New figures from the National Accounts show that GDP Mainland Norway increased 0.4 per cent from September to October, measured in fixed prices.
– In a year with mostly weak development, there has now been an increase in both September and October, says Head of National Accounts in Statistics Norway, Pål Sletten.
Healthcare and agriculture contributed the most to the increase. Lower production of electricity dampened growth. This occurred after a high level in August.
Monthly figures can vary somewhat, and one should therefore not read too much into one single month. The rolling three-month average for GDP Mainland Norway shows zero growth from May-July to August-October.
By looking at three-month growth, one can get a better impression of the underlying development. When looking at the last three months, production of electricity had the greatest positive contribution, while agriculture and wholesale trade and retail dampened growth.
– Seen in total, the figures show a weak development in the last months, says Sletten.
Industries
Value added in services including dwelling services had zero growth in October. The largest increase came from healthcare services, which grew 1,1 per cent after two months of weak development. Financial and insurance activities had the second largest contribution. Administrative and support service activities and transportation without sea and coastal water transport dampened growth.
Manufacturing increased 1,2 per cent. Production of metals, electrical equipment and machinery contributed the most, followed by oil refining, chemical and pharmaceutical manufacturing. Despite the uptick, value added for manufacturing was lower in October than it was in July and August.
Value added for production of other goods increased 0.8 per cent. Fishing contributed the most, followed by agriculture and forestry. Electricity, gas, and steam supply fell, dampening growth.
Measured in fixed prices, extraction of crude petroleum and natural gas increased 9.2 per cent. That was after a large decrease of 10.7 per cent in September. Mining support activities increased 0.6 per cent.
Consumption
Household consumption increased 1 per cent in October, measured in fixed prices. This growth was in particular driven by increased consumption of electricity.
Consumption of goods increased 2.3 per cent. Growth was mainly driven by a large increase in the consumption of electricity, but consumption of clothes and shoes also contributed. Service consumption increased 0.3 per cent, and it was especially repair of transportation that contributed to the growth.
Norwegians’ consumption abroad fell 0.3 per cent in October. Consumption by non-residents increased 4.5 per cent.
Lower Investments
Gross fixed capital formation for decreased¹ 3.2 per cent in October. This decrease was broadly based, with a decline in the extraction of crude oil and natural gas, other services and dwelling services. Investments in dwelling services decreased 2.7 per cent. Investments in manufacturing and central government increased.
For gross fixed capital formation, there is low availability of monthly information. For petroleum investments, investments in manufacturing, mining and power supply, information on planned investments is used as reported by the companies.
¹ Corrected 9 January 2024 at 10.45.
Exports and imports
Total exports increased 3.8 per cent in October, measured in fixed prices and adjusted for normal seasonal variation. Exports of traditional goods, crude oil and natural gas and services increased. The uptick in traditional goods was in particular due to higher exports of manufacturing products.
Seasonally adjusted volume figures show that imports fell 2.7 per cent. Imports of traditional goods, including manufacturing goods, contributed to the decline. Imports of services increased, which dampened the decrease of imports.
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.
The great upheavals in the Norwegian economy during the corona pandemic may have led to connections between indicators and account figures differing from normal periods. In the aftermath of the corona pandemic, revisions in the seasonal patterns have occasionally been larger than normal. Preliminary monthly and quarterly figures should therefore be treated as being more uncertain than usual.
In connection with the publication of figures for the 3rd quarter of 2023, on November 23, final figures for 2021 were released, and the base year was updated with new information from the final national accounts for 2021. New information from the 1st quarter of 2021 has been incorporated for all quarters.