National accounts

Updated: 9 September 2021

Next update: 8 October 2021

Seasonally adjusted volume growth for GDP mainland Norway
Seasonally adjusted volume growth for GDP mainland Norway
July 2021
0.4
%

Selected tables and figures from this statistics

Final expenditure and gross domestic product. Monthly. Seasonally adjusted figures. Percentage change in volume from the previous period
Final expenditure and gross domestic product. Monthly. Seasonally adjusted figures. Percentage change in volume from the previous period1
December 2020January 2021February 2021March 2021April 2021May 2021June 2021July 2021
Final consumption expenditure of households and NPISHs0.0-3.00.0-0.50.23.92.02.6
¬ Household final consumption expenditure0.1-2.90.1-0.70.33.71.72.4
¬¬ Goods-1.1-2.50.2-1.20.84.60.01.2
¬¬ Services0.2-2.9-0.60.00.32.02.72.4
¬¬ Direct purchases abroad by resident households36.7-1.4-50.820.9-22.98.9103.2152.8
¬¬ Direct purchases by non-residents-27.718.4-46.410.926.0-28.0-26.560.3
¬ Final consumption expenditure of NPISHs-2.0-5.1-2.42.3-2.69.87.17.5
Final consumption expenditure of general governmen0.7-1.9-0.4-0.32.10.20.40.1
¬ Final consumption expenditure of central government0.3-1.5-0.8-0.51.60.00.80.5
¬¬¬ Central government, civilian0.3-1.6-1.0-0.51.90.00.90.9
¬¬¬ Central government, defence-0.2-0.50.6-0.1-0.10.20.6-2.6
¬ Final consumption expenditure of local government1.2-2.2-0.10.02.50.40.0-0.2
Gross fixed capital formation (GFCF)1.9-6.11.33.30.6-1.51.8-1.4
¬ Extraction and transport via pipelines (GFCF)4.8-5.9-2.54.21.61.7-0.810.1
¬ Ocean transport (GFCF)-98.4-34.912 106.4-99.4582.622.2....
¬ Mainland Norway (GFCF)3.2-6.1-0.35.60.3-2.32.7-4.4
¬¬ Mainland Norway excluding general government (GFCF)3.7-5.80.57.3-1.9-3.23.9-3.9
¬¬¬ Industries (GFCF)4.1-6.0-0.59.7-4.1-3.14.0-2.5
¬¬¬¬ Services activities incidential to extraction (GFCF)0.96.59.5-5.523.2-5.31.846.9
¬¬¬¬ Other services (GFCF)4.4-9.1-0.811.4-4.0-2.53.3-5.7
¬¬¬¬ Manufacturing and mining (GFCF)4.2-4.01.02.5-0.2-0.92.512.7
¬¬¬¬ Production of other goods (GFCF)3.60.7-0.710.4-7.1-6.07.0-5.1
¬¬¬ Dwelling service (households) (GFCF)3.1-5.52.13.51.7-3.33.6-6.2
¬¬¬ General government (GFCF)2.0-6.9-2.31.46.20.1-0.1-5.6
Acquisitions less disposals of valuables135.9-67.275.2-69.3284.3124.680.637.1
Changes in stocks and statistical discrepancies-64.2174.5-8.2-9.4-57.5108.5-17.2-78.7
Gross capital formation-7.53.8-0.11.6-6.34.5-0.3-8.4
Final domestic use of goods and services-2.1-0.8-0.10.2-1.33.10.9-1.2
Final demand from Mainland Norway (excl. changes in stocks)0.9-3.4-0.20.90.81.41.70.3
Final demand from general government1.0-2.8-0.80.02.80.20.3-0.9
Total exports4.5-3.7-0.1-0.85.8-2.41.21.8
¬ Traditional goods (export)6.6-1.4-1.34.8-3.3-1.25.3-7.4
¬ Crude oil and natural gas (export)5.2-7.1-0.1-5.417.6-3.7-4.34.6
¬ Ships, oil platforms and aircraft (export)591.5-88.61 189.1-38.420.2-56.5521.4146.5
¬ Services (export)-1.52.1-1.91.3-1.6-0.1-0.1-1.1
Total use of goods and services-0.2-1.6-0.1-0.10.81.41.0-0.3
Total imports-5.6-4.02.10.91.32.71.2-3.5
¬ Tradisjonelle varer (import)-8.1-3.30.92.51.65.10.8-5.0
¬ Crude oil and natural gas (import)15.122.213.3-29.042.7-6.1-24.6-67.9
¬ Ships, oil platforms and aircraft (import)-33.55.671.72.7-14.7-37.733.125.6
¬ Services (import)2.2-8.20.2-0.2-1.20.73.73.5
Gross domestic product, market values2 1.5-1.0-0.7-0.40.71.00.90.7
Gross domestic product Mainland Norway, market values2 1.1-1.0-0.6-0.60.71.50.80.4
Petroleum activities and ocean transport3 3.1-1.0-1.60.40.6-1.41.41.9
Gross domestic product Mainland Norway, basic values1.0-0.5-0.6-0.40.61.10.80.6
¬ Mainland Norway excluding general government (GDP)1.1-0.3-0.6-0.50.41.20.80.5
¬¬ Manufacturing and mining (GDP)-0.12.2-1.7-0.40.80.1-1.10.3
¬¬ Production of other goods (GDP)4.90.6-1.4-1.40.20.21.20.2
¬¬ Service activities (GDP)0.3-1.0-0.2-0.20.51.71.00.6
¬ General government (GDP)0.7-1.2-0.6-0.30.90.70.60.8
Taxes and subsidies products1.9-3.9-0.4-1.31.54.41.4-0.6
1Figures from 2018 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
October 2020 - December 2020November 2020 - January 2021December 2020 - February 2021January 2021 - March 2021February 2021 - April 2021March 2021 - May 2021April 2021 - June 2021May 2021 - July 2021
Final consumption expenditure of households and NPISHs0.3-1.3-2.6-3.6-2.4-0.23.16.2
¬ Household final consumption expenditure0.3-1.2-2.5-3.4-2.2-0.22.95.7
¬¬ Goods1.51.9-1.2-2.7-2.40.13.15.1
¬¬ Services0.7-3.4-4.0-4.5-2.4-0.52.44.9
¬¬ Direct purchases abroad by resident households-45.6-40.6-19.8-28.1-43.9-38.0-5.5163.9
¬¬ Direct purchases by non-residents44.921.2-19.0-29.9-37.7-21.0-21.0-16.4
¬ Final consumption expenditure of NPISHs1.3-2.6-6.0-7.5-5.80.37.016.7
Final consumption expenditure of general governmen2.31.30.1-1.5-0.90.32.11.9
¬ Final consumption expenditure of central government1.70.6-0.5-1.9-1.5-0.41.31.7
¬¬¬ Central government, civilian1.80.6-0.6-2.2-1.7-0.51.52.0
¬¬¬ Central government, defence1.20.80.30.00.10.10.3-0.4
¬ Final consumption expenditure of local government3.02.00.8-1.2-0.31.02.82.1
Gross fixed capital formation (GFCF)1.5-0.5-2.1-2.90.11.92.80.6
¬ Extraction and transport via pipelines (GFCF)3.62.00.6-3.6-1.72.04.57.2
¬ Ocean transport (GFCF)-5.4-22.110.39.126.2-91.3....
¬ Mainland Norway (GFCF)1.1-0.8-2.9-2.80.32.63.20.0
¬¬ Mainland Norway excluding general government (GFCF)3.31.4-0.7-1.01.83.12.0-1.0
¬¬¬ Industries (GFCF)2.60.3-1.9-1.01.63.11.0-1.1
¬¬¬¬ Services activities incidential to extraction (GFCF)-30.4-19.9-4.812.718.615.918.624.6
¬¬¬¬ Other services (GFCF)6.71.0-3.7-4.00.13.52.2-1.5
¬¬¬¬ Manufacturing and mining (GFCF)-3.9-1.60.10.51.21.32.05.8
¬¬¬¬ Production of other goods (GFCF)-2.30.41.75.75.32.9-2.9-5.0
¬¬¬ Dwelling service (households) (GFCF)4.63.21.1-1.02.23.03.7-0.8
¬¬¬ General government (GFCF)-3.9-6.1-7.8-7.2-3.51.46.42.6
Acquisitions less disposals of valuables-55.1-37.2-0.6-46.4-18.424.8358.2462.4
Changes in stocks and statistical discrepancies-28.4-7.9-4.045.2-11.7-15.8-38.1-29.7
Gross capital formation-2.3-1.4-2.41.6-1.3-0.1-2.6-2.5
Final domestic use of goods and services0.1-0.6-1.8-1.6-1.70.01.12.5
Final demand from Mainland Norway (excl. changes in stocks)1.1-0.4-1.9-2.8-1.30.62.93.5
Final demand from general government1.1-0.1-1.4-2.6-1.40.52.82.0
Total exports2.41.21.1-1.80.30.83.92.4
¬ Traditional goods (export)3.20.72.52.11.90.70.2-1.0
¬ Crude oil and natural gas (export)1.50.8-0.4-6.2-1.41.78.93.6
¬ Ships, oil platforms and aircraft (export)-48.3-24.7127.854.5174.7-4.680.9207.9
¬ Services (export)4.33.00.90.4-0.8-0.5-1.5-1.2
Total use of goods and services0.7-0.1-1.0-1.6-1.10.22.02.5
Total imports0.4-2.5-5.6-5.1-1.52.74.93.5
¬ Tradisjonelle varer (import)1.90.1-5.6-5.3-2.04.87.45.8
¬ Crude oil and natural gas (import)16.5-10.112.612.222.02.73.5-30.3
¬ Ships, oil platforms and aircraft (import)-38.0-50.0-36.814.447.914.8-17.7-24.8
¬ Services (import)-0.1-2.7-3.9-7.4-5.3-3.50.43.5
Gross domestic product, market values3 0.80.60.4-0.6-1.0-0.51.12.2
Gross domestic product Mainland Norway, market values2.00.70.2-1.1-1.0-0.31.42.5
Petroleum activities and ocean transport4 -4.5-0.11.61.5-0.8-1.1-0.20.6
Gross domestic product Mainland Norway, basic values2.00.80.4-0.7-0.7-0.31.02.0
¬ Mainland Norway excluding general government (GDP)2.10.70.4-0.5-0.6-0.31.02.0
¬¬ Manufacturing and mining (GDP)3.72.72.41.3-0.3-0.3-0.4-0.2
¬¬ Production of other goods (GDP)1.61.22.70.9-0.3-2.0-0.70.7
¬¬ Service activities (GDP)2.10.2-0.5-1.2-0.70.21.72.8
¬ General government (GDP)1.71.10.3-1.0-1.1-0.31.21.9
Taxes and subsidies products1.90.4-1.2-3.7-2.8-0.53.95.7
1Figures from 2018 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
