361897
/en/nasjonalregnskap-og-konjunkturer/statistikker/knr/maaned
361897
statistikk
2018-12-11T08:00:00.000Z
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
true

National accounts

Updated

Next update

Key figures

0.2 %

seasonally adjusted three-month volume growth for GDP mainland Norway

Final expenditure and gross domestic product. Rolling three-month sum. Seasonally adjusted. Percentage change in volume12
20162017April 2018 - June 2018May 2018 - July 2018June 2018 - August 2018July 2018 - September 2018August 2018 - October 2018
1Figures from 2017 onwards are preliminary.
2Volume 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.
Gross domestic product1.22.00.41.01.20.60.2
Gross domestic product Mainland Norway1.12.00.60.80.60.30.2
Petroleum activities and ocean transport1.81.7-1.11.95.32.50.4
Final domestic use of goods and services2.02.61.01.30.00.1-0.3
Final consumption expenditure of households and NPISH1.32.21.10.50.2-0.20.1
Final consumption expenditure of general government2.12.50.30.30.30.30.4
Gross fixed capital formation (GFCF)5.23.67.06.3-1.40.81.4
Total exports1.1-0.21.21.61.20.8-0.1
Total imports3.31.63.02.6-2.3-0.7-1.7
 
Employed persons0.21.10.20.4
Total hours worked0.40.30.20.5

See more tables on this subject

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
March 2018April 2018May 2018June 2018July 2018August 2018September 2018October 2018
1Figures from 2017 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 NPISHs1.2-0.20.20.4-0.90.8-0.60.4
¬ Household final consumption expenditure1.2-0.20.30.4-0.90.9-0.70.4
¬¬ Goods2.4-0.40.2-0.5-2.12.3-1.4-0.2
¬¬ Services0.40.30.10.40.4-0.20.30.1
¬¬ Direct purchases abroad by resident households-1.3-2.22.02.9-0.4-0.8-2.64.7
¬¬ Direct purchases by non-residents-1.21.01.4-5.62.20.9-1.0-1.8
¬ Final consumption expenditure of NPISHs0.70.7-0.21.3-0.9-0.21.20.5
Final consumption expenditure of general governmen0.20.00.20.00.3-0.10.20.4
¬ Final consumption expenditure of central government0.4-0.10.30.10.00.20.30.6
¬¬¬ Central government, civilian0.4-0.10.30.10.00.20.30.6
¬¬¬ Central government, defence0.30.00.40.50.2-0.10.30.7
¬ Final consumption expenditure of local government0.00.10.1-0.20.5-0.40.10.3
Gross fixed capital formation (GFCF)0.65.58.4-9.93.4-0.77.1-3.3
¬ Extraction and transport via pipelines (GFCF)5.012.41.7-4.66.40.5-3.813.7
¬ Ocean transport (GFCF)235.482.5-93.033.5........
¬ Mainland Norway (GFCF)-0.73.511.1-11.12.8-0.69.2-7.0
¬¬ Mainland Norway excluding general government (GFCF)-1.24.45.0-7.12.4-0.13.1-0.5
¬¬¬ Industries (GFCF)-0.47.89.7-10.32.30.25.9-1.5
¬¬¬¬ Services activities incidential to extraction (GFCF)1.8-3.20.93.814.24.90.6-88.2
¬¬¬¬ Other services (GFCF)2.06.016.2-15.81.8-0.511.8-8.2
¬¬¬¬ Manufacturing and mining (GFCF)0.013.10.00.30.91.5-2.522.1
¬¬¬¬ Production of other goods (GFCF)-6.19.80.1-1.63.70.8-2.66.7
¬¬¬ Dwelling service (households) (GFCF)-2.4-0.8-2.7-1.32.6-0.7-1.71.5
¬¬¬ General government (GFCF)0.61.027.7-20.04.0-1.925.4-21.1
Acquisitions less disposals of valuables-6.015.3-3.7-0.5-0.82.0-5.719.5
Changes in stocks and statistical discrepancies38.3-39.5-31.697.90.4-42.96.634.9
Gross capital formation6.5-3.63.3-0.82.9-7.67.00.6
Final domestic use of goods and services2.5-1.21.10.00.5-2.01.80.5
Final demand from Mainland Norway (excl. changes in stocks)0.50.62.6-2.50.20.21.8-1.4
Final demand from general government0.20.25.1-4.40.9-0.44.8-4.3
Total exports-1.32.21.3-1.20.22.1-1.2-3.3
¬ Traditional goods (export)-4.01.42.10.0-3.88.5-7.83.5
¬ Crude oil and natural gas (export)-1.44.4-3.7-1.75.8-2.93.30.0
¬ Ships, oil platforms and aircraft (export)176.4-73.3889.8-19.6-52.550.280.6-85.4
¬ Services (export)0.32.60.5-1.01.3-0.3-1.1-8.9
Total use of goods and services1.5-0.31.2-0.30.4-1.01.0-0.5
Total imports5.4-0.63.7-4.31.5-3.45.6-4.3
¬ Tradisjonelle varer (import)3.91.1-3.30.73.2-4.41.92.2
¬ Crude oil and natural gas (import)96.6-30.726.2-20.0-6.36.312.8-16.1
¬ Ships, oil platforms and aircraft (import)97.4-26.5204.3-60.5-14.9-21.2224.8-62.7
¬ Services (import)1.00.70.70.20.4-0.8-0.8-3.8
Gross domestic product, market values20.2-0.20.31.00.1-0.1-0.50.8
Gross domestic product Mainland Norway, market values20.4-0.10.60.20.3-0.3-0.21.0
Petroleum activities and ocean transport3-0.9-1.0-1.57.4-1.40.7-2.4-0.4
Gross domestic product Mainland Norway, basic values0.20.10.50.20.3-0.40.00.8
¬ Mainland Norway excluding general government (GDP)0.20.10.60.30.2-0.50.01.1
¬¬ Manufacturing and mining (GDP)0.21.5-0.4-0.41.10.2-1.01.3
¬¬ Production of other goods (GDP)-0.9-1.61.00.62.1-5.00.85.2
¬¬ Service activities (GDP)0.50.20.60.4-0.40.50.00.1
¬ General government (GDP)0.20.20.20.00.50.00.1-0.2
Taxes and subsidies products1.8-1.51.2-0.40.10.5-1.82.2

