Corrected

Depreciation of fixed capital in General Government was adjusted October 19th. This leads to an adjustment of gross product and consumption in General Government in the period from January 2021 to August 2021.

National accounts

Updated: 19 November 2021

Next update: 9 December 2021

Seasonally adjusted volume growth for GDP mainland Norway
Seasonally adjusted volume growth for GDP mainland Norway
September 2021
0.6
%

Selected tables and figures from this statistics

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
February 2021March 2021April 2021May 2021June 2021July 2021August 2021September 2021
Final consumption expenditure of households and NPISHs0.4-0.60.23.12.62.01.21.1
¬ Household final consumption expenditure0.5-0.80.52.72.41.71.21.1
¬¬ Goods0.2-1.10.94.0-0.10.4-1.40.7
¬¬ Services0.3-0.40.60.54.41.94.21.7
¬¬ Direct purchases abroad by resident households-51.017.0-14.84.994.8147.736.123.6
¬¬ Direct purchases by non-residents-46.99.728.3-28.9-25.861.966.746.3
¬ Final consumption expenditure of NPISHs-1.13.6-5.410.97.08.00.61.0
Final consumption expenditure of general governmen-0.3-0.20.70.50.50.60.4-0.1
¬ Final consumption expenditure of central government-0.9-0.51.10.40.91.10.20.0
¬¬¬ Central government, civilian-1.1-0.61.20.41.01.30.2-0.2
¬¬¬ Central government, defence0.30.30.10.30.0-0.60.11.0
¬ Final consumption expenditure of local government0.30.00.30.50.20.10.7-0.2
Gross fixed capital formation (GFCF)2.54.0-2.9-1.92.2-2.04.6-1.8
¬ Extraction and transport via pipelines (GFCF)-2.34.73.12.3-0.45.40.1-1.3
¬ Ocean transport (GFCF)3 176.7-97.1116.08.9....-73.7189.3
¬ Mainland Norway (GFCF)1.06.5-4.3-2.93.1-4.15.9-2.0
¬¬ Mainland Norway excluding general government (GFCF)1.88.3-3.0-4.04.2-8.02.43.2
¬¬¬ Industries (GFCF)1.911.7-5.8-4.55.2-9.06.10.9
¬¬¬¬ Services activities incidential to extraction (GFCF)2.6-0.95.1-1.51.58.70.90.9
¬¬¬¬ Other services (GFCF)2.09.9-4.4-3.32.5-2.69.6-0.2
¬¬¬¬ Manufacturing and mining (GFCF)-0.53.10.9-0.72.5-9.4-1.42.6
¬¬¬¬ Production of other goods (GFCF)3.021.9-12.8-9.714.7-24.70.53.6
¬¬¬ Dwelling service (households) (GFCF)1.82.72.1-3.22.6-6.3-3.57.5
¬¬¬ General government (GFCF)-1.11.6-7.90.20.07.314.4-13.7
Acquisitions less disposals of valuables......200.8108.731.8-0.813.0
Changes in stocks and statistical discrepancies-33.7-84.2570.721.3-46.5-17.1104.518.9
Gross capital formation-2.3-3.95.40.2-3.3-3.09.90.2
Final domestic use of goods and services-0.6-1.51.81.50.30.23.40.5
Final demand from Mainland Norway (excl. changes in stocks)0.41.2-0.80.92.10.22.00.0
Final demand from general government-0.40.1-0.90.40.41.72.9-2.8
Total exports1.53.4-2.1-0.24.32.4-0.64.8
¬ Traditional goods (export)-0.37.7-7.70.56.3-6.11.94.8
¬ Crude oil and natural gas (export)2.71.82.70.00.81.25.22.3
¬ Ships, oil platforms and aircraft (export)1 177.2-44.77.8-54.6553.8133.2-83.2155.0
¬ Services (export)-1.81.9-1.90.00.97.00.94.7
Total use of goods and services0.0-0.10.71.01.40.82.21.7
Total imports2.2-0.43.10.81.91.93.20.2
¬ Tradisjonelle varer (import)0.14.0-1.16.00.5-0.50.00.9
¬ Crude oil and natural gas (import)17.4....-54.5-7.7-62.9-15.5189.6
¬ Ships, oil platforms and aircraft (import)131.1-2.6-12.1-36.047.521.6107.2-47.6
¬ Services (import)0.00.4-3.80.73.812.31.63.9
Gross domestic product, market values2 -0.60.00.01.11.30.51.92.2
Gross domestic product Mainland Norway, market values2 -0.6-0.10.21.21.00.61.00.6
Petroleum activities and ocean transport3 -0.70.3-1.20.82.90.06.910.2
Gross domestic product Mainland Norway, basic values-0.8-0.10.21.00.90.61.20.4
¬ Mainland Norway excluding general government (GDP)-0.80.00.01.11.00.51.40.5
¬¬ Manufacturing and mining (GDP)-1.80.10.50.4-0.80.9-1.0-0.4
¬¬ Production of other goods (GDP)-1.9-0.10.20.51.2-1.13.1-2.6
¬¬ Service activities (GDP)-0.30.0-0.11.41.30.91.31.4
¬ General government (GDP)-0.7-0.30.90.80.60.90.90.3
Taxes and subsidies products0.5-0.40.12.21.80.5-0.32.2
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
Depreciation of fixed capital in General Government was adjusted October 19th. This leads to an adjustment of gross product and consumption in General Government in the period from January 2021 to August 2021.
Explanation of symbols
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 volume1 2
December 2020 - February 2021January 2021 - March 2021February 2021 - April 2021March 2021 - May 2021April 2021 - June 2021May 2021 - July 2021June 2021 - August 2021July 2021 - September 2021
Final consumption expenditure of households and NPISHs-2.3-3.6-2.2-0.32.95.56.66.0
¬ Household final consumption expenditure-2.1-3.5-2.1-0.42.75.06.05.4
¬¬ Goods-0.6-2.6-2.30.02.84.32.60.9
¬¬ Services-4.0-4.8-2.2-0.92.24.47.88.6
¬¬ Direct purchases abroad by resident households-19.4-30.5-45.3-38.1-3.1156.6334.2400.0
¬¬ Direct purchases by non-residents-19.5-29.7-37.6-21.0-20.8-15.912.794.8
¬ Final consumption expenditure of NPISHs-5.9-5.8-4.31.26.016.318.717.5
