Sustained activity in the mainland-economy

Figures from the  National accounts show positive developments in most areas. Production of services, including finance activities and ICT services, was the biggest driver behind the three-month growth. The service industry combined, grew 0.8 per cent over the same period. Electricity production, fishing and aquaculture also contributed to growth over the three-month period. Monthly growth for August was pulled down by weak manufacturing figures. The decline in August must be seen in the context of strong monthly figures for July.

Production of other goods saw a 1.5 per cent increase in the three months to August. On a monthly basis, this aggregate fell 0.6 per cent. Manufacturing grew 1.0 per cent in June-August and declined 1.3 per cent from July to August. The summer holiday makes seasonally adjusted numbers for this period more uncertain.

Consumption

Household consumption increased 0.6 per cent for the period June-August compared with March-May. This is mainly due to a 0.9 per cent increase in the consumption of services, while retail consumption remained unchanged in the same period. Car sales, in particular, dampens retail consumption over the three-month period.

Foreigners’ purchases in Norway decreased 1.2 per cent in the three-month period, whereas Norwegian households’ purchases abroad grew 1.1 per cent. Public consumption grew of 0.6 per cent in June to August compared with March to May.

Investments

Gross investments grew 2.4 per cent in June to August and fell 0.4 per cent from July to August. Investment in dwellings grew 1.2 per cent over the three-month period and 0.3 per cent from July to August.

Good monthly information for other investments is lacking. This means that information on planned investments, as reported by firms in the industry, is used for petroleum, manufacturing, mining and power supply investments.

Imports and exports

Total exports fell 1.7 per cent from March-May to June-August, while exports of traditional goods fell 0.4 per. Imports of traditional goods fell 1.7 per cent over the same period, and total imports declined 1.0 per cent.

Revisions

With new monthly figures come revisions. The statistics used will not normally be subject to a revision, but seasonally adjusted series may, however, be changed. This is a consequence of new information being incorporated into the seasonal adjustment. As additional months are included in the data, the effect of new observations will become ever smaller.

Growth in mainland GDP Q2 2019 published in August, is revised downwards from 0.7 to 0.6 per cent. Monthly growth for July 2019 published in September is revised down from 1.0 to 0.8 per cent.