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 volume123
January 2018 - March 2018February 2018 - April 2018March 2018 - May 2018April 2018 - June 2018May 2018 - July 2018June 2018 - August 2018July 2018 - September 2018August 2018 - October 2018
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.
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 NPISHs0.10.51.01.10.50.2-0.20.1
¬ Household final consumption expenditure0.00.41.01.00.50.2-0.20.0
¬¬ Goods-0.90.21.51.4-0.4-1.2-1.4-0.4
¬¬ Services0.50.60.70.80.90.80.70.4
¬¬ Direct purchases abroad by resident households2.80.1-1.1-0.81.93.00.8-0.3
¬¬ Direct purchases by non-residents2.7-1.9-1.9-2.3-1.4-2.8-1.0-0.9
¬ Final consumption expenditure of NPISHs1.91.51.41.41.10.80.20.6
Final consumption expenditure of general governmen0.10.10.30.30.30.30.30.4
¬ Final consumption expenditure of central government0.30.30.40.40.40.30.40.6
¬¬¬ Central government, civilian0.20.20.40.40.40.30.40.6
¬¬¬ Central government, defence0.80.50.50.60.90.90.80.7
¬ Final consumption expenditure of local government-0.1-0.10.10.10.30.20.20.1
Gross fixed capital formation (GFCF)-5.7-4.55.07.06.3-1.40.81.4
¬ Extraction and transport via pipelines (GFCF)-12.1-4.56.513.910.34.62.75.0
¬ Ocean transport (GFCF)..31.723.8-33.9........
¬ Mainland Norway (GFCF)-4.6-4.74.65.65.9-2.10.90.7
¬¬ Mainland Norway excluding general government (GFCF)-4.0-3.82.33.53.2-1.3-0.10.8
¬¬¬ Industries (GFCF)-5.0-4.66.49.08.0-0.90.01.3
¬¬¬¬ Services activities incidential to extraction (GFCF)-17.7-13.3-7.2-1.06.715.021.5-18.1
¬¬¬¬ Other services (GFCF)-9.0-10.36.58.99.3-4.6-1.5-0.7
¬¬¬¬ Manufacturing and mining (GFCF)-0.12.77.712.98.85.41.27.8
¬¬¬¬ Production of other goods (GFCF)4.27.96.27.64.44.32.33.2
¬¬¬ Dwelling service (households) (GFCF)-2.3-2.5-3.9-4.7-4.1-1.9-0.20.0
¬¬¬ General government (GFCF)-6.2-7.010.911.213.0-4.33.40.5
Acquisitions less disposals of valuables1.1-1.11.44.73.01.7-3.03.6
Changes in stocks and statistical discrepancies25.119.3-7.0-24.8-11.84.5-2.5-20.0
Gross capital formation-1.5-1.33.21.63.3-0.60.4-1.6
Final domestic use of goods and services-0.4-0.11.51.01.30.00.1-0.3
Final demand from Mainland Norway (excl. changes in stocks)-1.0-0.81.61.81.6-0.30.20.3
Final demand from general government-1.1-1.32.22.22.6-0.60.90.4
Total exports0.4-0.90.21.21.61.20.8-0.1
¬ Traditional goods (export)-0.70.1-0.41.40.32.0-0.51.3
¬ Crude oil and natural gas (export)-0.80.40.40.7-0.60.12.42.4
¬ Ships, oil platforms and aircraft (export)71.4-77.5-31.2-13.7254.619.04.6-19.4
¬ Services (export)1.00.92.02.22.10.90.2-3.4
Total use of goods and services-0.2-0.31.21.11.40.30.3-0.3
Total imports-1.9-1.74.13.02.6-2.3-0.7-1.7
¬ Tradisjonelle varer (import)-0.60.22.11.40.1-0.60.1-0.2
¬ Crude oil and natural gas (import)8.98.531.42.11.2-20.1-5.7-3.9
¬ Ships, oil platforms and aircraft (import)-24.3-40.978.050.672.8-43.9-15.2-16.5
¬ Services (import)-2.1-0.51.21.91.70.8-0.1-2.3
Gross domestic product, market values0.40.10.20.41.01.20.60.2
Gross domestic product Mainland Norway, market values0.50.50.70.60.80.60.30.2
Petroleum activities and ocean transport-0.7-2.2-3.0-1.11.95.32.50.4
Gross domestic product Mainland Norway, basic values0.60.50.60.70.90.70.40.2
¬ Mainland Norway excluding general government (GDP)0.70.60.70.81.00.70.30.1
¬¬ Manufacturing and mining (GDP)-0.20.20.91.10.80.70.50.5
¬¬ Production of other goods (GDP)1.20.2-0.7-0.90.70.4-0.3-1.3
¬¬ Service activities (GDP)0.70.81.01.11.10.80.40.4
¬ General government (GDP)0.40.30.40.40.50.50.60.3
Taxes and subsidies products-0.10.10.90.30.50.1-0.10.0

