Publication of the national accounts for 2024

Publication of the monthly national accounts for April and May is postponed until the publication of the 2nd quarter. Similarly, figures for July and August will be released together with the publication of the 3rd quarter.

National accounts

Updated: 22 August 2024

Next update: 21 November 2024

Change in volume in GDP Mainland Norway from the previous quarter
Change in volume in GDP Mainland Norway from the previous quarter
2nd quarter 2024
0.1
%
 
Final expenditure and gross domestic product. Seasonally adjusted. Percentage change in volume
Final expenditure and gross domestic product. Seasonally adjusted. Percentage change in volume1
202220232nd quarter 2024April 2024May 2024June 2024
Gross domestic product3.00.51.40.10.62.3
Gross domestic product Mainland Norway3.70.70.10.10.40.0
Petroleum activities and ocean transport0.6-0.15.60.41.39.8
Final domestic use of goods and services5.40.1-0.10.20.11.4
Final consumption expenditure of households and NPISH6.2-0.81.51.20.71.0
Final consumption expenditure of general government1.13.40.70.00.40.4
Gross fixed capital formation (GFCF)5.20.05.114.6-6.6-0.2
Total exports4.51.45.63.10.71.5
Total imports12.50.73.14.7-0.6-1.4
Employed persons3.91.30.0
Total hours worked3.90.8-0.1
1Figures from 2022 onwards are preliminary.
Explanation of symbols