Final consumption expenditure of general governmen0.0-1.7-1.3-0.50.91.41.61.3
¬ Final consumption expenditure of central government-1.4-3.2-2.6-1.11.01.92.31.9
¬¬¬ Central government, civilian-1.6-3.6-2.9-1.31.02.12.62.2
¬¬¬ Central government, defence-0.2-0.40.10.50.70.3-0.1-0.1
¬ Final consumption expenditure of local government1.3-0.2-0.10.20.80.90.90.8
Gross fixed capital formation (GFCF)-1.2-0.51.51.4-0.2-1.90.01.1
¬ Extraction and transport via pipelines (GFCF)0.7-3.1-0.73.86.97.65.95.5
¬ Ocean transport (GFCF)10.79.026.3-85.1-92.6-94.3-95.622.0
¬ Mainland Norway (GFCF)-1.70.01.81.7-0.9-3.2-1.30.0
¬¬ Mainland Norway excluding general government (GFCF)0.31.94.84.71.5-3.4-4.2-4.2
¬¬¬ Industries (GFCF)-0.72.96.05.70.5-4.5-4.2-3.2
¬¬¬¬ Services activities incidential to extraction (GFCF)5.925.518.19.94.85.58.410.3
¬¬¬¬ Other services (GFCF)-2.5-0.23.84.70.9-2.50.04.0
¬¬¬¬ Manufacturing and mining (GFCF)1.33.23.33.33.2-0.7-4.5-8.2
¬¬¬¬ Production of other goods (GFCF)2.810.813.49.9-2.1-11.9-14.7-19.1
¬¬¬ Dwelling service (households) (GFCF)2.00.22.83.03.2-1.5-4.3-5.7
¬¬¬ General government (GFCF)-6.3-4.7-5.7-6.1-7.2-2.57.012.0
Acquisitions less disposals of valuables-37.6-96.2-62.522.54 556.61 073.3474.7150.4
Changes in stocks and statistical discrepancies0.659.5-24.0-4.013.714.7-3.23.0
Gross capital formation-1.02.5-0.71.00.9-0.8-0.21.3
Final domestic use of goods and services-1.3-1.4-1.50.01.82.63.33.4
Final demand from Mainland Norway (excl. changes in stocks)-1.5-2.2-1.00.11.42.33.33.3
Final demand from general government-1.3-2.2-2.1-1.5-0.60.72.53.2
Total exports0.0-1.11.20.91.83.24.96.5
¬ Traditional goods (export)2.53.63.01.5-0.9-0.50.10.7
¬ Crude oil and natural gas (export)-1.6-4.40.92.15.13.44.36.1
¬ Ships, oil platforms and aircraft (export)144.066.8177.6-15.861.7187.1364.3149.9
¬ Services (export)-2.0-3.1-2.9-1.3-1.02.35.29.9
Total use of goods and services-1.0-1.3-0.80.31.82.73.74.3
Total imports-5.5-4.9-1.42.24.74.65.95.8
¬ Tradisjonelle varer (import)-5.1-4.0-2.04.75.86.83.72.1
¬ Crude oil and natural gas (import)10.9-18.230.6-4.281.0-32.9-49.6-64.3
¬ Ships, oil platforms and aircraft (import)-37.614.566.022.6-8.1-17.361.084.7
¬ Services (import)-4.2-7.9-6.2-4.9-1.94.912.018.1
Gross domestic product, market values3 0.4-0.2-0.6-0.31.02.23.13.8
Gross domestic product Mainland Norway, market values0.2-0.7-0.7-0.21.12.22.72.6
Petroleum activities and ocean transport4 1.42.7-0.3-1.00.22.15.510.7
Gross domestic product Mainland Norway, basic values0.3-0.5-0.6-0.10.92.02.52.5
¬ Mainland Norway excluding general government (GDP)0.4-0.2-0.4-0.10.82.02.62.7
¬¬ Manufacturing and mining (GDP)2.41.1-0.4-0.2-0.10.5-0.1-0.3
¬¬ Production of other goods (GDP)2.11.20.5-0.60.11.01.91.0
¬¬ Service activities (GDP)-0.4-0.8-0.60.11.22.53.33.6
¬ General government (GDP)0.2-1.1-1.1-0.31.22.02.32.2
Taxes and subsidies products-0.2-2.0-1.2-0.42.13.53.52.9
1Figures from 2019 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.
Depreciation of fixed capital in General Government was adjusted October 19th. This leads to an adjustment of gross product and consumption in General Government in the period from January 2021 to August 2021.
Explanation of symbols
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
201920203rd quarter 20204th quarter 20201st quarter 20212nd quarter 20213rd quarter 2021
Final consumption expenditure of households and NPISHs1 579 0811 500 036371 976398 555368 235390 528405 094
¬ Household final consumption expenditure1 493 6161 421 643354 751377 942349 165370 012384 762
¬¬ Goods680 414728 585186 911206 308181 873199 706199 952
¬¬ Services740 248680 638167 751171 958168 107171 060182 716
¬¬ Direct purchases abroad by resident households124 82429 5475 1452 1221 2701 6189 406
¬¬ Direct purchases by non-residents-51 870-17 126-5 056-2 445-2 085-2 371-7 312
¬ Final consumption expenditure of NPISHs85 46578 39217 22520 61319 07020 51620 333
Final consumption expenditure of general governmen867 706905 323224 291229 062233 220246 983238 211
¬ Final consumption expenditure of central government424 011449 794111 175115 428115 038121 274116 951
¬¬¬ Central government, civilian373 600396 35898 274101 561101 379106 815103 034
¬¬¬ Central government, defence50 41153 43612 90113 86713 65914 45913 917
¬ Final consumption expenditure of local government443 695455 529113 116113 634118 182125 710121 260
Gross fixed capital formation (GFCF)957 750932 072227 097258 397216 071234 853243 665
¬ Extraction and transport via pipelines (GFCF)178 797181 47343 83947 38841 45944 84150 240
¬ Ocean transport (GFCF)25 0535 9441 6951 6711 718147163
¬ Mainland Norway (GFCF)753 900744 655181 563209 338172 894189 866193 262
¬¬ Industries (GFCF)342 966334 53680 81090 43581 22187 34886 612
¬¬¬ Services activities incidential to extraction (GFCF)4 1762 801564576561678641
¬¬¬ Other services (GFCF)205 140202 87647 81654 71651 89153 51655 311
¬¬¬ Manufacturing and mining (GFCF)51 58248 82411 14314 70710 91312 14610 897