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
201620173rd quarter 20174th quarter 20171st quarter 20182nd quarter 20183rd quarter 2018
1Figures from 2017 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 412 4371 471 764363 155390 874360 463387 177376 607
¬ Household final consumption expenditure1 335 7851 391 556345 389369 227339 590364 775357 765
¬¬ Goods616 187634 565156 136173 414151 967165 634160 330
¬¬ Services653 016683 128172 470173 657171 029180 072180 278
¬¬ Direct purchases abroad by resident households110 297118 49836 26628 29424 49931 31436 799
¬¬ Direct purchases by non-residents-43 715-44 634-19 483-6 139-7 905-12 246-19 642
¬ Final consumption expenditure of NPISHs76 65280 20817 76621 64820 87322 40218 842
Final consumption expenditure of general governmen759 622797 402198 249200 821203 043214 687206 743
¬ Final consumption expenditure of central government384 318401 27699 410101 846101 614107 374103 860
¬¬¬ Central government, civilian339 917355 55288 34789 87790 19795 00192 057
¬¬¬ Central government, defence44 40145 72511 06311 96911 41812 37311 803
¬ Final consumption expenditure of local government375 304396 12698 83998 975101 428107 313102 883
 
Gross fixed capital formation (GFCF)790 306824 553203 271214 244191 590213 840213 639
¬ Extraction and transport via pipelines (GFCF)165 374150 94935 35239 43231 90738 88339 777
¬ Ocean transport (GFCF)12 2724 1361 89546922628-322
¬ Mainland Norway (GFCF)612 660669 467166 023174 766158 761174 328174 184
¬¬ Industries (GFCF)265 758295 78174 20278 57768 01079 61976 872
¬¬¬ Services activities incidential to extraction (GFCF)2 1012 481777905898633979
¬¬¬ Other services (GFCF)164 823188 39346 14148 02642 95648 54545 962
¬¬¬ Manufacturing and mining (GFCF)37 38737 2388 27312 0338 69910 5939 944
¬¬¬ Production of other goods (GFCF)61 44767 66919 01117 61315 45719 84819 986
¬¬ welling service (households) (GFCF)181 394198 59050 12549 28846 64745 59345 684
¬¬ General government (GFCF)165 508175 09741 69746 90144 10449 11651 628
Acquisitions less disposals of valuables3924249011911512498
Changes in stocks and statistical discrepancies105 366106 07514 33734 12450 61731 82514 193
Gross capital formation896 064931 052217 697248 487242 322245 789227 930
 
Final domestic use of goods and services3 068 1233 200 218779 101840 182805 827847 653811 281
Final demand from Mainland Norway (excl. changes in stocks)2 784 7192 938 633727 427766 461722 266776 192757 534
Final demand from general government925 130972 499239 946247 722247 146263 803258 372
 
Total exports1 098 6011 196 940289 109316 742310 801331 841348 305
¬ Traditional goods (export)355 679381 31293 355100 64999 496105 18799 771
¬ Crude oil and natural gas (export)373 694459 457101 826127 976129 794133 415146 611
¬ Ships, oil platforms and aircraft (export)17 24014 2151 8052 1533 5163 1292 988
¬ Services (export)351 988341 95792 12285 96477 99690 11098 935
 
Total use of goods and services4 166 7244 397 1581 068 2101 156 9241 116 6281 179 4931 159 585
 
Total imports1 047 4281 092 720270 986288 165264 488297 466292 218
¬ Tradisjonelle varer (import)597 231635 645153 355171 351161 307176 023168 821
¬ Crude oil and natural gas (import)8 68313 5293 3563 7725 5596 7765 412
¬ Ships, oil platforms and aircraft (import)50 71850 0199 56910 4918 88911 6839 547
¬ Services (import)390 796393 527104 706102 55188 733102 984108 438
 
Gross domestic product, market values23 119 2963 304 439797 223868 759852 140882 027867 368
Gross domestic product Mainland Norway, market values22 712 7522 798 110684 640723 841708 050732 100706 624
 
Petroleum activities and ocean transport3406 544506 328112 583144 917144 090149 927160 744
Gross domestic product Mainland Norway, basic values2 353 9892 422 924590 463625 315615 773633 280607 011
¬ Mainland Norway excluding general government (GDP)1 767 1191 808 197437 800471 345460 462465 858448 311
¬¬ Manufacturing and mining (GDP)208 315213 59351 05253 89653 38153 22748 972
¬¬ Production of other goods (GDP)307 695324 11179 85287 15590 38580 08385 953
¬¬ Service activities (GDP)1 251 1091 270 494306 895330 294316 696332 548313 386
¬ General government (GDP)586 870614 728152 663153 969155 311167 422158 700
Taxes and subsidies products358 763375 18694 17798 52792 27898 82199 613

Table 4 
Final expenditure and gross domestic product. Quarter and year. At constant 2016-prices. NOK million