Selected tables and charts 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
    November 2023December 2023January 2024February 2024March 2024April 2024May 2024June 2024
    Final consumption expenditure of households and NPISHs0.3-0.1-0.60.3-0.91.20.71.0
    ¬ Household final consumption expenditure0.3-0.1-0.50.2-0.91.30.71.1
    ¬¬ Goods1.1-0.6-2.00.7-1.53.10.11.6
    ¬¬ Services-0.10.40.3-0.40.2-0.60.90.1
    ¬¬ Direct purchases abroad by resident households-3.04.20.41.7-0.7-0.92.2-1.6
    ¬¬ Direct purchases by non-residents-2.78.5-6.51.66.4-7.90.2-11.3
    ¬ Final consumption expenditure of NPISHs-0.1-0.1-2.61.8-0.6-1.51.90.3
    Final consumption expenditure of general governmen0.40.6-0.60.30.30.00.40.4
    ¬ Final consumption expenditure of central government0.20.7-0.60.50.5-0.20.70.4
    ¬¬¬ Central government, civilian0.10.7-0.50.50.6-0.40.90.4
    ¬¬¬ Central government, defence0.81.3-1.11.10.30.8-0.10.9
    ¬ Final consumption expenditure of local government0.70.5-0.50.20.00.30.00.3
    Gross fixed capital formation (GFCF)-0.3-1.6-4.90.5-6.014.6-6.6-0.2
    ¬ Extraction and transport via pipelines (GFCF)-2.43.0-8.9-2.0-0.410.71.9-2.9
    ¬ Ocean transport (GFCF)0.0-0.6-86.5-7.1-7.4881.9-98.7..
    ¬ Mainland Norway (GFCF)0.2-2.7-2.01.1-7.312.9-6.31.0
    ¬¬ Mainland Norway excluding general government (GFCF)0.4-4.10.31.0-9.718.6-8.81.3
    ¬¬¬ Industries (GFCF)-0.2-3.60.71.8-11.524.5-10.52.8
    ¬¬¬¬ Services activities incidential to extraction (GFCF)-0.13.61.10.00.83.81.6-0.9
    ¬¬¬¬ Other services (GFCF)-3.3-5.44.91.2-13.631.4-13.61.6
    ¬¬¬¬ Manufacturing and mining (GFCF)-1.11.4-7.81.4-2.82.7-1.40.6
    ¬¬¬¬ Production of other goods (GFCF)14.5-1.9-6.95.3-12.221.3-6.09.8
    ¬¬¬ Dwelling service (households) (GFCF)2.0-5.3-0.5-1.2-5.04.4-4.1-2.5
    ¬¬¬ General government (GFCF)-0.20.6-7.41.4-1.2-0.20.60.0
    Acquisitions less disposals of valuables-0.4-0.112.93.6-11.032.8-20.6-3.6
    Changes in stocks and statistical discrepancies91.326.5107.6-5.212.0-73.6109.429.7
    Gross capital formation2.90.24.2-0.4-3.2-1.2-1.12.9
    Final domestic use of goods and services1.10.20.80.1-1.30.20.11.4
    Final demand from Mainland Norway (excl. changes in stocks)0.3-0.5-0.90.5-2.03.3-1.00.8
    Final demand from general government0.30.6-1.90.50.00.00.40.3
    Total exports0.71.1-1.7-2.73.53.10.71.5
    ¬ Traditional goods (export)2.0-4.9-2.0-1.9-1.95.60.0-0.3
    ¬ Crude oil and natural gas (export)-0.24.4-2.2-5.27.71.41.92.6
    ¬ Ships, oil platforms and aircraft (export)337.0-80.1250.0108.4-7.2-10.2-17.4103.4
    ¬ Services (export)0.31.8-1.11.00.84.6-0.9-0.4
    Total use of goods and services1.00.5-0.1-0.80.31.20.31.4
    Total imports0.41.0-0.5-0.7-0.64.7-0.6-1.4
    ¬ Tradisjonelle varer (import)1.51.8-2.11.1-0.24.10.6-2.3
    ¬ Crude oil and natural gas (import)-12.8-52.645.8-32.333.130.1-14.2-4.8
    ¬ Ships, oil platforms and aircraft (import)-6.6-1.793.6-58.31.0145.1-37.2-1.0
    ¬ Services (import)-0.41.6-1.30.3-1.82.0-0.20.1
    Gross domestic product, market values2 1.10.30.1-0.90.60.10.62.3
    Gross domestic product Mainland Norway, market values2 -0.1-0.20.5-0.2-0.20.10.40.0
    Petroleum activities and ocean transport3 5.52.3-1.3-3.13.10.41.39.8
    Gross domestic product Mainland Norway, basic values-0.2-0.20.6-0.20.00.10.30.0
    ¬ Mainland Norway excluding general government (GDP)-0.5-0.40.8-0.3-0.30.20.3-0.1
    ¬¬ Manufacturing and mining (GDP)-0.40.4-0.3-0.53.7-2.91.90.6
    ¬¬ Production of other goods (GDP)-2.1-1.72.40.0-2.10.5-0.1-0.5
    ¬¬ Service activities (GDP)0.0-0.20.5-0.4-0.40.70.2-0.1
    ¬ General government (GDP)0.50.30.20.10.7-0.40.30.4
    Taxes and subsidies products0.4-0.5-0.3-0.3-1.10.10.8-0.6
    1Figures from 2022 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. 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
    September 2023 - November 2023October 2023 - December 2023November 2023 - January 2024December 2023 - February 2024January 2024 - March 2024February 2024 - April 2024March 2024 - May 2024April 2024 - June 2024
    Final consumption expenditure of households and NPISHs-0.20.50.50.1-0.7-0.40.11.5
    ¬ Household final consumption expenditure-0.20.60.60.2-0.6-0.30.11.6
    ¬¬ Goods0.32.11.3-0.2-2.1-0.80.32.9
    ¬¬ Services0.00.10.40.50.3-0.2-0.2-0.1
    ¬¬ Direct purchases abroad by resident households-1.2-1.0-0.13.13.12.60.70.1
    ¬¬ Direct purchases by non-residents8.910.05.64.70.91.2-0.4-7.1
    ¬ Final consumption expenditure of NPISHs0.50.1-0.9-1.3-1.7-1.0-0.70.0
    Final consumption expenditure of general governmen1.01.00.80.60.30.30.40.7
    ¬ Final consumption expenditure of central government1.51.40.70.60.50.70.80.9