¬¬¬ Production of other goods (GFCF)82 06880 03521 28620 43617 85621 00819 763
¬¬ welling service (households) (GFCF)196 764192 76547 58950 40749 83353 40552 504
¬¬ General government (GFCF)214 170217 35453 16368 49641 83949 11354 146
Acquisitions less disposals of valuables405171273395196
Changes in stocks and statistical discrepancies105 738101 44517 86515 59343 94020 77710 779
Gross capital formation1 063 8931 033 687244 990274 023260 020255 682254 541
Final domestic use of goods and services3 510 6803 439 045841 256901 640861 474893 193897 847
Final demand from Mainland Norway (excl. changes in stocks)3 200 6873 150 013777 829836 955774 348827 377836 568
Final demand from general government1 081 8761 122 677277 455297 558275 059296 096292 358
Total exports1 292 2301 099 692256 347300 391327 574354 449442 854
¬ Traditional goods (export)433 623408 50795 986108 002112 803117 570122 311
¬ Crude oil and natural gas (export)463 255352 96379 522107 994137 031152 108219 736
¬ Ships, oil platforms and aircraft (export)12 4059 3702 3981 2571 6313 1098 115
¬ Services (export)382 947328 85278 44183 13876 10981 66292 692
Total use of goods and services4 802 9104 538 7381 097 6031 202 0311 189 0481 247 6421 340 700
Total imports1 239 4261 128 338274 903293 894265 305292 904313 124
¬ Tradisjonelle varer (import)736 304747 641186 987202 819186 425209 056212 922
¬ Crude oil and natural gas (import)24 37817 0223 9143 9255 1686 4433 799
¬ Ships, oil platforms and aircraft (import)35 78736 1999 2846 3076 6886 13611 477
¬ Services (import)442 957327 47674 71880 84367 02471 26884 926
Gross domestic product, market values2 3 563 4843 410 399822 700908 137923 743954 7381 027 576
Gross domestic product Mainland Norway, market values2 3 062 9743 042 961738 055798 859781 716800 476801 359
Petroleum activities and ocean transport3 500 510367 43884 646109 278142 027154 262226 217
Gross domestic product Mainland Norway, basic values2 664 3332 639 172636 419688 230683 052693 974692 467
¬ Mainland Norway excluding general government (GDP)1 989 1041 945 356464 183515 225504 921502 913510 352
¬¬ Manufacturing and mining (GDP)226 565228 89454 03059 78856 06959 69559 330
¬¬ Production of other goods (GDP)359 304328 02379 99389 05395 99984 173101 245
¬¬ Service activities (GDP)1 403 2351 388 440330 160366 384352 854359 045349 777
¬ General government (GDP)675 229693 816172 236173 005178 130191 061182 115
Taxes and subsidies products398 641403 789101 636110 62998 664106 502108 892
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.
Explanation of symbols
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
201920203rd quarter 20204th quarter 20201st quarter 20212nd quarter 20213rd quarter 2021
Final consumption expenditure of households and NPISHs1 579 0811 475 350367 519392 221352 348375 532391 571
¬ Household final consumption expenditure1 493 6161 399 898350 571372 932334 367356 648371 646
¬¬ Goods680 414724 943183 972203 675176 280193 215190 658
¬¬ Services740 248663 908166 805169 748158 940164 216179 397
¬¬ Direct purchases abroad by resident households124 82427 9184 7341 9291 1971 5258 626
¬¬ Direct purchases by non-residents-51 870-16 871-4 941-2 420-2 050-2 309-7 035
¬ Final consumption expenditure of NPISHs85 46575 45216 94819 28817 98018 88419 925
Final consumption expenditure of general governmen867 706883 555222 384228 962223 234226 452229 308
¬ Final consumption expenditure of central government424 011437 404110 213113 102109 688110 817111 834
¬¬¬ Central government, civilian373 600384 68696 92899 65696 21897 37598 339
¬¬¬ Central government, defence50 41152 71813 28513 44613 47013 44213 495
¬ Final consumption expenditure of local government443 695446 151112 171115 860113 546115 635117 474
Gross fixed capital formation (GFCF)957 750903 710220 729248 809206 338220 663225 505
¬ Extraction and transport via pipelines (GFCF)178 797171 48242 13444 17139 25041 64047 302
¬ Ocean transport (GFCF)25 0535 6251 6181 5121 659139149
¬ Mainland Norway (GFCF)753 900726 603176 977203 125165 429178 884178 054
¬¬Næringer (bruttoinvestering)342 966325 79878 81787 61777 68182 95980 960
¬¬¬ Services activities incidential to extraction (GFCF)4 1762 708550555535640605
¬¬¬ Other services (GFCF)205 140197 89846 75353 09649 66250 97551 976
¬¬¬ Manufacturing and mining (GFCF)51 58247 43510 83814 22510 43711 51710 187
¬¬¬ Production of other goods (GFCF)82 06877 75720 67619 74017 04719 82718 191
¬¬ Dwelling service (households) (GFCF)196 764188 90446 38749 04347 70249 82247 321
¬¬ General government (GFCF)214 170211 90151 77366 46540 04646 10349 773
Acquisitions less disposals of valuables405158252974588
Changes in stocks and statistical discrepancies105 73890 24512 38411 74743 14518 5298 619
Gross capital formation1 063 893994 113233 139260 585249 490239 238234 212
Final domestic use of goods and services3 510 6803 353 017823 041881 767825 071841 222855 091