Final expenditure and gross domestic product. Quarter and year. At constant 2016-prices. NOK million1
201620173rd quarter 20174th quarter 20171st quarter 20182nd quarter 20183rd quarter 2018
1Figures from 2017 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 412 4371 443 444356 191380 965349 918372 316361 568
¬ Household final consumption expenditure1 335 7851 364 740338 331360 203329 321351 202343 084
¬¬ Goods616 187625 914154 465170 103147 170160 010153 505
¬¬ Services653 016669 032168 245169 656166 027172 198172 225
¬¬ Direct purchases abroad by resident households110 297113 23634 50526 41423 76430 61235 790
¬¬ Direct purchases by non-residents-43 715-43 441-18 883-5 970-7 640-11 618-18 436
¬ Final consumption expenditure of NPISHs76 65278 70417 86020 76220 59721 11318 484
Final consumption expenditure of general governmen759 622778 468194 519196 979197 106199 190198 257
¬ Final consumption expenditure of central government384 318391 08997 95599 02499 13999 69399 974
¬¬¬ Central government, civilian339 917346 23186 72887 65687 76188 25688 414
¬¬¬ Central government, defence44 40144 85811 22811 36811 37811 43711 560
¬ Final consumption expenditure of local government375 304387 37996 56497 95597 96799 49798 283
 
Gross fixed capital formation (GFCF)790 306818 871203 267211 413187 896208 827208 171
¬ Extraction and transport via pipelines (GFCF)165 374159 14738 24041 71134 06341 82643 016
¬ Ocean transport (GFCF)12 2723 9021 85741847595-338
¬ Mainland Norway (GFCF)612 660655 822163 170169 661152 986166 406165 492
¬¬Næringer (bruttoinvestering)265 758290 34573 38476 39665 60576 22873 428
¬¬¬ Services activities incidential to extraction (GFCF)2 1012 436772879870608941
¬¬¬ Other services (GFCF)164 823185 02645 67046 75841 44546 51843 963
¬¬¬ Manufacturing and mining (GFCF)37 38736 4508 16211 6608 38410 1099 484
¬¬¬ Production of other goods (GFCF)61 44766 43418 78017 10014 90718 99219 039
¬¬ Dwelling service (households) (GFCF)181 394194 01748 87947 70444 91243 27843 021
¬¬ General government (GFCF)165 508171 46040 90745 56042 46946 90049 043
Acquisitions less disposals of valuables3924148811611011793
Changes in stocks and statistical discrepancies105 366107 79915 82534 75547 42028 60614 867
Gross capital formation896 064927 084219 179246 284235 426237 551223 131
 
Final domestic use of goods and services3 068 1233 148 996769 889824 228782 449809 057782 956
Final demand from Mainland Norway (excl. changes in stocks)2 784 7192 877 734713 880747 605700 010737 913725 317
Final demand from general government925 130949 927235 426242 540239 575246 090247 300
 
Total exports1 098 6011 096 104276 462274 868263 420271 348278 893
¬ Traditional goods (export)355 679361 64689 52295 84189 56292 39789 689
¬ Crude oil and natural gas (export)373 694379 33392 70793 07294 41785 70989 062
¬ Ships, oil platforms and aircraft (export)17 24014 4591 8832 1743 6793 2343 061
¬ Services (export)351 988340 66692 35083 78175 76290 00897 081
 
Total use of goods and services4 166 7244 245 1001 046 3521 099 0961 045 8701 080 4051 061 849
 
Total imports1 047 4281 064 025266 991273 632249 053280 413273 921
¬ Tradisjonelle varer (import)597 231613 190149 986161 064149 699162 810155 083
¬ Crude oil and natural gas (import)8 68310 9742 8512 7083 8674 2273 292
¬ Ships, oil platforms and aircraft (import)50 71849 6249 76810 3158 49811 7679 453
¬ Services (import)390 796390 237104 38799 54586 989101 609106 093
 
Gross domestic product, market values23 119 2963 181 071779 356825 464796 816799 991787 928
Gross domestic product Mainland Norway, market values22 712 7522 767 631678 501721 348693 482703 909690 254
 
Petroleum activities and ocean transport406 544413 440100 856104 116103 33596 08297 674
Gross domestic product Mainland Norway, basic values2 353 9892 398 334586 010625 267604 537610 392597 868
¬ Mainland Norway excluding general government (GDP)1 767 1191 797 870435 790473 192453 169456 885443 873
¬¬ Manufacturing and mining (GDP)208 315208 28949 21553 82251 58053 23750 023
¬¬ Production of other goods (GDP)307 695316 78478 38786 90683 38273 67978 213
¬¬ Service activities (GDP)1 251 1091 272 797308 189332 464318 206329 970315 638
¬ General government (GDP)586 870600 464150 219152 075151 368153 507153 996
Taxes and subsidies products358 763369 29792 49196 08188 94593 51792 385

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
201620173rd quarter 20174th quarter 20171st quarter 20182nd quarter 20183rd quarter 2018
1Figures from 2017 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 NPISHs1.32.22.72.40.73.81.5
¬ Household final consumption expenditure1.22.22.72.30.83.51.4
¬¬ Goods0.51.62.52.51.32.5-0.6
¬¬ Services2.52.52.42.40.14.22.4
¬¬ Direct purchases abroad by resident households0.72.74.40.54.53.53.7
¬¬ Direct purchases by non-residents8.1-0.61.41.18.80.5-2.4
¬ Final consumption expenditure of NPISHs2.52.72.32.9-0.59.03.5
Final consumption expenditure of general governmen2.12.52.23.12.52.31.9
¬ Final consumption expenditure of central government2.71.81.62.12.62.32.1
¬¬¬ Central government, civilian3.11.91.62.02.62.21.9
¬¬¬ Central government, defence-0.51.01.22.52.52.53.0
¬ Final consumption expenditure of local government1.53.22.84.22.52.31.8
 