201920202nd quarter 20203rd quarter 20204th quarter 20201st quarter 20212nd quarter 2021
Final consumption expenditure of households and NPISHs1 583 1941 496 388351 842371 963396 615365 679388 932
¬ Household final consumption expenditure1 497 6041 417 482332 859354 630375 818346 816368 361
¬¬ Goods677 948719 497178 307185 416202 626177 400196 097
¬¬ Services743 791684 583155 265168 895173 411170 155172 937
¬¬ Direct purchases abroad by resident households127 38530 1688545 2692 1741 3011 648
¬¬ Direct purchases by non-residents-51 520-16 766-1 567-4 950-2 393-2 040-2 321
¬ Final consumption expenditure of NPISHs85 59078 90618 98217 33320 79718 86320 571
Final consumption expenditure of general governmen868 066905 561232 543223 619226 778233 150248 100
¬ Final consumption expenditure of central government423 407448 796114 683110 835113 755114 799120 873
¬¬¬ Central government, civilian372 087394 880100 60797 80499 813101 133106 400
¬¬¬ Central government, defence51 32153 91614 07613 03113 94213 66614 473
¬ Final consumption expenditure of local government444 659456 765117 860112 784113 023118 352127 227
Gross fixed capital formation (GFCF)914 603906 965223 842223 624238 494216 671228 443
¬ Extraction and transport via pipelines (GFCF)178 121180 82645 40243 67547 22141 28244 648
¬ Ocean transport (GFCF)2 8155 4032531 5581 5381 58818
¬ Mainland Norway (GFCF)733 668720 735178 187178 390189 734173 800183 776
¬¬ Industries (GFCF)325 438313 59576 94076 00284 41374 73780 324
¬¬¬ Services activities incidential to extraction (GFCF)3 8712 662780541550516644
¬¬¬ Other services (GFCF)192 906187 37844 89944 36950 45547 07949 160
¬¬¬ Manufacturing and mining (GFCF)51 58547 18711 25510 83013 80410 38511 505
¬¬¬ Production of other goods (GFCF)77 07776 36820 00620 26219 60416 75719 015
¬¬ welling service (households) (GFCF)194 763190 74347 44247 06749 96549 23952 901
¬¬ General government (GFCF)213 467216 39853 80555 32255 35649 82350 552
Acquisitions less disposals of valuables3931681628331051
Changes in stocks and statistical discrepancies144 846119 6914 03819 50932 01549 67822 878
Gross capital formation1 059 8421 026 824227 897243 160270 541266 359251 371
Final domestic use of goods and services3 511 1023 428 773812 282838 743893 934865 187888 403
Final demand from Mainland Norway (excl. changes in stocks)3 184 9273 122 684762 572773 972813 126772 629820 808
Final demand from general government1 081 5321 121 958286 348278 940282 134282 974298 652
Total exports1 296 2211 109 998238 437258 429302 494337 079349 599
¬ Traditional goods (export)432 332408 50796 14495 986108 002112 776117 629
¬ Crude oil and natural gas (export)463 694352 96360 29079 522107 994143 126144 457
¬ Ships, oil platforms and aircraft (export)12 4749 3701 9842 3981 2571 6342 771
¬ Services (export)387 721339 15880 01980 52385 24179 54384 742
Total use of goods and services4 807 3234 538 7711 050 7201 097 1721 196 4281 202 2661 238 002
Total imports1 238 8351 125 321260 947274 826292 312264 646289 238
¬ Tradisjonelle varer (import)736 179747 140175 951187 145202 542186 354208 893
¬ Crude oil and natural gas (import)24 97517 0153 2413 9133 9265 1705 497
¬ Ships, oil platforms and aircraft (import)35 57236 19910 0539 2846 3076 9374 801
¬ Services (import)442 109324 96771 70274 48479 53766 18570 047
Gross domestic product, market values2 3 568 4883 413 450789 773822 346904 116937 620948 764
Gross domestic product Mainland Norway, market values2 3 068 4073 043 039727 013736 944794 262786 667799 831
Petroleum activities and ocean transport3 500 081370 41162 76085 402109 854150 953148 934
Gross domestic product Mainland Norway, basic values2 669 5082 639 073629 534634 152686 135688 055692 658
¬ Mainland Norway excluding general government (GDP)1 992 8551 945 368450 770462 036513 315510 314502 813
¬¬ Manufacturing and mining (GDP)231 211233 91755 62354 56961 08358 20362 082
¬¬ Production of other goods (GDP)358 770326 18568 10779 61888 31796 84682 878
¬¬ Service activities (GDP)1 402 8741 385 267327 040327 849363 914355 264357 853
¬ General government (GDP)676 653693 705178 764172 116172 820177 742189 845
Taxes and subsidies products398 899403 96697 479102 792108 12798 612107 173
1Figures from 2019 onwards are prelimanry
2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices
3Includes oil and gas extraction, transport via pipelines and ocean transport.
Explanation of symbols
Final expenditure and gross domestic product. Quarter and year. At constant 2018-prices. NOK million
Final expenditure and gross domestic product. Quarter and year. At constant 2018-prices. NOK million1
201920202nd quarter 20203rd quarter 20204th quarter 20201st quarter 20212nd quarter 2021
Final consumption expenditure of households and NPISHs1 548 0141 440 755336 668360 619383 150342 001365 479
¬ Household final consumption expenditure1 465 2621 367 789320 038344 190364 347324 845347 226
¬¬ Goods668 007705 595175 272179 910197 277169 655186 986
¬¬ Services724 766650 911145 539164 343167 484155 972160 956
¬¬ Direct purchases abroad by resident households122 75227 4447414 6701 9041 1821 495
¬¬ Direct purchases by non-residents-50 264-16 161-1 513-4 733-2 318-1 964-2 212
¬ Final consumption expenditure of NPISHs82 75372 96516 63016 42918 80317 15618 254
Final consumption expenditure of general governmen841 508855 679209 867214 122218 997216 555222 588
¬ Final consumption expenditure of central government411 130423 323103 368106 504108 100106 358108 036
¬¬¬ Central government, civilian361 203371 68390 51993 53594 94193 28594 850
¬¬¬ Central government, defence49 92751 64012 84812 96913 15913 07413 186
¬ Final consumption expenditure of local government430 378432 356106 500107 619110 898110 197114 552
Gross fixed capital formation (GFCF)891 426857 248209 884211 700223 756201 837209 455
¬ Extraction and transport via pipelines (GFCF)172 306165 16740 58040 48142 58137 87640 223
¬ Ocean transport (GFCF)2 6424 6831971 3651 2841 38511
¬ Mainland Norway (GFCF)716 478687 398169 107169 853179 891162 577169 221
¬¬Næringer (bruttoinvestering)318 274298 84272 82072 54680 08769 83874 725
¬¬¬ Services activities incidential to extraction (GFCF)3 7662 511728513517479593
¬¬¬ Other services (GFCF)189 001179 27142 60542 56948 10544 08445 955
¬¬¬ Manufacturing and mining (GFCF)50 29344 68810 57810 26313 0249 67210 630
¬¬¬ Production of other goods (GFCF)75 21472 37318 90819 20018 44115 60317 547
¬¬ Dwelling service (households) (GFCF)190 300182 65945 38444 84947 43146 12748 188
¬¬ General government (GFCF)207 904205 89750 90352 45852 37346 61246 308
Acquisitions less disposals of valuables378151142429844
Changes in stocks and statistical discrepancies145 788109 5934 13916 67829 05645 73619 476
Gross capital formation1 037 592966 992214 037228 402252 841247 581228 976
Final domestic use of goods and services3 427 1143 263 426760 572803 144854 989806 137817 043
Final demand from Mainland Norway (excl. changes in stocks)3 106 0012 983 832715 642744 594782 039721 133757 289
Final demand from general government1 049 4121 061 577260 770266 581271 371263 167268 896
Total exports1 356 5821 350 429319 540328 143351 732341 630336 837
¬ Traditional goods (export)429 387419 91797 600103 352113 632111 643109 488
¬ Crude oil and natural gas (export)544 745599 843143 441143 749155 519152 927143 632
¬ Ships, oil platforms and aircraft (export)12 1958 1431 6512 1281 1011 7762 681
¬ Services (export)370 256322 52676 84878 91581 48075 28581 036
Total use of goods and services4 783 6974 613 8551 080 1121 131 2871 206 7211 147 7681 153 880
Total imports1 199 5221 057 130242 769260 499271 886246 425265 745
¬ Tradisjonelle varer (import)718 462699 651161 801175 733189 049172 995190 203