Final demand from Mainland Norway (excl. changes in stocks)3 200 6873 085 508766 879824 307741 011780 868798 933
Final demand from general government1 081 8761 095 456274 157295 427263 281272 555279 081
Total exports1 292 2301 276 402311 069331 640322 383318 948340 013
¬ Traditional goods (export)433 623422 840103 748114 442113 138110 340109 931
¬ Crude oil and natural gas (export)463 255518 501124 434134 751133 703125 233134 581
¬ Ships, oil platforms and aircraft (export)12 4058 3332 1831 1261 8793 0387 593
¬ Services (export)382 947326 72880 70481 32173 66280 33887 908
Total use of goods and services4 802 9104 629 4191 134 1101 213 4071 147 4541 160 1691 195 105
Total imports1 239 4261 091 492268 762280 265253 136274 555285 805
¬ Tradisjonelle varer (import)736 304717 639180 126193 641176 902194 614191 219
¬ Crude oil and natural gas (import)24 37822 2145 2885 3245 8706 6393 461
¬ Ships, oil platforms and aircraft (import)35 78732 7668 5815 3356 1095 61510 374
¬ Services (import)442 957318 87274 76775 96564 25667 68680 752
Gross domestic product, market values2 3 563 4843 537 927865 348933 143894 318885 615909 299
Gross domestic product Mainland Norway, market values2 3 062 9742 992 002732 876794 793753 913755 225769 186
Petroleum activities and ocean transport500 510545 925132 471138 350140 405130 390140 113
Gross domestic product Mainland Norway, basic values2 664 3332 601 672635 108688 186660 014654 866666 660
¬ Mainland Norway excluding general government (GDP)1 989 1041 929 791465 767515 461489 948481 646490 501
¬¬ Manufacturing and mining (GDP)226 565220 89752 01058 11756 80057 07354 140
¬¬ Production of other goods (GDP)359 304361 24988 980100 46295 77182 91691 955
¬¬ Service activities (GDP)1 403 2351 347 645324 777356 882337 377341 657344 406
¬ General government (GDP)675 229671 881169 341172 725170 065173 219176 159
Taxes and subsidies products398 641390 33097 769106 60793 899100 359102 526
1Figures from 2019 onwards are preliminary
2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices
Explanation of symbols
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
201920203rd quarter 20204th quarter 20201st quarter 20212nd quarter 20213rd quarter 2021
Final consumption expenditure of households and NPISHs1.1-6.6-6.2-4.5-4.58.36.5
¬ Household final consumption expenditure1.1-6.3-5.8-3.9-3.68.26.0
¬¬ Goods0.26.59.912.311.87.63.6
¬¬ Services2.6-10.3-11.1-9.2-10.08.97.5
¬¬ Direct purchases abroad by resident households-1.2-77.6-87.8-93.0-94.2103.282.2
¬¬ Direct purchases by non-residents5.0-67.5-77.2-68.2-74.246.242.4
¬ Final consumption expenditure of NPISHs1.6-11.7-13.2-13.7-18.510.017.6
Final consumption expenditure of general governmen1.31.82.34.12.06.23.1
¬ Final consumption expenditure of central government1.73.24.35.00.95.21.5
¬¬¬ Central government, civilian1.53.04.24.90.55.51.5
¬¬¬ Central government, defence2.94.64.85.63.83.31.6
¬ Final consumption expenditure of local government0.90.60.53.23.07.14.7
Gross fixed capital formation (GFCF)9.5-5.6-8.7-8.0-2.9-0.52.2
¬ Extraction and transport via pipelines (GFCF)14.3-4.1-8.7-10.5-9.0-1.012.3
¬ Ocean transport (GFCF)184.4-77.5-77.3-85.6-22.2-61.7-90.8
¬ Mainland Norway (GFCF)6.3-3.6-6.1-3.6-1.0-0.30.6
¬¬ Industries (GFCF)10.3-5.0-9.7-5.9-2.94.62.7
¬¬¬ Services activities incidential to extraction (GFCF)48.4-35.1-46.7-54.6-34.6-18.49.9
¬¬¬ Other services (GFCF)8.9-3.5-9.20.1-2.37.911.2
¬¬¬ Manufacturing and mining (GFCF)23.0-8.0-14.1-11.3-7.84.2-6.0
¬¬¬ Production of other goods (GFCF)5.6-5.3-6.5-13.3-0.1-2.2-12.0
¬¬ Dwelling service (households) (GFCF)-1.1-4.0-6.41.52.56.12.0
¬¬ General government (GFCF)7.5-1.10.3-4.2-1.3-13.1-3.9
Acquisitions less disposals of valuables-10.6-61.0-71.5-74.0-92.2252.5256.6
Changes in stocks and statistical discrepancies-26.2-14.7-36.747.6-34.23 423.4-30.4
Gross capital formation4.3-6.6-10.8-6.5-10.37.60.5
Final domestic use of goods and services2.1-4.5-5.4-3.0-4.77.53.9
Final demand from Mainland Norway (excl. changes in stocks)2.3-3.6-3.8-2.0-1.85.64.2
Final demand from general government2.41.31.92.11.42.31.8
Total exports1.1-1.2-1.7-1.8-2.55.29.3
¬ Traditional goods (export)4.9-2.5-1.41.36.412.26.0
¬ Crude oil and natural gas (export)-3.711.919.22.9-0.70.58.2
¬ Ships, oil platforms and aircraft (export)0.6-32.8-16.5-44.2-43.679.7247.9
¬ Services (export)4.5-14.7-22.6-11.3-14.72.58.9
Total use of goods and services1.8-3.6-4.4-2.7-4.16.95.4
Total imports5.1-11.9-15.6-9.5-13.09.26.3
¬ Tradisjonelle varer (import)5.6-2.5-0.15.3-0.417.06.2
¬ Crude oil and natural gas (import)2.6-8.9-32.5-22.3-12.836.3-34.6
¬ Ships, oil platforms and aircraft (import)-11.5-8.4-17.9-24.1-38.8-36.720.9
¬ Services (import)6.0-28.0-37.7-32.1-33.6-5.18.0
Gross domestic product, market values2 0.7-0.7-0.3-0.4-1.26.25.1
Gross domestic product Mainland Norway, market values2 2.0-2.3-2.9-0.4-1.27.75.0
Petroleum activities and ocean transport3 -5.39.116.3-0.3-1.5-1.65.8
Gross domestic product Mainland Norway, basic values2.3-2.4-3.1-0.7-1.67.75.0