Gross fixed capital formation (GFCF)5.23.60.42.2-5.01.22.4
¬ Extraction and transport via pipelines (GFCF)-16.0-3.8-9.71.5-9.30.512.5
¬ Ocean transport (GFCF)..-68.2-65.2-98.9-13.8-41.7..
¬ Mainland Norway (GFCF)10.77.05.44.6-3.91.61.4
¬¬ Industries (GFCF)16.59.310.06.2-6.68.40.1
¬¬¬ Services activities incidential to extraction (GFCF)-57.315.9282.873.265.8133.322.0
¬¬¬ Other services (GFCF)22.412.37.39.6-11.71.9-3.7
¬¬¬ Manufacturing and mining (GFCF)16.3-2.5-2.50.4-0.723.516.2
¬¬¬ Production of other goods (GFCF)9.18.120.5-0.44.017.11.4
¬¬ Dwelling service (households) (GFCF)6.67.07.7-1.3-7.6-11.4-12.0
¬¬ General government (GFCF)6.73.6-4.18.75.15.219.9
Acquisitions less disposals of valuables4.05.53.36.80.415.75.9
Changes in stocks and statistical discrepancies-11.92.35.143.3-4.2269.6-6.0
Gross capital formation2.83.50.76.5-4.810.91.8
 
Final domestic use of goods and services2.02.62.03.7-0.65.41.7
Final demand from Mainland Norway (excl. changes in stocks)3.53.33.23.10.12.91.6
Final demand from general government2.92.71.04.13.02.85.0
 
Total exports1.1-0.21.5-3.9-2.8-0.90.9
¬ Traditional goods (export)-8.61.72.09.61.54.90.2
¬ Crude oil and natural gas (export)4.91.57.0-7.0-5.2-8.8-3.9
¬ Ships, oil platforms and aircraft (export)44.9-16.1-40.0-76.7-50.710.262.5
¬ Services (export)5.1-3.2-2.5-5.90.01.45.1
 
Total use of goods and services1.71.91.91.7-1.23.71.5
 
Total imports3.31.6-1.12.2-2.64.72.6
¬ Tradisjonelle varer (import)-0.12.71.24.8-0.27.03.4
¬ Crude oil and natural gas (import)-5.226.412.464.270.134.515.5
¬ Ships, oil platforms and aircraft (import)42.6-2.2-35.9-25.2-47.9-11.0-3.2
¬ Services (import)5.4-0.10.40.9-0.12.41.6
 
Gross domestic product, market values21.22.02.91.6-0.73.41.1
Gross domestic product Mainland Norway, market values21.12.02.02.6-0.34.71.7
 
Petroleum activities and ocean transport31.81.79.9-4.7-3.4-5.4-3.2
Gross domestic product Mainland Norway, basic values0.91.91.72.5-0.35.12.0
¬ Mainland Norway excluding general government (GDP)0.61.71.62.5-1.16.11.9
¬¬ Manufacturing and mining (GDP)-4.90.0-0.21.9-4.64.01.6
¬¬ Production of other goods (GDP)1.63.02.74.71.26.6-0.2
¬¬ Service activities (GDP)1.41.71.72.1-1.16.32.4
¬ General government (GDP)1.92.31.92.62.42.12.5
Taxes and subsidies products2.02.93.72.6-0.62.5-0.1

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
201620173rd quarter 20174th quarter 20171st quarter 20182nd quarter 20183rd quarter 2018
1Figures from 2017 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 NPISHs3.02.01.81.92.11.72.2
¬ Household final consumption expenditure3.02.01.81.92.11.72.1
¬¬ Goods3.51.40.50.52.22.13.3
¬¬ Services2.52.12.32.01.92.12.1
¬¬ Direct purchases abroad by resident households3.34.65.210.82.4-2.5-2.2
¬¬ Direct purchases by non-residents2.92.72.52.31.82.73.3
¬ Final consumption expenditure of NPISHs3.01.92.52.02.11.52.5
Final consumption expenditure of general governmen2.02.42.92.22.42.52.3
¬ Final consumption expenditure of central government1.52.63.22.31.92.12.4
¬¬¬ Central government, civilian1.42.73.42.21.82.12.2
¬¬¬ Central government, defence2.41.91.52.62.81.93.6
¬ Final consumption expenditure of local government2.52.32.52.12.82.82.3
 
Gross fixed capital formation (GFCF)1.30.70.41.01.91.12.6
¬ Extraction and transport via pipelines (GFCF)-2.4-5.2-5.8-4.1-2.8-3.20.0
¬ Ocean transport (GFCF)4.36.01.710.63.3-6.9-6.6
¬ Mainland Norway (GFCF)2.32.11.82.32.82.13.4
¬¬ Industries (GFCF)2.21.91.72.12.81.73.5
¬¬¬ Services activities incidential to extraction (GFCF)2.91.89.11.01.91.53.2
¬¬¬ Other services (GFCF)2.21.81.61.42.91.53.5
¬¬¬ Manufacturing and mining (GFCF)2.82.22.43.72.62.23.4
¬¬¬ Production of other goods (GFCF)2.01.91.52.82.92.13.7
¬¬ Dwelling service (households) (GFCF)2.72.42.12.52.82.83.6
¬¬ General government (GFCF)2.12.11.72.42.82.23.3
Acquisitions less disposals of valuables8.32.6-0.6-0.22.52.63.2
Changes in stocks and statistical discrepancies1.4-1.6-5.1-5.26.47.85.4
Gross capital formation1.30.40.00.22.82.12.8
 