¬ Crude oil and natural gas (import)25 39622 5474 9455 3915 4085 9055 715
¬ Ships, oil platforms and aircraft (import)33 01530 1808 2327 8934 8945 6074 053
¬ Services (import)422 650304 75267 79071 48272 53561 91865 773
Gross domestic product, market values2 3 584 1753 556 725837 343870 788934 835901 343888 134
Gross domestic product Mainland Norway, market values2 3 003 2192 929 236685 770718 795775 203739 275738 962
Petroleum activities and ocean transport580 956627 489151 574151 994159 632162 069149 173
Gross domestic product Mainland Norway, basic values2 605 5062 539 976592 835620 905671 277644 507638 595
¬ Mainland Norway excluding general government (GDP)1 949 7581 889 434435 885456 881504 070480 023470 910
¬¬ Manufacturing and mining (GDP)224 468218 70252 32951 56157 46056 24556 454
¬¬ Production of other goods (GDP)358 099359 63277 45089 03399 75095 61081 729
¬¬ Service activities (GDP)1 367 1921 311 100306 107316 288346 860328 168332 727
¬ General government (GDP)655 748650 541156 950164 024167 207164 483167 685
Taxes and subsidies products397 713389 26092 93597 889103 92694 768100 366
1Figures from 2019 onwards are preliminary
2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices
Explanation of symbols
Final expenditure and gross domestic product. Quarter and year. Percentage change in volume from the same period in the previous year
Final expenditure and gross domestic product. Quarter and year. Percentage change in volume from the same period in the previous year1
201920202nd quarter 20203rd quarter 20204th quarter 20201st quarter 20212nd quarter 2021
Final consumption expenditure of households and NPISHs1.4-6.9-12.9-6.1-5.3-5.18.6
¬ Household final consumption expenditure1.3-6.7-12.5-5.7-4.8-4.28.5
¬¬ Goods0.05.64.19.410.610.86.7
¬¬ Services2.8-10.2-18.6-10.4-9.2-10.110.6
¬¬ Direct purchases abroad by resident households0.9-77.6-97.7-87.8-93.0-94.1101.9
¬¬ Direct purchases by non-residents4.2-67.8-88.7-77.5-68.3-74.246.2
¬ Final consumption expenditure of NPISHs3.0-11.8-19.4-13.0-13.7-18.79.8
Final consumption expenditure of general governmen1.91.7-0.71.73.51.86.1
¬ Final consumption expenditure of central government1.93.00.63.34.31.04.5
¬¬¬ Central government, civilian1.62.90.33.24.50.64.8
¬¬¬ Central government, defence3.83.43.43.62.93.22.6
¬ Final consumption expenditure of local government1.90.5-2.00.32.72.77.6
Gross fixed capital formation (GFCF)4.8-3.8-4.5-7.4-5.0-4.8-0.2
¬ Extraction and transport via pipelines (GFCF)12.6-4.1-5.6-8.9-10.2-8.8-0.9
¬ Ocean transport (GFCF)-68.277.3-67.865.940.2-24.6-94.2
¬ Mainland Norway (GFCF)4.0-4.1-4.0-7.4-3.8-3.50.1
¬¬ Industries (GFCF)5.6-6.1-6.7-9.7-6.6-4.82.6
¬¬¬ Services activities incidential to extraction (GFCF)38.7-33.3-27.2-42.8-51.3-36.4-18.6
¬¬¬ Other services (GFCF)3.5-5.1-8.9-9.3-1.4-4.17.9
¬¬¬ Manufacturing and mining (GFCF)24.4-11.1-9.8-16.4-15.3-10.60.5
¬¬¬ Production of other goods (GFCF)-0.6-3.81.9-5.3-10.1-1.4-7.2
¬¬ Dwelling service (households) (GFCF)-1.7-4.0-5.5-6.41.62.56.2
¬¬ General government (GFCF)7.2-1.01.6-4.9-4.2-7.1-9.0
Acquisitions less disposals of valuables5.8-60.1-85.3-69.8-72.6-90.4213.3
Changes in stocks and statistical discrepancies-0.5-24.8-84.4-37.4-11.8-23.4370.6
Gross capital formation4.1-6.8-13.1-10.6-5.8-8.97.0
Final domestic use of goods and services2.3-4.8-9.9-5.5-3.3-4.67.4
Final demand from Mainland Norway (excl. changes in stocks)2.1-3.9-7.5-4.3-2.6-2.85.8
Final demand from general government2.91.2-0.30.41.90.13.1
Total exports0.5-0.5-3.6-0.4-1.3-2.75.4
¬ Traditional goods (export)4.6-2.2-7.2-1.02.16.012.2
¬ Crude oil and natural gas (export)-4.310.112.618.52.2-2.70.1
¬ Ships, oil platforms and aircraft (export)1.4-33.2-63.3-17.0-45.2-45.662.4
¬ Services (export)3.5-12.9-18.5-22.1-10.2-11.75.4
Total use of goods and services1.8-3.6-8.1-4.1-2.7-4.06.8
Total imports4.7-11.9-20.5-15.2-9.5-12.69.5
¬ Tradisjonelle varer (import)5.7-2.6-11.2-0.15.30.017.6
¬ Crude oil and natural gas (import)5.0-11.2-10.0-33.2-24.4-13.215.6
¬ Ships, oil platforms and aircraft (import)-12.9-8.6-20.7-17.4-25.6-38.8-50.8
¬ Services (import)4.7-27.9-36.8-37.2-32.3-33.4-3.0
Gross domestic product, market values2 0.9-0.8-3.8-0.2-0.6-1.46.1
Gross domestic product Mainland Norway, market values2 2.3-2.5-6.3-3.1-0.7-1.47.8
Petroleum activities and ocean transport3 -6.18.09.816.10.0-1.4-1.6
Gross domestic product Mainland Norway, basic values2.5-2.5-6.4-3.3-0.9-1.67.7
¬ Mainland Norway excluding general government (GDP)2.6-3.1-7.1-4.4-1.6-2.68.0
¬¬ Manufacturing and mining (GDP)2.7-2.6-6.1-4.4-1.3-1.97.9
¬¬ Production of other goods (GDP)1.50.4-1.5-1.32.72.45.5
¬¬ Service activities (GDP)2.8-4.1-8.6-5.3-2.8-4.08.7
¬ General government (GDP)2.2-0.8-4.3-0.11.01.36.8
Taxes and subsidies products1.4-2.1-6.1-1.30.90.38.0
1Figures from 2019 onwards are prelimanry
2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices.
3Includes oil and gas extraction, transport via pipelines and ocean transport.
Explanation of symbols
Final expenditure and gross domestic product. Quarter and year. Percentage change in prices from the same period in the previous year
Final expenditure and gross domestic product. Quarter and year. Percentage change in prices from the same period in the previous year1
201920202nd quarter 20203rd quarter 20204th quarter 20201st quarter 20212nd quarter 2021
Final consumption expenditure of households and NPISHs2.31.61.91.80.82.51.8
¬ Household final consumption expenditure2.21.41.61.70.72.32.0
¬¬ Goods1.50.50.31.81.04.63.1
¬¬ Services2.62.53.41.61.01.20.7
¬¬ Direct purchases abroad by resident households3.85.912.48.86.61.3-4.4
¬¬ Direct purchases by non-residents2.51.21.11.50.50.51.3
¬ Final consumption expenditure of NPISHs3.44.68.64.13.16.5-1.3
Final consumption expenditure of general governmen3.22.65.21.50.52.90.6
¬ Final consumption expenditure of central government3.02.95.52.11.33.80.8
¬¬¬ Central government, civilian3.03.15.92.41.54.00.9
¬¬¬ Central government, defence2.81.63.40.10.12.90.2
¬ Final consumption expenditure of local government3.32.34.91.0-0.41.90.4
Gross fixed capital formation (GFCF)2.63.13.92.93.02.92.3
¬ Extraction and transport via pipelines (GFCF)3.45.98.04.45.61.6-0.8
¬ Ocean transport (GFCF)6.68.322.711.310.62.624.1
¬ Mainland Norway (GFCF)2.42.42.82.52.33.33.1
¬¬ Industries (GFCF)2.32.63.42.72.33.01.7
¬¬¬ Services activities incidential to extraction (GFCF)2.83.14.22.92.82.61.5
¬¬¬ Other services (GFCF)2.12.43.22.42.03.11.5
¬¬¬ Manufacturing and mining (GFCF)2.62.93.83.12.72.81.7
¬¬¬ Production of other goods (GFCF)2.53.03.53.12.83.02.4
¬¬ Dwelling service (households) (GFCF)2.32.02.02.22.43.85.0
¬¬ General government (GFCF)2.72.42.82.52.43.33.3
Acquisitions less disposals of valuables3.97.413.28.49.012.2-1.5
Changes in stocks and statistical discrepancies-0.69.9-4.920.613.71.220.4
Gross capital formation2.14.03.74.34.22.53.1
Final domestic use of goods and services2.52.63.42.41.72.61.8
Final demand from Mainland Norway (excl. changes in stocks)2.52.13.21.91.12.81.7
Final demand from general government3.12.54.81.70.83.01.1
Total exports-4.4-14.0-21.4-14.4-11.011.539.1
¬ Traditional goods (export)0.7-3.4-3.7-6.0-6.4-1.89.1
¬ Crude oil and natural gas (export)-14.9-30.9-49.4-26.5-19.539.9139.3
¬ Ships, oil platforms and aircraft (export)2.312.520.95.84.7-19.5-14.0
¬ Services (export)4.70.41.6-2.7-2.7-3.50.4
Total use of goods and services0.5-2.1-3.6-2.2-1.84.910.3
Total imports3.33.15.12.41.11.91.3
¬ Tradisjonelle varer (import)2.54.26.84.12.12.71.0
¬ Crude oil and natural gas (import)-1.7-23.3-34.5-25.4-28.00.446.8
¬ Ships, oil platforms and aircraft (import)7.711.313.811.115.57.4-3.0