¬ Mainland Norway excluding general government (GDP)2.8-3.0-4.3-1.4-2.68.15.3
¬¬ Manufacturing and mining (GDP)2.0-2.5-4.3-1.0-1.87.94.1
¬¬ Production of other goods (GDP)0.80.5-1.43.02.26.23.3
¬¬ Service activities (GDP)3.4-4.0-5.1-2.6-3.98.56.0
¬ General government (GDP)1.0-0.50.21.41.46.94.0
Taxes and subsidies products0.2-2.1-1.01.11.77.24.9
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.
Explanation of symbols
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
201920203rd quarter 20204th quarter 20201st quarter 20212nd quarter 20213rd quarter 2021
Final consumption expenditure of households and NPISHs2.31.72.01.02.52.02.2
¬ Household final consumption expenditure2.21.62.00.92.32.12.3
¬¬ Goods1.60.51.81.14.73.23.2
¬¬ Services2.42.51.81.00.80.91.3
¬¬ Direct purchases abroad by resident households3.85.88.86.61.4-4.50.3
¬¬ Direct purchases by non-residents2.51.51.80.80.51.41.6
¬ Final consumption expenditure of NPISHs4.73.93.52.56.30.50.4
Final consumption expenditure of general governmen3.72.51.40.23.30.93.0
¬ Final consumption expenditure of central government3.32.82.21.24.31.33.7
¬¬¬ Central government, civilian3.53.02.51.44.41.43.3
¬¬¬ Central government, defence1.91.4-0.3-0.43.20.56.2
¬ Final consumption expenditure of local government4.12.10.7-0.82.30.62.4
Gross fixed capital formation (GFCF)2.93.13.02.83.02.45.0
¬ Extraction and transport via pipelines (GFCF)2.25.84.25.81.9-0.62.1
¬ Ocean transport (GFCF)5.95.77.37.60.8-1.03.9
¬ Mainland Norway (GFCF)2.92.52.62.23.33.15.8
¬¬ Industries (GFCF)3.12.72.82.03.01.84.3
¬¬¬ Services activities incidential to extraction (GFCF)3.63.48.011.32.31.23.5
¬¬¬ Other services (GFCF)3.12.52.31.13.01.64.0
¬¬¬ Manufacturing and mining (GFCF)3.72.93.93.52.81.74.0
¬¬¬ Production of other goods (GFCF)2.72.93.42.83.02.55.5
¬¬ Dwelling service (households) (GFCF)2.82.02.12.23.85.08.1
¬¬ General government (GFCF)2.72.62.62.53.33.45.9
Acquisitions less disposals of valuables27.08.18.79.116.6-3.3-1.0
Changes in stocks and statistical discrepancies-2.212.436.65.5-0.2-44.8-13.3
Gross capital formation2.34.04.73.42.42.63.4
Final domestic use of goods and services2.72.62.61.52.71.92.7
Final demand from Mainland Norway (excl. changes in stocks)2.82.12.01.12.91.93.2
Final demand from general government3.52.51.60.73.31.53.5
Total exports-5.3-13.8-13.6-10.09.342.958.0
¬ Traditional goods (export)0.7-3.4-5.8-6.0-2.29.020.3
¬ Crude oil and natural gas (export)-15.5-31.9-27.0-19.731.3151.1155.5
¬ Ships, oil platforms and aircraft (export)2.512.55.54.6-22.5-12.8-2.7
¬ Services (export)2.40.7-2.90.3-0.93.18.5
Total use of goods and services0.4-2.0-1.7-1.74.411.015.9
Total imports2.93.42.61.92.52.47.1
¬ Tradisjonelle varer (import)2.54.24.02.33.01.57.3
¬ Crude oil and natural gas (import)-1.8-23.4-24.9-28.1-0.345.848.3
¬ Ships, oil platforms and aircraft (import)6.710.510.114.63.6-3.62.3
¬ Services (import)3.62.70.02.51.63.55.2
Gross domestic product, market values2 -0.5-3.6-3.0-2.75.013.918.9
Gross domestic product Mainland Norway, market values2 2.31.71.30.41.62.23.5
Petroleum activities and ocean transport3 -14.5-32.7-28.3-20.429.3152.9152.7
Gross domestic product Mainland Norway, basic values2.41.40.90.11.32.33.7
¬ Mainland Norway excluding general government (GDP)1.80.80.5-0.10.63.34.4
¬¬ Manufacturing and mining (GDP)1.63.6-0.23.0-6.32.25.5
¬¬ Production of other goods (GDP)1.0-9.2-8.1-11.14.315.022.5
¬¬ Service activities (GDP)2.13.02.92.50.90.9-0.1
¬ General government (GDP)4.23.32.00.53.40.11.6
Taxes and subsidies products1.43.44.32.23.61.52.2
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.
Explanation of symbols
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
201920203rd quarter 20204th quarter 20201st quarter 20212nd quarter 20213rd quarter 2021
Final consumption expenditure of households and NPISHs1 579 0811 500 036381 025385 581376 411388 200416 039
¬ Household final consumption expenditure1 493 6161 421 643361 604366 262357 343368 611393 177
¬¬ Goods680 414728 585189 754195 743193 899199 763205 266
¬¬ Services740 248680 638170 694172 617164 987169 801184 817
¬¬ Direct purchases abroad by resident households124 82429 5474 2092 2801 5801 5007 934
¬¬ Direct purchases by non-residents-51 870-17 126-3 053-4 378-3 124-2 453-4 841
¬ Final consumption expenditure of NPISHs85 46578 39219 42119 31819 06819 58922 862
Final consumption expenditure of general governmen867 706905 323227 313230 849236 359238 864241 297
¬ Final consumption expenditure of central government424 011449 794113 750115 179116 451117 470119 675
¬¬¬ Central government, civilian373 600396 358100 385101 738102 332103 490105 262
¬¬¬ Central government, defence50 41153 43613 36413 44114 11913 98014 413
¬ Final consumption expenditure of local government443 695455 529113 564115 670119 909121 393121 621
Gross fixed capital formation (GFCF)957 750932 072229 310234 286234 628238 572245 563
¬ Extraction and transport via pipelines (GFCF)178 797181 47342 89445 31343 01446 48049 160
