to revision.

Publication cycle for quarterly and yearly national accounts figures

Release date in:

 1st quarter year t

2nd quarter year t

3rd quarter year t

4th quarter year t

May, year t

First preliminary version

Revised 3 for year t-1

Revised 2 for year t-1

Revised 1 for year t-1

August, year t

Revised 1

Revised 5 for year t-1

Final for year t-2

First preliminary version

Revised 4 for year t-1

Final for year t-2

Revised 3 for year t-1

Final for year t-2

Revised 2 for year t-1

Final for year t-2

November, year t

Revised 2

Revised 1

First preliminary version

Revised 3 for year t-1

February, year t

Revised 3 for year t-1

Revised 2 for year t-1

Revised 1

First preliminary version for year t-1

About seasonal adjustment

General information on seasonal adjustment

What is seasonal adjustment?

Monthly and quarterly time series are often characterised by considerable seasonal variations, which might complicate inter-period comparability. Such time series are therefore subjected to a process of seasonal adjustment in order to remove the effects of seasonal fluctuations. Once data have been adjusted for seasonal effects by X-12-ARIMA or some other seasonal adjustment tool, a clearer picture of the time series emerge.

For more information on seasonal adjustment, please refer to Statistics Norway’s: metadata on methods: seasonal adjustment .

Why seasonally adjust these statistics?

Because of climatic conditions, public holidays and holidays in July and December, the intensity of the production varies throughout the year. The same applies to household consumption and other parts of the economy.

This makes a direct comparison of two consecutive months or quarters difficult. In order to adjust for these conditions, the quarterly national accounts are seasonally adjusted which makes it possible to conduct an analysis of the underlying change in economic activity between periods.

It is important to mention some factors of the seasonally adjustment of the MNA which has to be given specific attention compared to other short time economic indicators:

·        The series for the main aggregates in the MNA is a result of aggregation of many components. Statistics Norway has chosen that consistency between the components and the main aggregates also applies to the seasonally adjusted series to make it easy to identify which series contribute the most to the results.

·        Data may be exposed to some revisions each month as well as major revisions when the the preliminary national accounts are reconciled with final national accounts

Background information

·        To seasonally adjust the GDP (and all other aggregates) we use an indirect method. This is done in order to be able to explain the contributions to GDP-growth, and consensus is that this is the preferred method for this kind of data. Please see chapter below for more details on the direct vs. indirect approach to seasonal adjustment.

·          This method has given us some challenges related to the seasonally adjusted historical series. The reason is that series older than the base year are not additive. When a new base year is established, and the time series are updated, we use identical seasonal adjustment factors as before. This means that changes in seasonally adjusted data are only due to changes in the unadjusted data.

·          We use information from the entire period of the time series to estimate seasonal adjustment factors, but we use this information only from the year before the base year to the present.

The method chosen is in accordance with the ESS-Guidelines on seasonal adjustment .

Seasonally adjusted series

Over a thousand series are seasonally adjusted every month. The series are adjusted at a disaggregated level and then summed up to the main aggregates.

The series for gross value added at industry level are adjusted directly, as opposed to being calculated as the difference between production and intermediate consumption.

For final consumption expenditure of households, the series are seasonally adjusted by applying the seasonal factors that are estimated for the index of household consumption of goods (see the documentation for seasonal adjustment of the index of household consumption of goods).

 

Pre-treatment

Pre-treatment routines/schemes

Pre-treatment is an adjustment for variations caused by calendar effects and outliers.

  • We run a pre-treatment of some series/main series.

Calendar adjustment

Calendar adjustment involves adjusting for the effects of working days/trading days and for moving holidays. Working days/trading days adjustments are made for both the number of working days/trading days and for the varying composition of days from one month to another.

  • It is performed calendar adjustments on all series showing significant and plausible calendar effects within a statistically robust approach, such as regression or RegARIMA (a regression model with an ARIMA structure for the residuals).

Methods for trading/working day adjustment

  • RegARIMA correction – in this case, the effect of trading days is estimated in a RegArima framework. The effect of trading days can be estimated by using a correction for the length of the month or leap year, regressing the series on the number of working days, etc. In this case, the residuals will have an ARIMA structure.