¬ Services (import)4.61.92.9-0.10.80.10.7
Gross domestic product, market values2 -0.4-3.6-6.1-3.4-2.65.913.3
Gross domestic product Mainland Norway, market values2 2.21.72.51.10.51.62.1
Petroleum activities and ocean transport3 -13.9-31.4-50.9-27.3-20.436.1141.1
Gross domestic product Mainland Norway, basic values2.51.42.20.60.21.42.1
¬ Mainland Norway excluding general government (GDP)2.20.70.40.10.10.93.2
¬¬ Manufacturing and mining (GDP)3.03.82.6-0.14.7-5.33.5
¬¬ Production of other goods (GDP)0.2-9.5-12.2-8.0-11.35.015.3
¬¬ Service activities (GDP)2.63.03.22.32.61.00.7
¬ General government (GDP)3.23.36.92.00.63.2-0.6
Taxes and subsidies products0.33.54.24.22.32.91.8
1Figures from 2019 onwards are prelimanry
2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices.
3Includes oil and gas extraction, transport via pipelines and ocean transport.
Explanation of symbols
Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. At current prices. NOK million
Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. At current prices. NOK million1
201920202nd quarter 20203rd quarter 20204th quarter 20201st quarter 20212nd quarter 2021
Final consumption expenditure of households and NPISHs1 583 1941 496 388348 022380 876382 339372 771387 857
¬ Household final consumption expenditure1 497 6041 417 482329 603361 387362 951353 842368 098
¬¬ Goods677 948719 497175 550187 704191 394189 283196 639
¬¬ Services743 791684 583154 774172 396173 548165 994172 322
¬¬ Direct purchases abroad by resident households127 38530 1687784 2722 3361 6251 546
¬¬ Direct purchases by non-residents-51 520-16 766-1 500-2 985-4 327-3 060-2 408
¬ Final consumption expenditure of NPISHs85 59078 90618 41919 48919 38818 93019 758
Final consumption expenditure of general governmen868 066905 561224 856226 199230 706234 765239 659
¬ Final consumption expenditure of central government423 407448 796111 526112 587114 080116 020117 528
¬¬¬ Central government, civilian372 087394 88097 95999 095100 567101 849103 572
¬¬¬ Central government, defence51 32153 91613 56713 49213 51314 17013 956
¬ Final consumption expenditure of local government444 659456 765113 330113 612116 626118 745122 131
Gross fixed capital formation (GFCF)914 603906 965226 994223 393228 186223 880232 167
¬ Extraction and transport via pipelines (GFCF)178 121180 82645 87543 14345 45343 02445 294
¬ Ocean transport (GFCF)2 8155 4032371 5551 5421 6042
¬ Mainland Norway (GFCF)733 668720 735180 883178 695181 191179 252186 872
¬¬ Industries (GFCF)325 438313 59576 95576 76079 07679 30680 458
¬¬¬ Services activities incidential to extraction (GFCF)3 8712 662760645459522623
¬¬¬ Other services (GFCF)192 906187 37844 78445 61248 74847 65049 083
¬¬¬ Manufacturing and mining (GFCF)51 58547 18711 55411 71011 47211 55511 807
¬¬¬ Production of other goods (GFCF)77 07776 36819 85718 79318 39719 58018 946
¬¬ Dwelling service (households) (GFCF)194 763190 74347 44046 96049 29750 04452 875
¬¬ General government (GFCF)213 467216 39856 48854 97552 81849 90153 538
Acquisitions less disposals of valuables393168144223848
Changes in stocks and statistical discrepancies144 846119 6919 34328 03330 36036 60323 552
Gross capital formation1 059 8421 026 824236 351251 468258 569260 491255 767
Final domestic use of goods and services3 511 1023 428 773809 229858 544871 614868 027883 282
Final demand from Mainland Norway (excl. changes in stocks)3 184 9273 122 684753 760785 771794 236786 788814 387
Final demand from general government1 081 5321 121 958281 344281 174283 524284 666293 197
Total exports1 296 2211 109 998246 405271 422284 477331 189361 181
¬ Traditional goods (export)432 332408 50795 56899 216104 332112 243118 044
¬ Crude oil and natural gas (export)463 694352 96369 24589 83695 931133 654155 793
¬ Ships, oil platforms and aircraft (export)12 4749 3701 9842 3981 2571 6342 771
¬ Services (export)387 721339 15879 60879 97182 95883 65884 573
Total use of goods and services4 807 3234 538 7711 055 6341 129 9651 156 0911 199 2171 244 464
Total imports1 238 8351 125 321260 156279 485280 935271 592286 638
¬ Tradisjonelle varer (import)736 179747 140174 791192 788195 237188 992206 315
¬ Crude oil and natural gas (import)24 97517 0153 4393 4343 9735 7605 178
¬ Ships, oil platforms and aircraft (import)35 57236 19910 0539 2846 3076 9374 801
¬ Services (import)442 109324 96771 87373 98075 41869 90270 344
Gross domestic product, market values3 568 4883 413 450795 477850 480875 156927 625957 826
Gross domestic product Mainland Norway, market values3 068 4073 043 039728 322757 485775 490783 188798 136
Petroleum activities and ocean transport2 500 081370 41167 15692 99599 666144 437159 690
Gross domestic product Mainland Norway, basic values2 669 5082 639 073632 004654 375670 965680 621691 656
¬ Mainland Norway excluding general government (GDP)1 992 8551 945 368460 616480 174495 671499 651509 811
¬¬ Manufacturing and mining (GDP)231 211233 91756 01757 11261 35658 58662 033
¬¬ Production of other goods (GDP)358 770326 18577 24381 38380 64591 60093 798
¬¬ Service activities (GDP)1 402 8741 385 267327 356341 679353 669349 465353 980
¬ General government (GDP)676 653693 705171 388174 201175 295180 969181 845
Taxes and subsidies products398 899403 96696 318103 110104 524102 568106 480
1Figures from 2019 onwards are prelimanry
2Includes oil and gas extraction, transport via pipelines and ocean transport.
Explanation of symbols
Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. At constant 2018-prices. NOK million
Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. At constant 2018-prices. NOK million1
201920202nd quarter 20203rd quarter 20204th quarter 20201st quarter 20212nd quarter 2021
Final consumption expenditure of households and NPISHs1 548 0141 440 755335 136366 185367 151353 862365 860
¬ Household final consumption expenditure1 465 2621 367 789318 570348 351349 121337 152347 959
¬¬ Goods668 007705 595173 436183 559186 153181 004187 569
¬¬ Services724 766650 911145 911163 877165 066157 583161 304
¬¬ Direct purchases abroad by resident households122 75227 4446733 7852 0601 4811 391
¬¬ Direct purchases by non-residents-50 264-16 161-1 450-2 870-4 158-2 917-2 305
¬ Final consumption expenditure of NPISHs82 75372 96516 56617 83418 03116 71017 901
Final consumption expenditure of general governmen841 508855 679208 255214 780219 915216 676220 854
¬ Final consumption expenditure of central government411 130423 323103 087106 552108 337106 353107 753
¬¬¬ Central government, civilian361 203371 68390 25593 58495 21393 22794 583
¬¬¬ Central government, defence49 92751 64012 83212 96813 12413 12713 170
¬ Final consumption expenditure of local government430 378432 356105 168108 227111 578110 322113 101
Gross fixed capital formation (GFCF)891 426857 248213 620211 057214 266208 036213 794
¬ Extraction and transport via pipelines (GFCF)172 306165 16741 38039 55240 96439 51041 226
¬ Ocean transport (GFCF)2 6424 6831811 3611 2881 400-4
¬ Mainland Norway (GFCF)716 478687 398172 058170 144172 014167 126172 572
¬¬ Industries (GFCF)318 274298 84273 00273 12974 98074 17675 021
¬¬¬ Services activities incidential to extraction (GFCF)3 7662 511709614429484573
¬¬¬ Other services (GFCF)189 001179 27142 59643 61846 52044 62145 977
¬¬¬ Manufacturing and mining (GFCF)50 29344 68810 94211 13010 71110 76710 999
¬¬¬ Production of other goods (GFCF)75 21472 37318 75417 76817 32018 30417 473
¬¬ Dwelling service (households) (GFCF)190 300182 65945 42844 91146 98246 50448 217
¬¬ General government (GFCF)207 904205 89753 62852 10450 05146 44649 333
Acquisitions less disposals of valuables378151123817942
Changes in stocks and statistical discrepancies145 788109 59316 74330 45722 15433 02217 822