¬ Ocean transport (GFCF)25 0535 9441 6971 6861 723125164
¬ Mainland Norway (GFCF)753 900744 655184 720187 288189 890191 967196 239
¬¬ Industries (GFCF)342 966334 53681 11484 17186 77087 90086 738
¬¬¬ Services activities incidential to extraction (GFCF)4 1762 801646503606627718
¬¬¬ Other services (GFCF)205 140202 87649 02652 41052 88953 62056 510
¬¬¬ Manufacturing and mining (GFCF)51 58248 82412 03412 11312 19612 59511 764
¬¬¬ Production of other goods (GFCF)82 06880 03519 40819 14421 08021 05817 746
¬¬ Dwelling service (households) (GFCF)196 764192 76547 30349 80050 70453 42652 208
¬¬ General government (GFCF)214 170217 35456 30353 31752 41650 64157 293
Acquisitions less disposals of valuables4051714226448111
Changes in stocks and statistical discrepancies105 738101 44522 92524 06917 24430 54139 881
Gross capital formation1 063 8931 033 687252 277258 380251 877269 160285 555
Final domestic use of goods and services3 510 6803 439 045860 615874 810864 647896 224942 891
Final demand from Mainland Norway (excl. changes in stocks)3 200 6873 150 013793 058803 717802 660819 031853 575
Final demand from general government1 081 8761 122 677283 616284 165288 775289 504298 590
Total exports1 292 2301 099 692272 634280 823325 332360 707458 907
¬ Traditional goods (export)433 623408 50799 961103 828112 786117 078126 283
¬ Crude oil and natural gas (export)463 255352 96392 45393 463131 213159 934232 924
¬ Ships, oil platforms and aircraft (export)12 4059 3702 3981 2571 6313 1098 115
¬ Services (export)382 947328 85277 82182 27479 70180 58591 585
Total use of goods and services4 802 9104 538 7381 133 2491 155 6331 189 9781 256 9311 401 798
Total imports1 239 4261 128 338278 654283 598272 754289 749316 081
¬ Tradisjonelle varer (import)736 304747 641192 091195 949191 046204 871218 009
¬ Crude oil and natural gas (import)24 37817 0223 5033 8314 0757 7353 358
¬ Ships, oil platforms and aircraft (import)35 78736 1999 2846 3076 6886 13611 477
¬ Services (import)442 957327 47673 77677 51070 94571 00783 236
Gross domestic product, market values3 563 4843 410 399854 595872 034917 224967 1811 085 716
Gross domestic product Mainland Norway, market values3 062 9743 042 961760 364773 241783 396801 608827 018
Petroleum activities and ocean transport2 500 510367 43894 23198 793133 828165 574258 699
Gross domestic product Mainland Norway, basic values2 664 3332 639 172657 297668 994678 119696 543716 596
¬ Mainland Norway excluding general government (GDP)1 989 1041 945 356482 814493 774496 696513 480532 166
¬¬ Manufacturing and mining (GDP)226 565228 89456 40258 66556 38560 89561 791
¬¬ Production of other goods (GDP)359 304328 02380 88980 89192 04195 128104 542
¬¬ Service activities (GDP)1 403 2351 388 440345 522354 219348 271357 456365 833
¬ General government (GDP)675 229693 816174 484175 220181 422183 064184 430
Taxes and subsidies products398 641403 789103 067104 247105 278105 064110 422
1Figures from 2019 onwards are prelimanry
2Includes oil and gas extraction, transport via pipelines and ocean transport.
Explanation of symbols
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
201920203rd quarter 20204th quarter 20201st quarter 20212nd quarter 20213rd quarter 2021
Final consumption expenditure of households and NPISHs1 579 0811 475 350373 825377 842364 218374 768397 306
¬ Household final consumption expenditure1 493 6161 399 898355 434359 247346 701356 202375 487
¬¬ Goods680 414724 943188 261193 032187 982193 324195 029
¬¬ Services740 248663 908166 364168 409160 278163 852177 999
¬¬ Direct purchases abroad by resident households124 82427 9183 8112 1191 4731 4277 137
¬¬ Direct purchases by non-residents-51 870-16 871-3 002-4 313-3 032-2 401-4 678
¬ Final consumption expenditure of NPISHs85 46575 45218 39118 59517 51718 56521 819
Final consumption expenditure of general governmen867 706883 555222 407228 102224 283226 336229 327
¬ Final consumption expenditure of central government424 011437 404110 861113 038109 399110 477112 591
¬¬¬ Central government, civilian373 600384 68697 58999 57095 99096 98099 109
¬¬¬ Central government, defence50 41152 71813 27213 46713 40813 49713 482
¬ Final consumption expenditure of local government443 695446 151111 546115 065114 884115 859116 735
Gross fixed capital formation (GFCF)957 750903 710222 235225 772224 608224 216226 726
¬ Extraction and transport via pipelines (GFCF)178 797171 48240 96542 05540 76043 58646 004
¬ Ocean transport (GFCF)25 0535 6251 6181 5251 663122149
¬ Mainland Norway (GFCF)753 900726 603179 652182 192182 185180 508180 572
¬¬ Industries (GFCF)342 966325 79879 10280 99883 35483 76881 073
¬¬¬ Services activities incidential to extraction (GFCF)4 1762 708621465584612675
¬¬¬ Other services (GFCF)205 140197 89847 94150 78550 66751 10453 155
¬¬¬ Manufacturing and mining (GFCF)51 58247 43511 78611 38311 74812 12311 128
¬¬¬ Production of other goods (GFCF)82 06877 75718 75318 36520 35619 92916 116