    ¬¬¬ Central government, civilian1.51.50.70.60.50.60.70.9
    ¬¬¬ Central government, defence1.40.90.91.10.81.21.11.6
    ¬ Final consumption expenditure of local government0.40.60.80.60.10.00.10.4
    Gross fixed capital formation (GFCF)-0.60.8-2.0-4.1-7.6-2.9-0.65.1
    ¬ Extraction and transport via pipelines (GFCF)7.47.92.0-2.2-9.2-4.02.710.0
    ¬ Ocean transport (GFCF)39.2106.6-12.7-45.9-87.5-35.31.1170.2
    ¬ Mainland Norway (GFCF)-2.9-2.0-2.7-3.8-5.4-2.1-1.53.5
    ¬¬ Mainland Norway excluding general government (GFCF)-6.0-5.6-4.8-4.6-4.9-1.1-0.94.9
    ¬¬¬ Industries (GFCF)-6.3-5.6-4.9-4.2-4.50.60.58.2
    ¬¬¬¬ Services activities incidential to extraction (GFCF)11.112.38.97.23.73.74.25.0
    ¬¬¬¬ Other services (GFCF)-7.7-9.7-10.1-6.7-3.92.51.79.1
    ¬¬¬¬ Manufacturing and mining (GFCF)5.08.82.5-1.5-7.3-4.5-3.30.5
    ¬¬¬¬ Production of other goods (GFCF)-10.8-2.011.22.5-4.7-2.2-0.812.0
    ¬¬¬ Dwelling service (households) (GFCF)-5.1-5.4-4.6-5.6-5.9-5.3-4.6-3.1
    ¬¬¬ General government (GFCF)6.07.82.7-1.5-6.6-4.3-2.8-0.1
    Acquisitions less disposals of valuables-6.5-4.11.99.311.014.76.76.0
    Changes in stocks and statistical discrepancies-9.7-26.547.996.5183.422.9-20.6-45.8
    Gross capital formation-1.3-1.41.63.03.9-0.2-3.3-3.3
    Final domestic use of goods and services-0.20.10.91.10.9-0.1-0.8-0.1
    Final demand from Mainland Norway (excl. changes in stocks)-0.50.1-0.2-0.6-1.5-0.5-0.21.7
    Final demand from general government1.92.21.10.2-1.0-0.5-0.10.5
    Total exports-0.63.43.61.4-1.4-0.23.45.6
    ¬ Traditional goods (export)3.53.00.8-5.0-6.5-4.4-0.23.5
    ¬ Crude oil and natural gas (export)-2.84.56.04.3-0.50.14.76.9
    ¬ Ships, oil platforms and aircraft (export)-74.0-73.0-48.051.4144.5111.351.521.3
    ¬ Services (export)1.63.72.72.31.13.03.94.7
    Total use of goods and services-0.41.21.81.20.1-0.10.61.8
    Total imports-1.0-0.30.40.0-0.40.41.63.1
    ¬ Tradisjonelle varer (import)-0.5-1.10.30.20.31.52.73.9
    ¬ Crude oil and natural gas (import)55.3-6.1-33.8-52.6-32.1-12.330.221.6
    ¬ Ships, oil platforms and aircraft (import)-58.9-42.1-3.89.414.6-8.38.826.5
    ¬ Services (import)1.03.32.21.5-0.8-0.6-0.80.8
    Gross domestic product, market values3 -0.21.72.21.60.3-0.30.31.4
    Gross domestic product Mainland Norway, market values0.30.30.20.00.1-0.10.00.1
    Petroleum activities and ocean transport4 -1.66.69.37.00.9-1.11.25.6
    Gross domestic product Mainland Norway, basic values0.30.30.20.10.20.10.20.2
    ¬ Mainland Norway excluding general government (GDP)0.20.0-0.1-0.20.0-0.10.00.1
    ¬¬ Manufacturing and mining (GDP)-0.30.20.10.10.60.91.90.7
    ¬¬ Production of other goods (GDP)-0.3-1.0-1.5-1.3-0.1-0.2-1.0-1.1
    ¬¬ Service activities (GDP)0.40.30.20.00.0-0.20.00.3
    ¬ General government (GDP)0.50.91.11.00.90.70.70.4
    Taxes and subsidies products0.30.40.2-0.4-1.0-1.3-1.0-0.4
    1Figures from 2022 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.
    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
    202220232nd quarter 20233rd quarter 20234th quarter 20231st quarter 20242nd quarter 2024
    Final consumption expenditure of households and NPISHs1 816 1301 922 925484 375465 947512 588476 635510 205
    ¬ Household final consumption expenditure1 712 0181 811 633457 192441 001482 113448 321481 760
    ¬¬ Goods831 470833 448211 765199 153228 486197 809219 795
    ¬¬ Services812 606880 728217 826218 326226 122229 491234 019
    ¬¬ Direct purchases abroad by resident households123 391162 90943 86351 42238 09634 68445 910
    ¬¬ Direct purchases by non-residents-55 448-65 452-16 263-27 900-10 591-13 663-17 964
    ¬ Final consumption expenditure of NPISHs104 111111 29227 18324 94630 47528 31428 445
    Final consumption expenditure of general governmen1 037 4541 121 856283 823278 958292 430287 710303 963
    ¬ Final consumption expenditure of central government520 806564 186141 861138 212149 880145 211154 038
    ¬¬¬ Central government, civilian457 233493 488123 904120 825131 009126 852133 890
    ¬¬¬ Central government, defence63 57370 69717 95717 38718 87118 35820 148
    ¬ Final consumption expenditure of local government516 648557 670141 962140 746142 550142 499149 925
    Gross fixed capital formation (GFCF)1 123 8521 196 536294 760295 506330 906266 271301 965
    ¬ Extraction and transport via pipelines (GFCF)176 961216 12151 17756 37363 12354 99664 151
    ¬ Ocean transport (GFCF)18 71311 3621 2092 7446 0497362 108
    ¬ Mainland Norway (GFCF)928 178969 053242 375236 388261 734210 539235 706
    ¬¬ Industries (GFCF)451 013499 330128 798126 500123 041110 977128 417
    ¬¬¬ Services activities incidential to extraction (GFCF)5 1646 2901 6341 4601 9191 8772 216