Final domestic use of goods and services2.31.61.61.52.41.92.4
Final demand from Mainland Norway (excl. changes in stocks)2.62.12.12.12.32.02.5
Final demand from general government2.02.42.72.22.42.42.5
 
Total exports-7.69.26.510.76.814.819.4
¬ Traditional goods (export)4.05.44.02.85.56.26.7
¬ Crude oil and natural gas (export)-20.021.112.822.811.037.549.9
¬ Ships, oil platforms and aircraft (export)3.4-1.7-4.50.3-2.5-3.31.8
¬ Services (export)-3.00.42.85.02.90.92.2
 
Total use of goods and services-0.53.62.93.83.55.27.0
 
Total imports1.32.72.75.15.13.15.1
¬ Tradisjonelle varer (import)1.83.73.35.45.54.36.5
¬ Crude oil and natural gas (import)-16.023.313.025.021.535.739.6
¬ Ships, oil platforms and aircraft (import)1.90.81.81.54.8-3.93.1
¬ Services (import)1.00.81.54.13.30.31.9
 
Gross domestic product, market values2-1.13.92.93.43.05.97.6
Gross domestic product Mainland Norway, market values22.41.11.10.11.51.31.5
 
Petroleum activities and ocean transport3-19.722.515.424.511.637.447.4
Gross domestic product Mainland Norway, basic values2.41.01.1-0.11.11.00.8
¬ Mainland Norway excluding general government (GDP)2.60.60.4-0.70.80.50.5
¬¬ Manufacturing and mining (GDP)-0.12.51.72.21.1-4.0-5.6
¬¬ Production of other goods (GDP)9.32.31.6-5.03.56.07.9
¬¬ Service activities (GDP)1.5-0.2-0.1-0.1-0.10.0-0.3
¬ General government (GDP)1.72.43.21.92.32.61.4
Taxes and subsidies products2.71.61.31.44.13.35.9

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
201620173rd quarter 20174th quarter 20171st quarter 20182nd quarter 20183rd quarter 2018
1Figures from 2017 onwards are prelimanry
2Includes oil and gas extraction, transport via pipelines and ocean transport.
Final consumption expenditure of households and NPISHs1 412 4371 471 764370 692375 658376 399383 483386 403
¬ Household final consumption expenditure1 335 7851 391 556350 564355 090355 580362 233364 840
¬¬ Goods616 187634 565160 038162 259161 973166 277166 507
¬¬ Services653 016683 128171 952173 600175 117177 707179 881
¬¬ Direct purchases abroad by resident households110 297118 49830 00730 60530 08129 67329 960
¬¬ Direct purchases by non-residents-43 715-44 634-11 433-11 375-11 591-11 424-11 508
¬ Final consumption expenditure of NPISHs76 65280 20820 12820 56920 81921 25121 562
Final consumption expenditure of general governmen759 622797 402200 298204 079205 104207 218208 885
¬ Final consumption expenditure of central government384 318401 276100 980102 014102 962104 207105 503
¬¬¬ Central government, civilian339 917355 55289 56290 28991 16292 34993 320
¬¬¬ Central government, defence44 40145 72511 41811 72511 80011 85812 182
¬ Final consumption expenditure of local government375 304396 12699 317102 065102 142103 010103 382
 
Gross fixed capital formation (GFCF)790 306824 553204 105209 677197 694211 469214 473
¬ Extraction and transport via pipelines (GFCF)165 374150 94934 45139 41333 65138 05838 876
¬ Ocean transport (GFCF)12 2724 1361 89254942605-326
¬ Mainland Norway (GFCF)612 660669 467167 762170 210163 101172 805175 922
¬¬ Industries (GFCF)265 758295 78175 84975 23571 40277 92378 518
¬¬¬ Services activities incidential to extraction (GFCF)2 1012 4818138397498121 014
¬¬¬ Other services (GFCF)164 823188 39347 39647 45443 46147 35947 217
¬¬¬ Manufacturing and mining (GFCF)37 38737 2389 24110 0479 54310 76910 912
¬¬¬ Production of other goods (GFCF)61 44767 66918 40016 89417 65018 98419 375
¬¬ Dwelling service (households) (GFCF)181 394198 59050 14448 36247 56445 58345 703
¬¬ General government (GFCF)165 508175 09741 76946 61344 13549 30051 701
Acquisitions less disposals of valuables392424104107107113109
Changes in stocks and statistical discrepancies105 366106 07528 66630 12542 07133 72735 963
Gross capital formation896 064931 052232 875239 908239 872245 309250 545
 
Final domestic use of goods and services3 068 1233 200 218803 864819 646821 375836 011845 832
Final demand from Mainland Norway (excl. changes in stocks)2 784 7192 938 633738 751749 947744 604763 507771 210
Final demand from general government925 130972 499242 067250 692249 239256 517260 586
 
Total exports1 098 6011 196 940293 931305 392314 623337 111352 199
¬ Traditional goods (export)355 679381 31297 09399 394100 647103 945103 314
¬ Crude oil and natural gas (export)373 694459 457109 590118 006124 563140 974153 726
¬ Ships, oil platforms and aircraft (export)17 24014 2151 8052 1533 5163 1292 988
¬ Services (export)351 988341 95785 44285 84085 89789 06392 171
 