¬¬ Dwelling service (households) (GFCF)196 764188 90446 17748 33748 44349 98447 114
¬¬ General government (GFCF)214 170211 90154 37352 85750 38846 75752 384
Acquisitions less disposals of valuables4051584024142104
Changes in stocks and statistical discrepancies105 73890 24523 96212 12619 33921 98622 636
Gross capital formation1 063 893994 113246 237237 922243 947246 244249 465
Final domestic use of goods and services3 510 6803 353 017842 468843 866832 448847 347876 098
Final demand from Mainland Norway (excl. changes in stocks)3 200 6873 085 508775 883788 136770 686781 612807 205
Final demand from general government1 081 8761 095 456276 780280 959274 671273 093281 711
Total exports1 292 2301 276 402317 714323 348319 749325 606346 811
¬ Traditional goods (export)433 623422 840106 682109 120113 062112 078112 847
¬ Crude oil and natural gas (export)463 255518 501129 896131 817126 012132 499140 632
¬ Ships, oil platforms and aircraft (export)12 4058 3332 1831 1261 8793 0387 593
¬ Services (export)382 947326 72878 95381 28578 79677 99185 738
Total use of goods and services4 802 9104 629 4191 160 1821 167 2151 152 1971 172 9531 222 909
Total imports1 239 4261 091 492270 577272 616259 134271 402287 015
¬ Tradisjonelle varer (import)736 304717 639183 810187 962180 513190 906194 918
¬ Crude oil and natural gas (import)24 37822 2144 7225 4924 4938 1312 902
¬ Ships, oil platforms and aircraft (import)35 78732 7668 5815 3356 1095 61510 374
¬ Services (import)442 957318 87273 46373 82668 01966 75078 821
Gross domestic product, market values2 3 563 4843 537 927889 605894 599893 063901 551935 894
Gross domestic product Mainland Norway, market values2 3 062 9742 992 002748 931762 973757 936766 105786 000
Petroleum activities and ocean transport3 500 510545 925140 674131 626135 127135 446149 894
Gross domestic product Mainland Norway, basic values2 664 3332 601 672649 990662 292659 299665 379682 345
¬ Mainland Norway excluding general government (GDP)1 989 1041 929 791480 387489 805488 688492 776505 900
¬¬ Manufacturing and mining (GDP)226 565220 89754 79956 76557 38057 33457 176
¬¬ Production of other goods (GDP)359 304361 24990 30891 47992 60092 71893 651
¬¬ Service activities (GDP)1 403 2351 347 645335 280341 560338 708342 723355 074
¬ General government (GDP)675 229671 881169 603172 487170 611172 603176 445
Taxes and subsidies products398 641390 33098 942100 68198 637100 726103 655
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.
Explanation of symbols
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
201920203rd quarter 20204th quarter 20201st quarter 20212nd quarter 20213rd quarter 2021
Final consumption expenditure of households and NPISHs1.1-6.68.71.1-3.62.96.0
¬ Household final consumption expenditure1.1-6.38.71.1-3.52.75.4
¬¬ Goods0.26.56.22.5-2.62.80.9
¬¬ Services2.6-10.310.51.2-4.82.28.6
¬¬ Direct purchases abroad by resident households-1.2-77.6457.4-44.4-30.5-3.1400.0
¬¬ Direct purchases by non-residents5.0-67.597.643.7-29.7-20.894.8
¬ Final consumption expenditure of NPISHs1.6-11.77.51.1-5.86.017.5
Final consumption expenditure of general governmen1.31.84.32.6-1.70.91.3
¬ Final consumption expenditure of central government1.73.25.62.0-3.21.01.9
¬¬¬ Central government, civilian1.53.06.12.0-3.61.02.2
¬¬¬ Central government, defence2.94.61.61.5-0.40.7-0.1
¬ Final consumption expenditure of local government0.90.63.23.2-0.20.80.8
Gross fixed capital formation (GFCF)9.5-5.6-1.21.6-0.5-0.21.1
¬ Extraction and transport via pipelines (GFCF)14.3-4.1-6.22.7-3.16.95.5
¬ Ocean transport (GFCF)184.4-77.5367.4-5.89.0-92.622.0
¬ Mainland Norway (GFCF)6.3-3.6-0.71.40.0-0.90.0
¬¬ Industries (GFCF)10.3-5.0-1.12.42.90.5-3.2
¬¬¬ Services activities incidential to extraction (GFCF)48.4-35.1-17.9-25.125.54.810.3
¬¬¬ Other services (GFCF)8.9-3.51.35.9-0.20.94.0
¬¬¬ Manufacturing and mining (GFCF)23.0-8.01.5-3.43.23.2-8.2
¬¬¬ Production of other goods (GFCF)5.6-5.3-7.5-2.110.8-2.1-19.1
¬¬ Dwelling service (households) (GFCF)-1.1-4.0-2.04.70.23.2-5.7
¬¬ General government (GFCF)7.5-1.11.0-2.8-4.7-7.212.0
Acquisitions less disposals of valuables-10.6-61.0374.5-41.6-96.24 556.6150.4
Changes in stocks and statistical discrepancies-26.2-14.7118.1-49.459.513.73.0
Gross capital formation4.3-6.64.4-3.42.50.91.3
Final domestic use of goods and services2.1-4.56.20.2-1.41.83.4
Final demand from Mainland Norway (excl. changes in stocks)2.3-3.65.11.6-2.21.43.3
Final demand from general government2.41.33.71.5-2.2-0.63.2
Total exports1.1-1.23.51.8-1.11.86.5
¬ Traditional goods (export)4.9-2.57.52.33.6-0.90.7
¬ Crude oil and natural gas (export)-3.711.9-0.31.5-4.45.16.1
¬ Ships, oil platforms and aircraft (export)0.6-32.829.1-48.466.861.7149.9
¬ Services (export)4.5-14.74.13.0-3.1-1.09.9
Total use of goods and services1.8-3.65.50.6-1.31.84.3
Total imports5.1-11.98.70.8-4.94.75.8
¬ Tradisjonelle varer (import)5.6-2.511.62.3-4.05.82.1
¬ Crude oil and natural gas (import)2.6-8.9-5.916.3-18.281.0-64.3