    ¬¬¬ Other services (GFCF)314 825337 19388 84687 31876 76674 79185 660
    ¬¬¬ Manufacturing and mining (GFCF)58 49672 65817 06816 47422 36617 00817 892
    ¬¬¬ Production of other goods (GFCF)72 52783 18921 25021 24821 99017 30122 649
    ¬¬ welling service (households) (GFCF)235 422207 73651 26549 95649 20346 35144 315
    ¬¬ General government (GFCF)241 744261 98862 31159 93389 49153 21162 974
    Acquisitions less disposals of valuables2352796860777883
    Changes in stocks and statistical discrepancies114 248129 72020 3219 86415 49480 14528 217
    Gross capital formation1 238 3351 326 534315 148305 430346 478346 493330 264
    Final domestic use of goods and services4 091 9194 371 3151 083 3461 050 3351 151 4961 110 8381 144 433
    Final demand from Mainland Norway (excl. changes in stocks)3 781 7624 013 8341 010 572981 2941 066 752974 8831 049 874
    Final demand from general government1 279 1981 383 844346 134338 892381 921340 921366 937
    Total exports3 165 7662 419 630570 742564 350641 050540 519595 036
    ¬ Traditional goods (export)626 475662 160165 663156 118173 477147 807156 988
    ¬ Crude oil and natural gas (export)2 014 3991 194 085264 620255 816325 131257 658286 879
    ¬ Ships, oil platforms and aircraft (export)11 4197 0781 8193 0431 0872 1422 714
    ¬ Services (export)513 473556 307138 640149 373141 355132 912148 455
    Total use of goods and services7 257 6846 790 9451 654 0881 614 6851 792 5461 651 3571 739 468
    Total imports1 549 4951 664 444430 337413 106425 205384 356443 372
    ¬ Tradisjonelle varer (import)975 008993 279255 129234 481255 097229 144269 119
    ¬ Crude oil and natural gas (import)22 98426 5215 5336 8296 6724 5633 900
    ¬ Ships, oil platforms and aircraft (import)27 33729 78412 4717 5314 4075 0576 943
    ¬ Services (import)524 166614 861157 204164 265159 029145 592163 410
    Gross domestic product, market values2 5 708 1905 126 5001 223 7511 201 5791 367 3421 267 0011 296 096
    Gross domestic product Mainland Norway, market values2 3 646 3283 855 396947 109929 3461 014 868987 3741 005 637
    Petroleum activities and ocean transport3 2 061 8621 271 104276 642272 232352 473279 627290 459
    Gross domestic product Mainland Norway, basic values3 221 4783 398 162832 837816 424890 384876 894883 722
    ¬ Mainland Norway excluding general government (GDP)2 436 2922 554 045617 671606 560670 631661 673653 221
    ¬¬ Manufacturing and mining (GDP)290 250319 66179 20779 34380 83179 71581 401
    ¬¬ Production of other goods (GDP)538 952491 190110 270111 597130 809133 413107 417
    ¬¬ Service activities (GDP)1 607 0891 743 194428 194415 620458 990448 545464 403
    ¬ General government (GDP)785 187844 118215 166209 864219 753215 221230 501
    Taxes and subsidies products424 850457 234114 272112 922124 484110 480121 915
    1Figures from 2022 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 2021-prices. NOK million
    Final expenditure and gross domestic product. Quarter and year. At constant 2021-prices. NOK million1
    202220232nd quarter 20233rd quarter 20234th quarter 20231st quarter 20242nd quarter 2024
    Final consumption expenditure of households and NPISHs1 727 4951 714 078430 606416 030450 670411 991440 433
    ¬ Household final consumption expenditure1 625 2871 610 625405 322392 650423 412386 125414 485
    ¬¬ Goods781 498741 548188 022176 845200 670173 377191 252
    ¬¬ Services780 832796 486197 236198 697202 337197 252202 839
    ¬¬ Direct purchases abroad by resident households113 245128 98034 16540 88429 39827 14435 341
    ¬¬ Direct purchases by non-residents-50 288-56 388-14 102-23 776-8 993-11 648-14 947
    ¬ Final consumption expenditure of NPISHs102 208103 45325 28523 38027 25925 86625 948
    Final consumption expenditure of general governmen981 4601 014 586251 877254 568259 260256 938259 285
    ¬ Final consumption expenditure of central government494 542509 518126 165126 866130 924129 991130 870
    ¬¬¬ Central government, civilian435 820447 790110 962111 250115 152114 042114 816
    ¬¬¬ Central government, defence58 72261 72815 20315 61615 77115 94916 054
    ¬ Final consumption expenditure of local government486 918505 067125 712127 702128 336126 948128 415
    Gross fixed capital formation (GFCF)1 044 0121 043 918257 412257 981283 119226 254251 161
    ¬ Extraction and transport via pipelines (GFCF)166 315183 86743 44648 62951 95745 00350 894
    ¬ Ocean transport (GFCF)16 7649 3559092 3504 8465941 658
    ¬ Mainland Norway (GFCF)860 870850 696213 058207 002226 316180 657198 609
    ¬¬Næringer (bruttoinvestering)420 582437 442112 951110 559106 01494 684107 805
    ¬¬¬ Services activities incidential to extraction (GFCF)4 7915 3741 3981 2501 6101 5491 799