Gross capital formation1 037 592966 992230 374241 552236 437241 067231 657
Final domestic use of goods and services3 427 1143 263 426773 765822 517823 504811 605818 371
Final demand from Mainland Norway (excl. changes in stocks)3 106 0012 983 832715 449751 109759 081737 663759 285
Final demand from general government1 049 4121 061 577261 883266 883269 967263 121270 187
Total exports1 356 5821 350 429323 087334 186342 050335 780348 708
¬ Traditional goods (export)429 387419 91797 623105 705109 059111 083111 616
¬ Crude oil and natural gas (export)544 745599 843148 679149 292151 505142 196154 892
¬ Ships, oil platforms and aircraft (export)12 1958 1431 6512 1281 1011 7762 681
¬ Services (export)370 256322 52675 13477 06180 38580 72579 520
Total use of goods and services4 783 6974 613 8551 096 8521 156 7031 165 5531 147 3851 167 079
Total imports1 199 5221 057 130240 422263 359264 783251 786261 724
¬ Tradisjonelle varer (import)718 462699 651159 835180 240183 966174 755186 921
¬ Crude oil and natural gas (import)25 39622 5475 1184 8425 6386 3395 455
¬ Ships, oil platforms and aircraft (import)33 01530 1808 2327 8934 8945 6074 053
¬ Services (import)422 650304 75267 23770 38470 28565 08465 295
Gross domestic product, market values2 3 584 1753 556 725856 430893 344900 770895 599905 355
Gross domestic product Mainland Norway, market values2 3 003 2192 929 236698 893732 995747 718740 207750 292
Petroleum activities and ocean transport3 580 956627 489157 537160 349153 052155 392155 063
Gross domestic product Mainland Norway, basic values2 605 5062 539 976606 154634 354647 183642 991649 548
¬ Mainland Norway excluding general government (GDP)1 949 7581 889 434449 756470 237480 274477 777482 393
¬¬ Manufacturing and mining (GDP)224 468218 70252 90854 16056 15556 86456 644
¬¬ Production of other goods (GDP)358 099359 63287 58589 98291 40592 22291 533
¬¬ Service activities (GDP)1 367 1921 311 100309 264326 096332 715328 691334 217
¬ General government (GDP)655 748650 541156 398164 117166 909165 213167 155
Taxes and subsidies products397 713389 26092 73998 641100 53597 216100 744
1Figures from 2019 onwards are preliminary
2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices.
3Includes oil and gas extraction, transport via pipelines and ocean transport.
Explanation of symbols
Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. Percentage change in volume from the previous period.
Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. Percentage change in volume from the previous period.1
201920202nd quarter 20203rd quarter 20204th quarter 20201st quarter 20212nd quarter 2021
Final consumption expenditure of households and NPISHs1.4-6.9-10.49.30.3-3.63.4
¬ Household final consumption expenditure1.3-6.7-9.99.30.2-3.43.2
¬¬ Goods0.05.65.45.81.4-2.83.6
¬¬ Services2.8-10.2-16.612.30.7-4.52.4
¬¬ Direct purchases abroad by resident households0.9-77.6-97.3462.3-45.6-28.1-6.1
¬¬ Direct purchases by non-residents4.2-67.8-86.898.044.9-29.8-21.0
¬ Final consumption expenditure of NPISHs3.0-11.8-17.97.71.1-7.37.1
Final consumption expenditure of general governmen1.91.7-2.13.12.4-1.51.9
¬ Final consumption expenditure of central government1.93.0-2.23.41.7-1.81.3
¬¬¬ Central government, civilian1.62.9-2.63.71.7-2.11.5
¬¬¬ Central government, defence3.83.40.91.11.20.00.3
¬ Final consumption expenditure of local government1.90.5-2.12.93.1-1.12.5
Gross fixed capital formation (GFCF)4.8-3.8-2.0-1.21.5-2.92.8
¬ Extraction and transport via pipelines (GFCF)12.6-4.1-4.4-4.43.6-3.64.3
¬ Ocean transport (GFCF)-68.277.3-90.2650.5-5.48.7..
¬ Mainland Norway (GFCF)4.0-4.1-0.4-1.11.1-2.83.3
¬¬ Industries (GFCF)5.6-6.1-5.90.22.5-1.11.1
¬¬¬ Services activities incidential to extraction (GFCF)38.7-33.3-6.8-13.5-30.212.918.3
¬¬¬ Other services (GFCF)3.5-5.1-8.42.46.7-4.13.0
¬¬¬ Manufacturing and mining (GFCF)24.4-11.1-7.81.7-3.80.52.2
¬¬¬ Production of other goods (GFCF)-0.6-3.81.7-5.3-2.55.7-4.5
¬¬ Dwelling service (households) (GFCF)-1.7-4.00.3-1.14.6-1.03.7
¬¬ General government (GFCF)7.2-1.07.4-2.8-3.9-7.26.2
Acquisitions less disposals of valuables5.8-60.1-86.1219.7-55.4-46.7363.3
Changes in stocks and statistical discrepancies-0.5-24.8-48.781.9-27.349.1-46.0
Gross capital formation4.1-6.8-8.14.9-2.12.0-3.9
Final domestic use of goods and services2.3-4.8-7.66.30.1-1.40.8
Final demand from Mainland Norway (excl. changes in stocks)2.1-3.9-5.85.01.1-2.82.9
Final demand from general government2.91.2-0.31.91.2-2.52.7
Total exports0.5-0.5-7.73.42.4-1.83.9
¬ Traditional goods (export)4.6-2.2-7.88.33.21.90.5
¬ Crude oil and natural gas (export)-4.310.10.70.41.5-6.18.9
¬ Ships, oil platforms and aircraft (export)1.4-33.2-49.428.9-48.361.450.9
¬ Services (export)3.5-12.9-19.42.64.30.4-1.5
Total use of goods and services1.8-3.6-7.65.50.8-1.61.7
Total imports4.7-11.9-17.19.50.5-4.93.9
¬ Tradisjonelle varer (import)5.7-2.6-7.512.82.1-5.07.0
¬ Crude oil and natural gas (import)5.0-11.2-29.2-5.416.412.4-13.9
¬ Ships, oil platforms and aircraft (import)-12.9-8.6-10.1-4.1-38.014.6-27.7
¬ Services (import)4.7-27.9-33.34.7-0.1-7.40.3
Gross domestic product, market values2 0.9-0.8-4.64.30.8-0.61.1
Gross domestic product Mainland Norway, market values2 2.3-2.5-5.84.92.0-1.01.4
Petroleum activities and ocean transport3 -6.18.01.51.8-4.61.5-0.2
Gross domestic product Mainland Norway, basic values2.5-2.5-6.14.72.0-0.61.0
¬ Mainland Norway excluding general government (GDP)2.6-3.1-6.84.62.1-0.51.0
¬¬ Manufacturing and mining (GDP)2.7-2.6-6.22.43.71.3-0.4
¬¬ Production of other goods (GDP)1.50.4-1.82.71.60.9-0.7
¬¬ Service activities (GDP)2.8-4.1-8.35.42.0-1.21.7
¬ General government (GDP)2.2-0.8-4.14.91.7-1.01.2
Taxes and subsidies products1.4-2.1-3.86.41.9-3.33.6
1Figures from 2019 onwards are prelimanry
2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices.
3Includes oil and gas extraction, transport via pipelines and ocean transport.
Explanation of symbols
Revised figures of final expenditure and gross domestic product. Quarterly. Percentage change in volume
Revised figures of final expenditure and gross domestic product. Quarterly. Percentage change in volume
2 nd quarter 20203 rd quarter 20204 th quarter 20201 st quarter 2021
Seasonally adjusted figuresUnadjusted figuresSeasonally adjusted figuresUnadjusted figuresSeasonally adjusted figuresUnadjusted figuresSeasonally adjusted figuresUnadjusted figures
Percentage change in volume from the previous periodPercentage change in volume from the same period in the previous yearPercentage change in volume from the previous periodPercentage change in volume from the same period in the previous yearPercentage change in volume from the previous periodPercentage change in volume from the same period in the previous yearPercentage change in volume from the previous periodPercentage change in volume from the same period in the previous year
New resultFormer resultNew resultFormer resultNew resultFormer resultNew resultFormer resultNew resultFormer resultNew resultFormer resultNew resultFormer resultNew resultFormer result
Gross domestic product (GDP)-4.6-4.6-3.8-3.84.34.3-0.2-0.20.80.8-0.6-0.6-0.6-0.6-1.4-1.4
GDP Mainland Norway-5.8-5.8-6.3-6.34.94.9-3.1-3.12.02.0-0.7-0.7-1.0-1.0-1.4-1.4
Household final consumtion expenditure-9.9-9.7-12.5-12.59.39.3-5.7-5.70.20.1-4.8-4.8-3.4-3.9-4.2-4.6
Final consumption of general government-2.1-2.2-0.7-0.73.13.11.71.72.42.43.53.5-1.5-1.51.81.7
Gross fixed capital formation-2.0-2.1-4.5-4.5-1.2-1.0-7.4-7.41.51.3-5.0-5.0-2.9-1.7-4.8-3.8
Exports-7.7-7.1-3.6-3.63.43.8-0.5-0.42.42.2-1.3-1.3-1.8-2.9-2.7-3.0
Imports-17.1-17.2-20.5-20.59.59.7-15.2-15.20.50.4-9.5-9.5-4.9-5.7-12.6-13.3
Explanation of symbols

