New figures from National Accounts show that GDP Mainland Norway decreased 0.2 percent from January to February 2024, Seasonal adjustment involves correcting for seasonal patterns that affect economic development over a given period. Examples include holidays (except Easter) and Christmas shopping. Calendar adjustment involves correcting for the effects of variations in the number of working days in a given period, for example, due to when Easter occurs. Unless otherwise stated, it is the seasonally and calendar-adjusted figures that are referred to in articles for monthly and quarterly national accounts. and measured in Constant prices (volume) are monetary values have been adjusted for the effects of changes in price that occur over time. GDP measured in constant prices is often referred to as real GDP. Current prices (value) mean that monetary values have not been adjusted for the effects of price changes that have occurred over time. GDP measured at current prices is often referred to as nominal GDP. Unless otherwise stated, it is constant prices that are referred to in articles for monthly and quarterly national accounts.. Household consumption increased 0.1 percent.
– The decline in February followed an increase in January. The figures continue to depict a rather flat development in the Norwegian economy, as we have seen over the last year, says Head of National Accounts at Statistics Norway.
When the economy has near zero growth, normal fluctuations can cause growth or decline from one month to the next. Looking at the rolling three-month growth gives a better impression of the underlying development in the economy. The rolling three-month growth for GDP Mainland Norway showed an increase of 0.1 percent from September-November to December-February.
The total GDP fell 0.9 percent in February due to a decline in natural gas production. The rolling three-month growth in total GDP was 1.5 percent.
Reduction of economic activity in February following growth in the previous month
Several contributions to the decline in GDP Mainland Norway in February came from industries that had an upswing in Production is the value of goods and services from domestic production activity. Input use is the value of input goods and services used in domestic production activity. The value added is the value of goods and services from domestic production activity (production minus input use). the previous month. This was the case, among others, for administrative and support service activities, wholesale and retail trade, and the production of machinery and other equipment. However, the rolling three-month development in these industries was more moderate.
– In February, the mainland economy was partly pulled down by industries that grew the previous month. This illustrates that the figures can fluctuate a lot, and one should not place too much emphasis on the development in a single month, says Pål Sletten.
Construction has generally developed negatively over the last year, and the value added also fell in February. Nevertheless, it grew the month before. Looking at the last three months, the development in construction was negative.
Fishing increased, contributing to a rise in GDP Mainland Norway in February, while electricity, gas and steam decreased slightly. These are industries that vary greatly from month to month. Excluding electricity, gas and steam and fishing, the decline in GDP Mainland Norway would have been 0.3 percent.
However, electricity, gas and steam constituted the largest negative contribution to the rolling three-month growth in the mainland economy, much due to high hydropower production last autumn. Excluding fishing and electricity, gas and steam, mainland Norway's GDP shows a rolling three-month growth of 0.3 percent.
Household consumption of goods grew, while consumption of services decreased
Household consumption increased 0.1 percent in February. The consumption of goods grew, driven by consumption of food and car purchases. The consumption of services declined, pulled down by leisure services and hotel and restaurant services. The three-month growth rates for both goods and services consumption were positive.
The investments in dwelling services, which fell sharply throughout the last year, continued to decline in February, with a decrease of 2.7 percent. The rolling three-month decline was 6.1 percent.
Revisions
In connection with new monthly and quarterly figures, retroactive revisions will occur. New information is occasionally incorporated in the calculation of selected national accounts figures. In addition, the seasonal pattern will change as new periods are added.
In certain areas there is incorporated new base statistics for earlier months, and the growth in GDP Mainland Norway is revised upwards by 0.2 percent in January 2024. For December 2023 growth has been revised up by 0.1 percent because of changes in the seasonal pattern. The revisions were smaller for all other periods.