    ¬¬¬ Other services (GFCF)294 708297 37278 33076 82866 67464 28772 379
    ¬¬¬ Manufacturing and mining (GFCF)54 32262 99014 84814 25619 03914 32414 903
    ¬¬¬ Production of other goods (GFCF)66 76171 70518 37618 22518 69114 52518 724
    ¬¬ Dwelling service (households) (GFCF)217 072183 30645 24443 84542 82440 12937 533
    ¬¬ General government (GFCF)223 217229 94854 86352 59877 47845 84453 271
    Acquisitions less disposals of valuables2262446052676367
    Changes in stocks and statistical discrepancies127 459110 38316 8134 60012 16865 60422 969
    Gross capital formation1 171 6961 154 546274 285262 634295 354291 922274 197
    Final domestic use of goods and services3 880 6513 883 210956 768933 2321 005 284960 851973 915
    Final demand from Mainland Norway (excl. changes in stocks)3 569 8253 579 360895 541877 600936 246849 586898 327
    Final demand from general government1 204 6771 244 534306 740307 166336 738302 782312 556
    Total exports1 944 5901 972 655483 717484 953513 703490 924517 104
    ¬ Traditional goods (export)481 077510 597123 654124 688136 609114 817122 882
    ¬ Crude oil and natural gas (export)994 142983 687234 112231 261263 596264 554259 579
    ¬ Ships, oil platforms and aircraft (export)11 0485 9861 5642 8117601 8572 252
    ¬ Services (export)458 322472 385124 387126 193112 739109 696132 391
    Total use of goods and services5 825 2415 855 8651 440 4851 418 1861 518 9871 451 7751 491 019
    Total imports1 371 3481 380 609358 985343 947343 750317 678363 603
    ¬ Tradisjonelle varer (import)843 366812 159208 563194 162203 738188 697217 479
    ¬ Crude oil and natural gas (import)14 48316 5143 3694 2294 0513 0862 714
    ¬ Ships, oil platforms and aircraft (import)24 70724 00210 0186 1783 5804 1045 190
    ¬ Services (import)488 793527 933137 035139 378132 382121 792138 219
    Gross domestic product, market values2 4 453 8924 475 2561 081 5001 074 2391 175 2371 134 0971 127 416
    Gross domestic product Mainland Norway, market values2 3 439 6163 462 363841 582839 446902 474857 954864 807
    Petroleum activities and ocean transport1 014 2771 012 893239 918234 793272 763276 143262 610
    Gross domestic product Mainland Norway, basic values3 002 1253 030 883734 607735 305787 167756 813757 667
    ¬ Mainland Norway excluding general government (GDP)2 244 8042 261 489542 483543 426592 357562 342561 230
    ¬¬ Manufacturing and mining (GDP)247 933248 37460 99159 07064 04561 96364 231
    ¬¬ Production of other goods (GDP)419 389416 56191 499103 154111 778106 13291 543
    ¬¬ Service activities (GDP)1 577 4821 596 554389 993381 201416 533394 247405 455
    ¬ General government (GDP)757 322769 394192 124191 879194 810194 471196 437
    Taxes and subsidies products437 490431 480106 976104 141115 307101 141107 140
    1Figures from 2022 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
    202220232nd quarter 20233rd quarter 20234th quarter 20231st quarter 20242nd quarter 2024
    Final consumption expenditure of households and NPISHs6.2-0.8-1.3-1.0-3.6-1.12.3
    ¬ Household final consumption expenditure5.9-0.9-1.3-1.0-3.8-0.82.3
    ¬¬ Goods-3.8-5.1-4.4-3.9-8.3-1.51.7
    ¬¬ Services10.22.00.61.10.7-0.52.8
    ¬¬ Direct purchases abroad by resident households265.113.98.07.35.210.63.4
    ¬¬ Direct purchases by non-residents199.412.13.97.419.822.46.0
    ¬ Final consumption expenditure of NPISHs11.91.2-0.7-0.90.2-6.02.6
    Final consumption expenditure of general governmen1.13.43.23.83.83.22.9
    ¬ Final consumption expenditure of central government2.73.02.62.92.93.53.7
    ¬¬¬ Central government, civilian2.52.72.42.42.53.33.5
    ¬¬¬ Central government, defence4.05.14.56.85.75.45.6
    ¬ Final consumption expenditure of local government-0.53.73.84.74.72.92.2
    Gross fixed capital formation (GFCF)5.20.0-0.10.00.0-7.8-2.4
    ¬ Extraction and transport via pipelines (GFCF)-7.110.64.215.621.313.017.1
    ¬ Ocean transport (GFCF)25.9-44.2-71.049.5-15.9-52.482.4
    ¬ Mainland Norway (GFCF)7.6-1.20.1-3.5-3.5-11.6-6.8
    ¬¬ Industries (GFCF)17.14.07.13.4-1.5-12.3-4.6
    ¬¬¬ Services activities incidential to extraction (GFCF)146.812.2-6.936.315.938.728.7
    ¬¬¬ Other services (GFCF)26.60.96.21.2-7.3-14.9-7.6
    ¬¬¬ Manufacturing and mining (GFCF)15.216.011.68.915.8-3.50.4
    ¬¬¬ Production of other goods (GFCF)-13.67.48.97.44.6-11.51.9
    ¬¬ Dwelling service (households) (GFCF)-1.4-15.6-16.9-16.7-20.9-21.9-17.0
    ¬¬ General government (GFCF)1.33.03.7-4.16.61.9-2.9
    Acquisitions less disposals of valuables74.98.22.12.84.4-2.512.0
    Changes in stocks and statistical discrepancies37.8-13.413.4-75.0-64.7-14.636.6