Total use of goods and services4 166 7244 397 1581 097 7951 125 0381 135 9981 173 1211 198 031
 
Total imports1 047 4281 092 720271 973283 103280 100290 402291 875
¬ Tradisjonelle varer (import)597 231635 645159 843167 117167 934171 916174 554
¬ Crude oil and natural gas (import)8 68313 5293 6054 2545 3086 2485 691
¬ Ships, oil platforms and aircraft (import)50 71850 0199 90710 5768 36311 5869 927
¬ Services (import)390 796393 52798 619101 15698 495100 652101 702
 
Gross domestic product, market values3 119 2963 304 439825 822841 935855 898882 719906 156
Gross domestic product Mainland Norway, market values2 712 7522 798 110703 435708 422718 324724 135731 366
 
Petroleum activities and ocean transport2406 544506 328122 387133 513137 574158 584174 790
Gross domestic product Mainland Norway, basic values2 353 9892 422 924609 274612 805621 661626 261631 575
¬ Mainland Norway excluding general government (GDP)1 767 1191 808 197454 722456 059463 526466 435470 917
¬¬ Manufacturing and mining (GDP)208 315213 59353 56753 71553 75852 82551 898
¬¬ Production of other goods (GDP)307 695324 11181 77881 50086 74388 04690 307
¬¬ Service activities (GDP)1 251 1091 270 494319 377320 843323 025325 564328 711
¬ General government (GDP)586 870614 728154 552156 746158 135159 825160 659
Taxes and subsidies products358 763375 18694 16195 61796 66397 87599 791

Table 8 
Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. At constant 2015-prices. NOK million

Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. At constant 2015-prices. NOK million1
201620173rd quarter 20174th quarter 20171st quarter 20182nd quarter 20183rd quarter 2018
1Figures from 2017 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 412 4371 443 444363 251365 716365 948369 764369 151
¬ Household final consumption expenditure1 335 7851 364 740343 551345 796345 682349 199348 577
¬¬ Goods616 187625 914158 093159 221158 112160 345158 173
¬¬ Services653 016669 032167 856168 872169 588170 936172 041
¬¬ Direct purchases abroad by resident households110 297113 23628 69528 56729 18028 88629 228
¬¬ Direct purchases by non-residents-43 715-43 441-11 092-10 864-11 199-10 967-10 864
¬ Final consumption expenditure of NPISHs76 65278 70419 69919 92020 26620 56520 574
Final consumption expenditure of general governmen759 622778 468194 790197 520197 457198 026198 549
¬ Final consumption expenditure of central government384 318391 08997 90699 11299 21499 58299 929
¬¬¬ Central government, civilian339 917346 23186 69687 78687 80388 11988 387
¬¬¬ Central government, defence44 40144 85811 21011 32611 41111 46211 542
¬ Final consumption expenditure of local government375 304387 37996 88398 40898 24398 44498 620
 
Gross fixed capital formation (GFCF)790 306818 871203 222207 025194 044207 112208 126
¬ Extraction and transport via pipelines (GFCF)165 374159 14736 91441 71936 20741 00041 691
¬ Ocean transport (GFCF)12 2723 9021 85249866573-343
¬ Mainland Norway (GFCF)612 660655 822164 456165 258156 972165 538166 778
¬¬ Industries (GFCF)265 758290 34574 63173 21868 94474 82074 676
¬¬¬ Services activities incidential to extraction (GFCF)2 1012 436803819725782972
¬¬¬ Other services (GFCF)164 823185 02646 69246 32141 86445 51544 985
¬¬¬ Manufacturing and mining (GFCF)37 38736 4509 0239 6719 28810 33410 345
¬¬¬ Production of other goods (GFCF)61 44766 43418 11416 40717 06718 19018 373
¬¬ Dwelling service (households) (GFCF)181 394194 01748 96746 74645 60243 45843 109
¬¬ General government (GFCF)165 508171 46040 85745 29342 42647 26048 993
Acquisitions less disposals of valuables392414104107107113109
Changes in stocks and statistical discrepancies105 366107 79929 20432 19939 46430 10429 903
Gross capital formation896 064927 084232 530239 331233 615237 329238 138
 
Final domestic use of goods and services3 068 1233 148 996790 570802 567797 019805 118805 839
Final demand from Mainland Norway (excl. changes in stocks)2 784 7192 877 734722 496728 494720 376733 328734 478
Final demand from general government925 130949 927235 646242 813239 883245 286247 542
 
Total exports1 098 6011 096 104274 255268 619270 042274 692277 196
¬ Traditional goods (export)355 679361 64692 35092 48291 59492 89392 400
¬ Crude oil and natural gas (export)373 694379 33395 35090 45289 45990 14392 115
¬ Ships, oil platforms and aircraft (export)17 24014 4591 8832 1743 6793 2343 061
¬ Services (export)351 988340 66684 67183 51085 30988 42289 621
 
Total use of goods and services4 166 7244 245 1001 064 8251 071 1851 067 0611 079 8101 083 035
 
Total imports1 047 4281 064 025266 105270 852264 134273 272271 845
¬ Tradisjonelle varer (import)597 231613 190154 467157 775156 881158 966158 893
¬ Crude oil and natural gas (import)8 68310 9742 9433 1943 7433 7963 437
¬ Ships, oil platforms and aircraft (import)50 71849 62410 13411 7097 34611 2669 691
¬ Services (import)390 796390 23798 56198 17596 16499 24599 824
 