About the statistics

The national accounts provide an overview of the state and development in the Norwegian economy. Key figures are gross domestic product (GDP), consumption, gross investment, exports and imports, employment and wages, profitability in industries and productivity. 1st to 3rd quarter is published with monthly national accounts in May, August and November. 4th quarter will be published February the following year, figures for t-2 in August.

SeeConcepts and definitions in national accounts for explanations.

Valuation

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

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

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

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

The accounting system of the Norwegian national accounts is based on the international standards for national accounts, i.e. 2008 SNA and ESA 2010. The accounting system outlines the framework and contents for production of national accounts statistics. The level of detail in the classifications used for compilation of quarterly and preliminary annual national accounts are more aggregated than in that used for calculation of the annual national accounts.

In addition to accounting structure, the international standards give recommendations of groupings or classifications to be used in the national accounts:

Activity classification

The classification of Industries in the National Accounts follows the Norwegian Standard Industrial Classification (SN2007), which is based on NACE Rev.2. Several levels of aggregation have been introduced for publication and reporting purposes.

Classification of non-financial assets and gross fixed capital formation

Non-financial assets are classified by type of aggregates defined in 2008 SNA, such as fixed assets, inventories, valuables, and non-produced assets, including both tangible assets such as land, subsoil-assets, water resources etc., and intangible assets such as transferable contracts etc. Gross fixed capital formation is grouped by main type within building and construction, machinery and equipment and transportation equipment.

Product classification

The product classification used in the national accounts is based on the EU's standard product classification CPA - Statistical Classification of Products by Activity in the European Community. The CPA groups products by activities, i.e. it defines characteristic products within each activity and connects them to the activity classification NACE Rev.2. The annual accounts supply and use tables contain about 700 products, in addition to which some products are also incorporated purely for technical reasons. The system to elaborate preliminary annual and quarterly accounts contains about 90 products. The separation on products might to large extent be considered as a tool to balance the national account system and to undertake calculations in constants prices.

Classification of individual consumption by purpose

The classification of Consumption expenditure groups in the National Accounts is based on the international classification COICOP - Classification of Individual Consumption by Purpose, published by the UN.

Classification of the functions of government

The classification of the functions of government by purpose applies to all types of general government expenses, such as government final consumption expenditure, gross fixed capital formation, subsidies, property rents (i.e. expenses), capital transfers and other transfers for use in government financial accounts and in the national accounts. This classification is based on the international classification COFOG - Classification of the Functions of Government, published by the UN.

Classification of the purpose of non-profit institutions serving households (NPISH)

This is a minor purpose classification which applies to expenses of NPISHs. It is based on the international classification COPNI - Classification of the Purposes of the Non-Profit Institutions Serving Households, published by the UN.

Name: National accounts

Topic: National accounts and business cycles

8 October 2021

Division for National Accounts

National level

The monthly national accounts (MNA) are published about 40 days after the end of the given month.

The quarterly national accounts (QNA) are published about 40 days after the end of the given quarter. Quarterly figures are calculated as the sum of three months (from monthly national accounts).

The first estimates of the preliminary year is published about 40 days after the end of the year.

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

Not relevant

The national accounts (NA) statistics are designed to provide a consistent and comprehensive survey of the overall national economy. The national accounts give both a summarised description of the economy as a whole and a detailed description of transactions between different parts of the Norwegian economy, and between Norway and the rest of the world. The national accounts also provide information on capital stocks and employment.

The first Norwegian national accounts based on modern principles were published by Statistics Norway in 1952. Annual series national accounts were calculated back to 1865 during the 1950th.

Final annual national accounts figures are based on all available final economic statistics and therefore take time to produce. The purpose of the quarterly national accounts is to provide updated information about short-term developments in the Norwegian economy based on an overall, consistent accounting system. Statistics Norway has produced and released quarterly national accounts (QNA) on a regular basis from 1953 but were not published at fixed intervals from the 1970s to the beginning of the 1980s. A new model for a QNA system was developed at the beginning of the 1980s and has been used since 1985, with some modifications.

National accounts are used as a tool to compare the economic situation in different countries, and therefore it is important that the national accounts in various countries are based on a common template. Staff involved in elaborating national accounts in Statistics Norway participated actively in developing international recommendations and concepts regarding national accounts. The first international standard for national accounts, 1953 System of National Accounts (1953 SNA), was published by UN in 1953.

From time to time adaptations or changes are made to the common international recommendations for national accounts. This requires corresponding changes in the construction of the Norwegian national accounts. At different time intervals, new source statistics are produced and indicate that parts of the national accounts figures need to be revised. Since one objective of the national accounts is to provide a picture of the development over time which is as correct as possible, it is not possible to introduce such changes from one year to another. With different time intervals, it will therefore be necessary to carry out major revisions of the national accounts figures, so-called main revisions, in order to introduce adaptations due to new international recommendations or introduce new levels based on new statistical sources. As part of these main revisions the time series are also revised so that the revised national accounts can give a consistent picture of the economic development over time.