    Gross capital formation8.0-1.50.7-5.0-7.0-9.40.0
    Final domestic use of goods and services5.40.10.4-0.9-2.8-2.71.8
    Final demand from Mainland Norway (excl. changes in stocks)5.10.30.3-0.2-1.6-2.30.3
    Final demand from general government1.13.33.32.44.43.01.9
    Total exports4.51.43.2-4.62.80.16.9
    ¬ Traditional goods (export)-2.56.113.00.14.8-8.6-0.6
    ¬ Crude oil and natural gas (export)1.3-1.1-2.4-6.43.53.910.9
    ¬ Ships, oil platforms and aircraft (export)-45.0-45.8-34.7-46.9-55.8118.144.0
    ¬ Services (export)25.13.16.2-4.1-0.30.66.4
    Total use of goods and services5.10.51.3-2.2-1.0-1.83.5
    Total imports12.50.74.7-3.0-5.6-4.91.3
    ¬ Tradisjonelle varer (import)3.4-3.70.5-7.2-10.1-8.34.3
    ¬ Crude oil and natural gas (import)-26.314.0-14.825.5-7.1-36.6-19.4
    ¬ Ships, oil platforms and aircraft (import)-34.1-2.9102.420.9-42.1-2.9-48.2
    ¬ Services (import)41.28.08.61.94.22.20.9
    Gross domestic product, market values2 3.00.50.3-2.00.4-0.94.2
    Gross domestic product Mainland Norway, market values2 3.70.70.2-0.2-0.3-2.42.8
    Petroleum activities and ocean transport3 0.6-0.10.3-7.82.84.09.5
    Gross domestic product Mainland Norway, basic values4.01.00.70.0-0.1-2.23.1
    ¬ Mainland Norway excluding general government (GDP)4.40.70.4-0.2-0.5-3.63.5
    ¬¬ Manufacturing and mining (GDP)-0.50.2-0.3-0.60.4-3.65.3
    ¬¬ Production of other goods (GDP)0.7-0.7-1.0-0.7-0.8-3.60.0
    ¬¬ Service activities (GDP)6.21.20.80.0-0.5-3.64.0
    ¬ General government (GDP)3.01.61.70.61.22.02.2
    Taxes and subsidies products1.9-1.4-3.0-1.8-1.7-3.70.2
    1Figures from 2022 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
    202220232nd quarter 20233rd quarter 20234th quarter 20231st quarter 20242nd quarter 2024
    Final consumption expenditure of households and NPISHs5.16.77.86.45.54.83.0
    ¬ Household final consumption expenditure5.36.88.06.55.44.83.0
    ¬¬ Goods6.45.67.34.23.53.52.0
    ¬¬ Services4.16.36.46.76.35.64.5
    ¬¬ Direct purchases abroad by resident households9.015.919.814.913.36.21.2
    ¬¬ Direct purchases by non-residents10.35.35.14.75.64.44.2
    ¬ Final consumption expenditure of NPISHs1.95.65.15.16.95.02.0
    Final consumption expenditure of general governmen5.74.63.64.56.84.54.0
    ¬ Final consumption expenditure of central government5.35.14.64.77.14.54.7
    ¬¬¬ Central government, civilian4.95.04.64.77.44.34.4
    ¬¬¬ Central government, defence8.35.84.94.65.35.76.3
    ¬ Final consumption expenditure of local government6.14.12.74.26.44.53.4
    Gross fixed capital formation (GFCF)7.66.56.95.65.64.95.0
    ¬ Extraction and transport via pipelines (GFCF)6.410.510.610.39.77.17.0
    ¬ Ocean transport (GFCF)11.68.820.3-2.86.513.8-4.4
    ¬ Mainland Norway (GFCF)7.85.76.24.74.74.24.3
    ¬¬ Industries (GFCF)7.26.46.95.55.64.54.5
    ¬¬¬ Services activities incidential to extraction (GFCF)7.88.69.48.07.06.05.3
    ¬¬¬ Other services (GFCF)6.86.16.65.15.44.34.3
    ¬¬¬ Manufacturing and mining (GFCF)7.77.17.86.56.25.24.4
    ¬¬¬ Production of other goods (GFCF)8.66.87.46.05.14.54.6
    ¬¬ Dwelling service (households) (GFCF)8.54.54.93.33.33.64.2
    ¬¬ General government (GFCF)8.35.25.84.44.34.04.1
    Acquisitions less disposals of valuables4.19.610.89.46.98.68.9
    Changes in stocks and statistical discrepancies-10.431.1269.775.230.611.61.6
    Gross capital formation5.78.711.56.37.46.44.8
    Final domestic use of goods and services5.46.87.85.86.35.23.8
    Final demand from Mainland Norway (excl. changes in stocks)5.95.96.35.45.64.53.6
    Final demand from general government6.24.74.04.46.24.44.0
    Total exports62.8-24.7-22.4-40.0-17.9-16.1-2.5
    ¬ Traditional goods (export)30.2-0.4-0.1-6.0-2.8-3.1-4.6
    ¬ Crude oil and natural gas (export)102.6-40.1-37.8-59.2-30.9-28.8-2.2
    ¬ Ships, oil platforms and aircraft (export)3.414.41.912.426.1-13.03.6
    ¬ Services (export)12.05.12.26.76.74.10.6
    Total use of goods and services24.6-6.9-4.8-16.9-3.4-2.81.6
    Total imports13.06.78.23.85.82.11.7
    ¬ Tradisjonelle varer (import)15.65.87.00.25.80.51.2
    ¬ Crude oil and natural gas (import)58.71.26.3-1.41.6-3.9-12.5
    ¬ Ships, oil platforms and aircraft (import)10.612.115.49.74.5-3.17.5
    ¬ Services (import)7.28.610.69.66.56.03.1
    Gross domestic product, market values2 28.2-10.6-8.5-22.3-6.0-4.21.6
    Gross domestic product Mainland Norway, market values2 6.05.05.24.74.74.93.3
    Petroleum activities and ocean transport3 103.3-38.3-36.7-57.1-28.0-27.3-4.1
    Gross domestic product Mainland Norway, basic values7.34.54.74.03.84.42.9
    ¬ Mainland Norway excluding general government (GDP)8.54.14.92.92.14.12.2
    ¬¬ Manufacturing and mining (GDP)17.19.910.215.70.63.0-2.4