Correction for moving holidays

  • We run an automati correction with X-12-ARIMA. The utomatic correction of raw data will be based on Norwegian holidays.

National and EU/euro area calendars

  • Use of the Norwegian calendar with X-12-ARIMA.

Treatment of outliers

Outliers, or extreme values, are abnormal values of the series

  • Outliers are detected automatically by the seasonal adjustment tool. The outliers are removed before seasonal adjustment is carried out, and then reintroduced into the seasonally adjusted data.

Model selection

Pre-treatment requires choosing an ARIMA model, as well as deciding whether the data should be log-transformed or not.

Decomposition scheme

The decomposition scheme specifies how the various components – basically trend-cycle, seasonal and irregular – combine to form the original series. The most frequently used decomposition schemes are the multiplicative and additive.

  • Manual selection of decomposition scheme after graphical inspection of the properties to the specific series.

Comments : Additive decomposition is used for series with (potential) negative values or values equal zero, otherwise multiplicative decomposition is used.

Seasonal adjustment

Choice of seasonal adjustment approach

  • X-12-ARIMA

Consistency between raw and seasonally adjusted data

In some series, consistency between raw and seasonally adjusted series is imposed.

  • No constraints are applied.

 

Consistency between aggregate/definition of seasonally adjusted data

In some series, consistency between seasonally adjusted aggregates and its components is imposed. For some series there is also a special relationship between the different series, e.g. GDP which equals production minus intermediate consumption.

  • Definitions and relationships that hold for unadjusted figures also apply for seasonally adjusted figures.

Comments : The supply side equals the use side also for seasonally adjusted figures. This implies that changes in stocks/statistical discrepancies are treated as a residual in the seasonally adjusted figures (balancing item). The series for gross value added are adjusted directly (see chapter 1.3) and are not required to match the difference between seasonally adjusted series for production and intermediate consumption (thus, vertical – not horizontal – consistency is imposed).

Direct versus indirect approach

Direct seasonal adjustment is performed if all time series, including aggregates, are seasonally adjusted on an individual basis. Indirect seasonal adjustment is performed if the seasonally adjusted estimate for a time series is derived by combining the estimates for two or more directly adjusted series.

  • Mixed indirect approach is applied

Comments : MNA uses aggregation routines outside X-12-ARIMA.

Horizon for estimating the model and the correction factors

When performing seasonal adjustment of a time series, it is possible to choose the period to be used in estimating the model and the correction factors. Correction factors are the factors used in the pre-treatment and seasonal adjustment of the series.

  • The whole time series is used to estimate the model and the correction factors

 

Audit procedures

General revision policy

Seasonally adjusted data may change due to a revision of the unadjusted (raw) data or the addition of new data. Such changes are called revisions, and there are several ways to deal with the problem of revisions when publishing the seasonally adjusted statistics.

  • Seasonally adjusted numbers are revised in accordance with a well-defined and publicly available revision policy and release calendar.

 

Concurrent versus current adjustment

  • The model, filters, outliers and regression parameters are re-identified and re-estimated as new or revised data become available.

Horizon for published revisions

  • The individual series will be revised when seasonal factors are re-estimated. Concerning the main aggregates the period of revisions is limited from the base year to the present.

Comments : This applies as long as the unadjusted figures before the base year remains unchanged. When a new base year is established, and the time series are updated, we use identical seasonal adjustment factors as before. This means that changes in seasonally adjusted data are only due to changes in the unadjusted data.

Quality of seasonal adjustment

Evaluation of seasonally adjustment data

  • Continuous/periodical evaluation using standard measures proposed by different seasonal adjustment tools.

 

Special cases

All series are sufficiently long to perform a seasonal adjustment.

 

Posting procedures

Data availability

  • Both unadjusted (raw), seasonally adjusted and sum rolling three months data are available.

Press releases

  • In addition to raw data, at least one of the following series is released: pre-treated, seasonally adjusted, seasonally plus working day adjusted trend-cycle series.
  • Both levels and growth rates are presented.
  • Empirical values are presented to evaluate revisions of data in earlier press releases.

References