In recent decades, Statistics Norway has carried out main revisions published in 1995, 2002, 2006, 2011 and 2014. The main purpose of main revision published in November 2014, was to incorporate updated international recommendations in 2008 SNA andESA 2010. Changes due to this main revision are described, among else, in the article Main revision 2014. Planned changes in the national accounts statistics. The publication History of national accounts in Norway. From free research to statistics regulated by law also provides more information about the history of national accounts in Norway, including main revisions. In the future main revisions of the national accounts normally will be carried out every five years.

Since the QNA are completely harmonised with the annual national accounts, it is also necessary to revise the QNA figures once the annual national accounts figures have been revised.

The quarterly figures are mostly used for observation and analysis of the current economic cycle. The QNA figures also serve as a basis for making forecasts of the future economic development, the government’s work with the national budget and other economic planning. In addition, the QNA contribute with material for research and development. Annual and quarterly national accounts are a useful tool for analyses of the economic development and structures in Norway. The national accounts are also used to compare the economy in different countries.

The annual and quarterly national accounts therefore have a wide group of users, from school pupils and students to public and private institutions that actively use the statistics in their analyses and investigation of economic structure and development. Active users include the Research Department in Statistics Norway, the Ministry of Finance, Norges Bank, international organisations such as the IMF, the OECD, the World Bank, the UN and Eurostat, resident and non-resident financial sector analysts, and the media.

No external users have access to the statistics and analyses before they are published and accessible simultaneously for all users on ssb.no at 08.00 am. Prior to this, a minimum of three months' advance notice is given in the Statistics Release Calendar. This is one of Statistics Norway’s key principles for ensuring that all users are treated equally.

The monthly figures are the basis for quarterly figures, quarterly figures are calculated as the sum of three months. Quarterly figures will be updated when publishing the third month in the quarter. This means that there may be deviations between the monthly and quarterly figures in the two months before the new quarter is calculated. The deviations will mainly apply to seasonally adjusted figures. In addition, the monthly publication includes a table showing rolling numbers for three and three months. The three-month growth is calculated by comparing a three-month period with the previous three-month period. For example, the volume change in the rolling table for July is given by comparing the period May-July with February-April. Figures for March, June, September and December will correspond to growth for a quarter.

All historical figures are consistent with both preliminary and final annual national accounts figures in fixed and current prices

The Norwegian Balance of Payments (BOP) is an integrated part of the Norwegian system of national accounts, and the BOP figures are fully consistent with other preliminary and final quarterly and annual national accounts figures. Furthermore, quarterly and annual national accounts figures are fully consistent and compatible with the institutional sector accounts. The regional national accounts, and various satellite accounts (environment, tourism, health, non-profit institutions, education) are consistent with the above mentioned national accounts statistics. Previous published figures from the regional accounts and various satellite accounts are, however, not revised as a part of main revision of the national accounts, so figures for previous years may not necessarily be compatible with updated NA time series.

As mentioned in the chapter "Production: Data sources and sampling", the national accounts are based on various statistical sources. The source statistics may not use the same definitions or groupings as used in the national accounts. As a result, figures in the source statistics may be adapted or corrected before being used in the national accounts. Published figures in the source statistics of certain industries may therefore not correspond to published figures in the national accounts.

Not relevant

Regulation (EU) No 549/2013 (ESA 2010).

The European Parliament and of the council of 21 May 2013 on the European system of national and regional accounts in the European Union (text with EEA relevance).

The coverage of the national accounts is defined by international guidelines in the 2008 System of National Accounts (2008 SNA), published by the UN, the OECD, the IMF, the World Bank, and the Commission of the European Communities, and theEuropean System of National and Regional Accounts (ESA 2010).

The total national economy, and the distinction between the national economy and foreign countries, is defined in terms of resident units. A unit is defined as a resident unit of the country when it has a centre of economic interest in the economic territory of the country - i.e. when it is involved in economic activities on this territory for an extended period of time (one year or more).

Two basic types of information are recorded in the national accounts: flows and stocks. Flows refer to actions and effects of events that take place within a given period of time, for example the output of an industry in one year. Stocks refer to positions at a certain point of time, for example the value of capital stock or the number of employed persons.

The national accounts consist of two main sets of tables; supply and use tables (SUT), also described as the real accounts, and the institutional sector accounts. The real accounts are based on local kind-of-activity units (KAUs), while the institutional sector accounts are based on institutional units. Institutional units are economic entities that are capable of owning goods and assets, of incurring liabilities and of engaging in economic activities and transactions with other units in their own right. An institutional unit contains one or more local kind-of-activity units (local KAUs). The local KAUs are classified by type of activity. An activity is characterised by an input of products, a production process and an output of products. All local KAUs engaged in the same or similar kind-of-activity constitute an industry.

The SUT at current and constant prices gives a structured overview of the supply (output and import) and use (final consumption, gross fixed capital formation, changes in inventories, export and intermediate consumption) of products (goods and services) in the economy. For each industry the value added is calculated as the difference between output and intermediate consumption. The value added in an industry can also be decomposed into compensation of employees, consumption of fixed capital, other taxes on production (net of subsidies) and operating surplus. The real accounts also give information on fixed assets, as well as wages, hours worked, full-time equivalent persons and employed persons by industry. Monthly national accounts does not include figures for employment etc..

Furthermore, the real accounts provide the basis for the calculation of the Gross Domestic Product (GDP) and other central macroeconomic measures. The annual growth in volume and price are calculated for most variables.

The non-financial sector accounts are based on institutional units. Institutional units are capable of providing a full set of accounts. The non-financial sector accounts describe all economic transactions in the various sectors. The accounts also provide information on the stocks financial and non-financial capital. Financial sector accounts are also based on institutional units. The institutional units are grouped in institutional sectors on the basis of their principal economic functions, behavior and objectives. The non-financial sector accounts are consistent with the real accounts. The further description of the national accounts covers the part of the national accounts that is based on the annual SUT (the real accounts).

The coverage of the preliminary annual and quarterly real accounts is the same as the final annual SUT

The accounting structure in the system that produces monthly, quarterly and preliminary annual figures (MNA) is, however, more aggregated than in the system that produces the final annual SUT. While the SUT in the annual accounts consists of about 130 industry groups and 700 product groups, the SUT in the MNA consists of about 80 industry groups and 120 product groups. The MNA and QNA system produces tables with seasonal adjusted figures for industries' value added, household consumption for aggregated consumption groups and for central macroeconomic measures. However, only tables for final expenditure and gross domestic product are published on a monthly basis, while the QNA contain more details.

The calculations of the annual real accounts are based on statistics from several different sources, such as the structural business statistics for manufacturing and other industries, accounting statistics for general government and enterprises, statistics for wages and earnings, external trade statistics, household consumer surveys and employment statistics. Some parts of the national accounts are compiled more or less directly from the source statistics, while other parts are based on calculations and estimates.

Monthly information is used for compiling monthly national accounts, such as the production index of industrial production, the index for retail sales, consumer price index, building statistics, producer price indices and much more. For some service industries where we lack explicit production indicators, monthly information about jobs, working days and absence is obtained from the A-ordning. For investments where we only have quarterly information, such as oil investments, quarterly figures are conventionally distributed by month. In the months before we get the so-called oil census, the development is used in the planned investment figures reported together with those performed for a quarter. In connection with the work on the QNA, quarterly information is incorporated and an update of the previous months is made. Quarterly national accounts will appear as the sum of the three months in the quarter.

The source statistics used to calculate national accounts are with a few exceptions produced by Statistics Norway.

Having the reporting responsibility to Eurostat, the Division for National Accounts occasionally documents the calculations for the final annual national accounts, see Norwegian National Accounts - GNI Inventory for ESA95.

In addition, there are a number of reports giving more detailed documentation of calculation of figures for various specific industry groups or other parts of the national accounts (mostly in Norwegian only).

The documentation report for the Quarterly national accounts gives an overview of central sources and methods used for quarterly accounts compilation. This will be updated in the autumn of 2018 to include monthly national accounts.

Compilation of the final annual real accounts

The annual national accounts are mainly based on statistics collected by other divisions in Statistics Norway. To some extent data produced by external suppliers are also used.

The process of compiling the final annual national accounts starts with the calculation of independent supply and use estimates for all goods and services at current prices. To some extent, source data are extracted directly from the databases and converted into national accounts codes and format. Other parts of the economy are based on more complex calculations, by means of different statistical sources and/or assessments.