    ¬¬ Production of other goods (GDP)28.5-8.2-4.5-21.5-11.4-0.1-2.6
    ¬¬ Service activities (GDP)1.97.26.79.97.05.64.3
    ¬ General government (GDP)3.75.84.27.29.65.84.8
    Taxes and subsidies products-2.99.18.710.011.18.76.5
    1Figures from 2022 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
    202220232nd quarter 20233rd quarter 20234th quarter 20231st quarter 20242nd quarter 2024
    Final consumption expenditure of households and NPISHs1 816 1301 922 925480 033483 192492 132490 589500 911
    ¬ Household final consumption expenditure1 712 0181 811 633452 653455 253463 647462 386473 144
    ¬¬ Goods831 470833 448209 404206 739214 255209 809217 455
    ¬¬ Services812 606880 728218 372223 526225 881228 664231 076
    ¬¬ Direct purchases abroad by resident households123 391162 90940 69941 64542 22042 92142 566
    ¬¬ Direct purchases by non-residents-55 448-65 452-15 822-16 656-18 709-19 008-17 953
    ¬ Final consumption expenditure of NPISHs104 111111 29227 38027 93928 48528 20327 767
    Final consumption expenditure of general governmen1 037 4541 121 856275 996283 107292 039291 909295 839
    ¬ Final consumption expenditure of central government520 806564 186138 610141 775147 296147 449150 674
    ¬¬¬ Central government, civilian457 233493 488121 298123 783128 941128 492131 241
    ¬¬¬ Central government, defence63 57370 69717 31217 99218 35518 95719 434
    ¬ Final consumption expenditure of local government516 648557 670137 386141 332144 743144 460145 165
    Gross fixed capital formation (GFCF)1 123 8521 196 536297 381298 313307 070284 545304 824
    ¬ Extraction and transport via pipelines (GFCF)176 961216 12151 16355 68661 97856 85164 136
    ¬ Ocean transport (GFCF)18 71311 3621 1912 7436 0557492 089
    ¬ Mainland Norway (GFCF)928 178969 053245 028239 884239 038226 945238 599
    ¬¬ Industries (GFCF)451 013499 330127 843125 876119 951115 700127 334
    ¬¬¬ Services activities incidential to extraction (GFCF)5 1646 2901 4931 6131 8501 9372 077
    ¬¬¬ Other services (GFCF)314 825337 19387 77285 84278 09076 15384 420
    ¬¬¬ Manufacturing and mining (GFCF)58 49672 65817 57817 61119 64218 06418 415
    ¬¬¬ Production of other goods (GFCF)72 52783 18921 00120 80920 36919 54622 421
    ¬¬ Dwelling service (households) (GFCF)235 422207 73651 87050 39748 25846 19144 972
    ¬¬ General government (GFCF)241 744261 98865 31563 61170 82965 05466 293
    Acquisitions less disposals of valuables2352796772707482
    Changes in stocks and statistical discrepancies114 248129 72034 97860 682-78943 51329 268
    Gross capital formation1 238 3351 326 534332 426359 067306 351328 132334 174
    Final domestic use of goods and services4 091 9194 371 3151 088 4551 125 3661 090 5221 110 6311 130 924
    Final demand from Mainland Norway (excl. changes in stocks)3 781 7624 013 8341 001 0571 006 1831 023 2091 009 4441 035 349
    Final demand from general government1 279 1981 383 844341 311346 718362 867356 963362 132
    Total exports3 165 7662 419 630615 899519 028621 942584 760633 693
    ¬ Traditional goods (export)626 475662 160169 952159 831167 684154 903156 913
    ¬ Crude oil and natural gas (export)2 014 3991 194 085306 776218 171308 353283 767326 474
    ¬ Ships, oil platforms and aircraft (export)11 4197 0781 8193 0431 0872 1422 714
    ¬ Services (export)513 473556 307137 351137 983144 818143 948147 591
    Total use of goods and services7 257 6846 790 9451 704 3541 644 3941 712 4641 695 3911 764 616
    Total imports1 549 4951 664 444424 919410 537419 007412 516430 600
    ¬ Tradisjonelle varer (import)975 008993 279252 741242 737248 574244 316259 253
    ¬ Crude oil and natural gas (import)22 98426 5216 2036 9076 3864 2474 955
    ¬ Ships, oil platforms and aircraft (import)27 33729 78412 4717 5314 4075 0576 943
    ¬ Services (import)524 166614 861153 503153 362159 640158 895159 449
    Gross domestic product, market values5 708 1905 126 5001 279 4351 233 8571 293 4581 282 8761 334 016
    Gross domestic product Mainland Norway, market values3 646 3283 855 396960 548969 721983 067993 879997 543
    Petroleum activities and ocean transport2 2 061 8621 271 104318 888264 136310 391288 997336 473
    Gross domestic product Mainland Norway, basic values3 221 4783 398 162847 340854 938865 899876 013878 277
    ¬ Mainland Norway excluding general government (GDP)2 436 2922 554 045640 002641 948645 720656 299655 919
    ¬¬ Manufacturing and mining (GDP)290 250319 66181 51482 06679 02481 06281 496
    ¬¬ Production of other goods (GDP)538 952491 190125 605116 762120 596126 185119 486
    ¬¬ Service activities (GDP)1 607 0891 743 194432 883443 120446 100449 052454 937
