Gross domestic product for mainland Norway increased 0.7 percent in November, measured in constant prices and adjusted for seasonal and calendar variations. The growth is mainly due to an increase in fishing and aquaculture. Industries such as fishing, aquaculture and the production of electricity tend to fluctuate on a monthly basis. When excluding these industries mainland GDP grew 0.3 percent in November.
-The economic growth continued through the autumn. Despite increased infection rates in October, there were few restrictions in place in November. The effects of tighter restrictions may be more visible in December, says Pål Sletten, head of the National Accounts at Statistics Norway.
Activity in manufacturing and mining declined 1 percent in November. This was mainly due to a decline in manufacturing of refined petroleum and machinery.
Service industries grew 0.1 percent in November. Accommodation and food services declined, while administrative and support service activities as well as health and care services counteracted the decline.
Total GDP for Norway, including petroleum activities and ocean transport, fell 0.3 per cent in November. Oil and gas extraction fell 5.9 per cent in November due to technical difficulties. Measured in current prices, oil and gas extraction was nearly three times higher in November 2021 compared to the same month last year.
Consumption
Houshold consumption increased 1.3 per cent in November. Consumption of goods increased 2.7 per cent from October to November, mainly due to purchases of cars and electricity. Compared to the same month last year, electricity prices nearly doubled. Consumption of services increased 0.3 per cent. Recreational and cultural services increased, while accommodation and food services activities fell in November.
Foreigners’ consumption increased 4.8 per cent but is still at a much lower level than before the pandemic. After six months of consecutive growth, Norwegians’ purchases abroad decreased 2 per cent.
Final consumption expenditure of general government increased 0.1 per cent in August. Developments in final consumption expenditure of general government are based on various indicators but will be revised when accounts for the central government and municipalities for the third quarter become available. These figures must be regarded as preliminary. Given the unusual circumstances, there is greater uncertainty.
Export and import
Total exports in fixed prices fell 1.4 per cent. Exports of traditional goods declined 5.1 per cent and contributed the most to the fall. Measured in current prices, exports were nearly twice as high in November compared to the same month last year. Gas exports particularly contributed to the growth in current prices. The value of the export of gas was nearly five times higher in November 2021 than in November of last year.
Imports increased 3.1 per cent measured in fixed prices and was mainly driven by traditional goods which rose 4.6 per cent. Imports of cars also contributed to the growth.
Investments
Seasonally adjusted gross fixed capital formation increased 1.1 per cent in November. The rolling three-month growth from June-August to September-November was 0.7 per cent. Dwelling services declined 4.2 per cent in November, but the rolling three-month growth was still 2.2 per cent.
In gross fixed capital formation, there is generally weak access to monthly information. For petroleum investments, investments in industry, mining and power supply, information on planned investments as reported by the companies is used.
Revisions
In connection with new monthly figures, there will be revisions. The statistics used will not normally change for previous months. Seasonally adjusted series can, however, be affected, since the basis for the seasonal adjustment changes when new periods are added. The National Accounts has published an article on the revisions in the monthly national accounts.
In certain areas, new underlying statistics have been incorporated for previous months. The macroeconomic picture remains, however, as previously published.
Thursday 12th of March 2020 the Norwegian government introduced actions against the spreading of COVID-19 in Norway. The seasonal adjustment routine during the pandemic is done in such a way that figures during the crisis (from March), are not included when calculating the seasonal pattern. Technically, in the seasonal adjustment routine, this is done by specifying March and following months as outliers. The seasonal adjustment routine of Statics Norway is in line with the recommendations of Eurostat.