Gross domestic product, market values23 119 2963 181 071798 720800 333802 927806 538811 190
Gross domestic product Mainland Norway, market values22 712 7522 767 631693 452699 662702 822707 466709 437
 
Petroleum activities and ocean transport3406 544413 440105 268100 671100 10599 073101 752
Gross domestic product Mainland Norway, basic values2 353 9892 398 334600 735606 757610 177614 638616 689
¬ Mainland Norway excluding general government (GDP)1 767 1191 797 870450 547455 085457 871461 630462 735
¬¬ Manufacturing and mining (GDP)208 315208 28952 04652 61252 49453 11753 374
¬¬ Production of other goods (GDP)307 695316 78479 54681 01481 59880 90380 495
¬¬ Service activities (GDP)1 251 1091 272 797318 955321 459323 779327 610328 866
¬ General government (GDP)586 870600 464150 188151 672152 306153 009153 954
Taxes and subsidies products358 763369 29792 71792 90592 64592 82892 748

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
201620173rd quarter 20174th quarter 20171st quarter 20182nd quarter 20183rd quarter 2018
1Figures from 2017 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 NPISHs1.32.20.90.70.11.0-0.2
¬ Household final consumption expenditure1.22.20.90.70.01.0-0.2
¬¬ Goods0.51.60.90.7-0.71.4-1.4
¬¬ Services2.52.50.70.60.40.80.6
¬¬ Direct purchases abroad by resident households0.72.72.7-0.42.1-1.01.2
¬¬ Direct purchases by non-residents8.1-0.63.2-2.13.1-2.1-0.9
¬ Final consumption expenditure of NPISHs2.52.70.81.11.71.50.0
Final consumption expenditure of general governmen2.12.50.61.40.00.30.3
¬ Final consumption expenditure of central government2.71.80.51.20.10.40.3
¬¬¬ Central government, civilian3.11.90.61.30.00.40.3
¬¬¬ Central government, defence-0.51.00.21.00.80.40.7
¬ Final consumption expenditure of local government1.53.20.71.6-0.20.20.2
 
Gross fixed capital formation (GFCF)5.23.6-0.71.9-6.36.70.5
¬ Extraction and transport via pipelines (GFCF)-16.0-3.8-9.513.0-13.213.21.7
¬ Ocean transport (GFCF)..-68.285.4-97.41 680.5-33.8..
¬ Mainland Norway (GFCF)10.77.01.00.5-5.05.50.7
¬¬ Industries (GFCF)16.59.38.3-1.9-5.88.5-0.2
¬¬¬ Services activities incidential to extraction (GFCF)-57.315.984.82.1-11.67.924.3
¬¬¬ Other services (GFCF)22.412.34.5-0.8-9.68.7-1.2
¬¬¬ Manufacturing and mining (GFCF)16.3-2.57.37.2-4.011.30.1
¬¬¬ Production of other goods (GFCF)9.18.117.5-9.44.06.61.0
¬¬ Dwelling service (households) (GFCF)6.67.0-0.1-4.5-2.4-4.7-0.8
¬¬ General government (GFCF)6.73.6-9.110.9-6.311.43.7
Acquisitions less disposals of valuables4.05.57.02.80.15.7-3.6
Changes in stocks and statistical discrepancies-11.92.323.410.322.6-23.7-0.7
Gross capital formation2.83.51.82.9-2.41.60.3
 
Final domestic use of goods and services2.02.61.11.5-0.71.00.1
Final demand from Mainland Norway (excl. changes in stocks)3.53.30.80.8-1.11.80.2
Final demand from general government2.92.7-1.23.0-1.22.30.9
 
Total exports1.1-0.2-1.3-2.10.51.70.9
¬ Traditional goods (export)-8.61.72.00.1-1.01.4-0.5
¬ Crude oil and natural gas (export)4.91.5-2.0-5.1-1.10.82.2
¬ Ships, oil platforms and aircraft (export)44.9-16.1-35.815.469.2-12.1-5.3
¬ Services (export)5.1-3.2-2.7-1.42.23.61.4
 
Total use of goods and services1.71.90.50.6-0.41.20.3
 
Total imports3.31.60.31.8-2.53.5-0.5
¬ Tradisjonelle varer (import)-0.12.71.02.1-0.61.30.0
¬ Crude oil and natural gas (import)-5.226.417.38.517.21.4-9.4
¬ Ships, oil platforms and aircraft (import)42.6-2.2-21.215.5-37.353.3-14.0
¬ Services (import)5.4-0.11.6-0.4-2.03.20.6
 
Gross domestic product, market values21.22.00.50.20.30.40.6
Gross domestic product Mainland Norway, market values21.12.00.50.90.50.70.3
 
Petroleum activities and ocean transport31.81.70.6-4.4-0.6-1.02.7
Gross domestic product Mainland Norway, basic values0.91.90.51.00.60.70.3
¬ Mainland Norway excluding general government (GDP)0.61.70.51.00.60.80.2
¬¬ Manufacturing and mining (GDP)-4.90.0-1.11.1-0.21.20.5
¬¬ Production of other goods (GDP)1.63.01.01.80.7-0.9-0.5
¬¬ Service activities (GDP)1.41.70.70.80.71.20.4
¬ General government (GDP)1.92.30.31.00.40.50.6
Taxes and subsidies products2.02.90.90.2-0.30.2-0.1

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, figures for t-2 in August.

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