    ¬ General government (GDP)785 187844 118207 339212 990220 179219 714222 358
    Taxes and subsidies products424 850457 234113 207114 783117 168117 866119 266
    1Figures from 2022 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. 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
    202220232nd quarter 20233rd quarter 20234th quarter 20231st quarter 20242nd quarter 2024
    Final consumption expenditure of households and NPISHs6.2-0.80.20.00.5-0.71.5
    ¬ Household final consumption expenditure5.9-0.90.2-0.10.6-0.61.6
    ¬¬ Goods-3.8-5.1-0.4-0.82.1-2.12.9
    ¬¬ Services10.22.00.60.70.10.3-0.1
    ¬¬ Direct purchases abroad by resident households265.113.92.31.4-1.03.10.1
    ¬¬ Direct purchases by non-residents199.412.12.45.210.00.9-7.1
    ¬ Final consumption expenditure of NPISHs11.91.20.20.60.1-1.70.0
    Final consumption expenditure of general governmen1.13.41.01.01.00.30.7
    ¬ Final consumption expenditure of central government2.73.00.70.91.40.50.9
    ¬¬¬ Central government, civilian2.52.70.60.71.50.50.9
    ¬¬¬ Central government, defence4.05.11.42.20.90.81.6
    ¬ Final consumption expenditure of local government-0.53.71.21.00.60.10.4
    Gross fixed capital formation (GFCF)5.20.0-0.3-0.20.8-7.65.1
    ¬ Extraction and transport via pipelines (GFCF)-7.110.65.78.67.9-9.210.0
    ¬ Ocean transport (GFCF)25.9-44.2-29.3162.1106.6-87.5170.2
    ¬ Mainland Norway (GFCF)7.6-1.2-1.3-2.6-2.0-5.43.5
    ¬¬ Industries (GFCF)17.14.00.0-2.2-5.6-4.58.2
    ¬¬¬ Services activities incidential to extraction (GFCF)146.812.210.37.512.33.75.0
    ¬¬¬ Other services (GFCF)26.60.91.1-2.6-9.7-3.99.1
    ¬¬¬ Manufacturing and mining (GFCF)15.216.0-3.6-0.98.8-7.30.5
    ¬¬¬ Production of other goods (GFCF)-13.67.4-2.2-2.5-2.0-4.712.0
    ¬¬ Dwelling service (households) (GFCF)-1.4-15.6-9.7-3.4-5.4-5.9-3.1
    ¬¬ General government (GFCF)1.33.03.9-2.87.8-6.6-0.1
    Acquisitions less disposals of valuables74.98.2-8.9-1.6-4.111.06.0
    Changes in stocks and statistical discrepancies37.8-13.4-4.5-34.8-26.5183.4-45.8
    Gross capital formation8.0-1.5-0.8-4.3-1.43.9-3.3
    Final domestic use of goods and services5.40.10.1-1.10.10.9-0.1
    Final demand from Mainland Norway (excl. changes in stocks)5.10.30.1-0.40.1-1.51.7
    Final demand from general government1.13.31.50.32.2-1.00.5
    Total exports4.51.40.6-1.63.4-1.45.6
    ¬ Traditional goods (export)-2.56.13.2-2.83.0-6.53.5
    ¬ Crude oil and natural gas (export)1.3-1.1-0.2-1.04.5-0.56.9
    ¬ Ships, oil platforms and aircraft (export)-45.0-45.883.779.8-73.0144.521.3
    ¬ Services (export)25.13.1-1.0-2.83.71.14.7
    Total use of goods and services5.10.50.3-1.31.20.11.8
    Total imports12.50.71.8-3.0-0.3-0.43.1
    ¬ Tradisjonelle varer (import)3.4-3.7-0.2-2.1-1.10.33.9
    ¬ Crude oil and natural gas (import)-26.314.0-21.917.0-6.1-32.121.6
    ¬ Ships, oil platforms and aircraft (import)-34.1-2.9137.1-38.3-42.114.626.5
    ¬ Services (import)41.28.01.3-2.43.3-0.80.8
    Gross domestic product, market values2 3.00.5-0.2-0.71.70.31.4
    Gross domestic product Mainland Norway, market values2 3.70.70.10.00.30.10.1
    Petroleum activities and ocean transport3 0.6-0.1-1.3-3.26.60.95.6
    Gross domestic product Mainland Norway, basic values4.01.00.40.10.30.20.2
    ¬ Mainland Norway excluding general government (GDP)4.40.70.40.10.00.00.1
    ¬¬ Manufacturing and mining (GDP)-0.50.20.00.20.20.60.7
    ¬¬ Production of other goods (GDP)0.7-0.71.1-0.3-1.0-0.1-1.1
    ¬¬ Service activities (GDP)6.21.20.30.20.30.00.3
    ¬ General government (GDP)3.01.60.20.00.90.90.4
    Taxes and subsidies products1.9-1.4-1.5-0.30.4-1.0-0.4
    1Figures from 2022 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

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.

The information under «About the statistics» was last updated 23 February 2023.

See Concepts and definitions in national accounts for explanations.

Valuation

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

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

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

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

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

21 November 2024

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 t2nd quarter year t3rd quarter year t4th quarter year t
May, year tFirst preliminary versionRevised 3 for year t-1Revised 2 for year t-1Revised 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 tRevised 2Revised 1First preliminary versionRevised 3 for year t-1
February, year tRevised 3 for year t-1Revised 2 for year t-1Revised 1First 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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