¬ Ships, oil platforms and aircraft (import)-11.5-8.4-3.2-37.814.5-8.184.7
¬ Services (import)6.0-28.04.40.5-7.9-1.918.1
Gross domestic product, market values2 0.7-0.74.50.6-0.21.03.8
Gross domestic product Mainland Norway, market values2 2.0-2.35.01.9-0.71.12.6
Petroleum activities and ocean transport3 -5.39.12.1-6.42.70.210.7
Gross domestic product Mainland Norway, basic values2.3-2.44.71.9-0.50.92.5
¬ Mainland Norway excluding general government (GDP)2.8-3.04.62.0-0.20.82.7
¬¬ Manufacturing and mining (GDP)2.0-2.52.43.61.1-0.1-0.3
¬¬ Production of other goods (GDP)0.80.52.31.31.20.11.0
¬¬ Service activities (GDP)3.4-4.05.71.9-0.81.23.6
¬ General government (GDP)1.0-0.55.11.7-1.11.22.2
Taxes and subsidies products0.2-2.16.51.8-2.02.12.9
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.
Explanation of symbols
Revised figures of final expenditure and gross domestic product. Quarterly. Percentage change in volume
Revised figures of final expenditure and gross domestic product. Quarterly. Percentage change in volume
2 nd quarter 20203 rd quarter 20204 th quarter 20201 st quarter 2021
Seasonally adjusted figuresUnadjusted figuresSeasonally adjusted figuresUnadjusted figuresSeasonally adjusted figuresUnadjusted figuresSeasonally adjusted figuresUnadjusted figures
Percentage change in volume from the previous periodPercentage change in volume from the same period in the previous yearPercentage change in volume from the previous periodPercentage change in volume from the same period in the previous yearPercentage change in volume from the previous periodPercentage change in volume from the same period in the previous yearPercentage change in volume from the previous periodPercentage change in volume from the same period in the previous year
New resultFormer resultNew resultFormer resultNew resultFormer resultNew resultFormer resultNew resultFormer resultNew resultFormer resultNew resultFormer resultNew resultFormer result
Gross domestic product (GDP)-4.6-4.6-3.8-3.84.34.3-0.2-0.20.80.8-0.6-0.6-0.6-0.6-1.4-1.4
GDP Mainland Norway-5.8-5.8-6.3-6.34.94.9-3.1-3.12.02.0-0.7-0.7-1.0-1.0-1.4-1.4
Household final consumtion expenditure-9.9-9.7-12.5-12.59.39.3-5.7-5.70.20.1-4.8-4.8-3.4-3.9-4.2-4.6
Final consumption of general government-2.1-2.2-0.7-0.73.13.11.71.72.42.43.53.5-1.5-1.51.81.7
Gross fixed capital formation-2.0-2.1-4.5-4.5-1.2-1.0-7.4-7.41.51.3-5.0-5.0-2.9-1.7-4.8-3.8
Exports-7.7-7.1-3.6-3.63.43.8-0.5-0.42.42.2-1.3-1.3-1.8-2.9-2.7-3.0
Imports-17.1-17.2-20.5-20.59.59.7-15.2-15.20.50.4-9.5-9.5-4.9-5.7-12.6-13.3
Explanation of symbols

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.

SeeConcepts 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.

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.

Name: National accounts

Topic: National accounts and business cycles

9 December 2021

Division for National Accounts

National level

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.

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

Not relevant

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 andESA 2010. Changes due to this main revision are described, among else, in the article Main revision 2014. Planned changes in the national accounts statistics. 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.

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.

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.

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, education) 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.

Not relevant

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).

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 theEuropean 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.

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.

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

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.

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

§ 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.

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.

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.

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

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.

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 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.

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

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.

Evaluation of seasonally adjustment data

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

All series are sufficiently long to perform a seasonal adjustment.

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

Statistics Norway’s metadata on methods: seasonal adjustment

The Committee for Monetary, Financial and Balance of Payments statistics: ESS-Guidelines on seasonal adjustment

EUROSTAT: Seasonal Adjustment. Methods and Practices

US census: X-12-ARIMA-manual

Not relevant




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