The source data are critically evaluated and compared with alternative sources (for some parts of the economy). In some areas, the statistics have to be adjusted in order to satisfy the requirements of the national accounts. In areas where the statistics are incomplete, evaluations are essential. In the process of estimating national accounts data, estimated national accounts figures are critically evaluated and controlled in several steps.

Finally, supply and use for each of these goods and services are balanced using supplementary information and quality assessments of the various statistical sources. This results in integrated supply and use tables at current prices.

The figure below gives an outline of the calculation system for final annual national accounts figures. First, detailed figures are calculated and balanced in current prices. Then the system calculates figures in constant prices, based on the detailed current price figures and corresponding price indices. The deflation (current values being divided by price indices) takes place at the most detailed product level: A price index is allocated to each detailed product. The individual products are as price homogeneous as possible. Constant price figures in the annual national accounts are calculated using the price level of the previous year, which means that the base year is changed every

year.

The deflation approach has in fact two dimensions, (i) differentiated by main categories of supply and use (deflating output, imports, exports and implicitly for domestic use), and (ii) differentiated through valuation (deflating current values at basic prices by price indices and implicitly determining the other value components, including adjustments against values at purchaser prices). The method used to calculate constant figures is called double deflation, i.e. a separate deflation of output and intermediate consumption is carried out in order to arrive at value added at constant prices as a balancing item, based on a detailed input-output framework (supply and use tables).

Figure 1. The calculation system for final annual NA figures (Click)

For a more detailed documentation, see Norwegian National Accounts - GNI Inventory for ESA95.

Compilation of the MNA and QNA

The majority of the short-term statistics produced by Statistics Norway are transferred to the MNA system by use of a direct link to the relevant databases. The information in the data sources about growth is used more or less directly in the MNA system. Some other input data series in the MNA system, however, are based more or less on calculations and estimations, using various types of information from Statistics Norway and other sources. Quarterly figures are calculated as the sum of three months

The national accounts data for a specific month, quarter or year are revised in accordance with an ordinary publication and revision cycle. The quarterly figures within a specific year t become final 21 months later after the end of the year t. In addition, periodical main revisions generate revised figures.

In the process of calculating MNA or QNA figures for a specific month or quarter, the short-term statistics source data are critically evaluated and compared with alternative sources (for some parts of the economy). In some cases, the information in the source statistics must be adjusted in order to satisfy the requirements of the quarterly national accounts. In the process to estimate MNA data estimated MNA figures are critically evaluated and controlled in many steps.

Monthly process

The figure below gives an overview of the Norwegian MNA and QNA estimation process. The figure shows that the MNA system is based on two main pillars: a) The SUT for the (final) annual national accounts and b) short-term statistics.

Figure 2. The computing system in the Norwegian MNA/QNA

The main principle in the MNA system is that the national accounts figures for the current quarter are computed based on the development of short-term indicators and the current-price figures from the base year. The base year (t-2) is the latest calculated final version of the annual national accounts. The method is the same for most common variables: The value in the base year is given the same growth rate (percentage change) as in the appropriate indicator, or a grouping of different relevant indicators.

A simple projection method, based on the development in previous periods, is used if an indicator does not cover the whole period from the base year to the current quarter.

The indicator compilations are made in the indicator process (box 2 in the figure).

However, the indicator process alone does not give a complete harmonised account at current and constant prices. To calculate values for variables that are not calculated in the indicator compilations, and to harmonise the accounts, we use an input-output model (box 3 in the figure).

The input-output model includes a commodity-flow balance, a price input-output system and a set of equations for summaries and definitions. It now comprises over 12 000 equations in total. The input-output coefficients are calculated from the SUT in the base year. The variables calculated in the indicator compilations are transferred to the input-output model as exogenous variables. To calculate balanced accounts at current prices we need price indices on all supply and use categories. These are computed in the model by weighting together product price indices with the input-output coefficients as weights. Each product gets three different price indices, one for resident output delivered to the home market (to resident users), a second for import and a third for export.

The price index for an industry’s total output is then calculated as a weighted average of the price indices for the home and export market using the input-output coefficients as weights. The price indices of intermediate consumption, final consumption expenditure and gross fixed capital formation are calculated in a similar way, using the import and home market price indices and the input-output coefficients.

The model also calculates variables which are not covered by short-term statistics or other information and therefore not calculated in the indicator process. These calculations are based on simple assumptions. For instance, intermediate consumption for most industries at constant prices (the total except FISIM) is assumed to be a fixed proportion of total output for the relevant industry. The distribution of intermediate consumption (except FISIM) on different products at constant prices is also assumed to be the same as in the base year. The industries’ use of FISIM as intermediate consumption is supposed to equal the growth in total output of FISIM services. Output in the retail and wholesale trade activities in constant prices is assumed to follow the development of the use of the various goods in constant prices, such as household consumption, intermediate consumption and gross fixed capital formation of the various specific goods (that means supposed fixed margins).

Changes in stock of separate products are (for most products) calculated as the difference between the total supply and use of the product. As in the annual NA, the changes in stock may be adjusted if that seems reasonable after an evaluation of the figures.

The results are stored in the time series database (box 4 in the figure), which, among other things, provides the basis for different sets of tables (box 6). At the moment there are two different sets of tables (with seasonal unadjusted figures), sets for internal checks and analyses of data and more aggregated sets of data for publishing.

Process 1-4 describes how the quarterly seasonally unadjusted figures are estimated. The unadjusted figures are seasonally adjusted (box 5) using a seasonal adjustment program.

The method adopted to compile the MNA is highly mechanical. This applies to the update of variables in the national accounts based on short-term statistics as well as the balancing of commodities, the computation of indirect taxes and factor incomes and the overall balancing of the GDP and main aggregates. Technically, the data systems are programmed in FAME and TROLL (the latter is used for the input-output model only).

Checks and/or the evaluation of data are, however, performed in several steps. The MNA system offers a unique opportunity to compare different types of input data. The evaluation of the different sources is done in close contact with the relevant statistics divisions in Statistics Norway. A more thorough evaluation is being done when processing and publishing quarterly figures, while the monthly process is more automated and less profound. Therefore, only final expenditure and gross domestic product are published on a monthly basis while the quarterly accounts offer more details.

Quarterly figures are calculated as the total of three months at quarterly releases. Quarterly figures will be updated only when publishing the third month in the quarter. This means that there may be a mismatch between the monthly and quarterly figures in the interim months. This applies mainly to seasonally adjusted numbers. That is, when you get a new observation (new month), it will normally affect the seasonally adjusted figures back in time. We do not update the QNA numbers that have also been sent to international organizations before the next quarters release. At the same time, we show figures for three-month growth. This is calculated by comparing a three-month period with the previous three-month period. For example, the volume change in July is given by comparing the period May-July with February-April. Figures for March, June, September and December will correspond to growth for a quarter. This means that users may get a continuous update of the quarterly figures by looking at the monthly publication.

Annual process and alignment

The MNA system is updated with a new base year every year (i.e. the latest final version of the annual accounts). The database for the annual accounts (box 1a), as well as the base data and coefficients in the harmonisation model (box 3) are updated. At the same time, it is possible to implement new indicators, carry out changes in the input series and in the model, etc. Such changes are not carried out in an ordinary monthly or quarterly process.

The recalculation of the monthly accounts is carried out by distributing the annual figures between the months using the original monthly figures as keys. The recalculated monthly accounts will then add up to the annual accounts at constant and current prices.

The harmonisation is based on the principle that the differences between the monthly changes to the original and harmonised series shall be as small as possible. The monthly accounts should add up to the figures in the annual accounts.

When the base year is updated the MNA for that year is aligned automatically.

Reference year

All figures are published at current prices and (for most sizes) constant prices (i.e. the accounts also specify volume and price changes). Constant-price estimates in the national accounts are calculated based on the previous year's prices; i.e. the base year is changed every year. Subsequently, data on volume changes are constructed in terms of growth rates and corresponding implicit data on changes in prices. In parallel, time series of volume figures are constructed by using prices from a reference year. The constant-price estimates are consistent with the data on changes in volume in the series of growth rates. Since the chaining is carried out separately for all items, the table components do not, however, necessarily add up to the totals of the same table.

The publication Quarterly national accounts gives more information about sources, methods and the processes used to calculate quaterly NA figures. This will be updated in the autumn of 2018 to include monthly national accounts.

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

§ 2-6 of the Statistics Act states that data under no circumstances shall be published in such a way that they may be traced back to the supplier. This means that the general rule is not to publish data if there are fewer than three enterprises in an industry. In practice, this means that for some detailed industry categories, figures must be aggregated up to a more aggregated industry group before they can be published.

Consistent monthly time series will exist back to 2016. Consistent quarterly time series will exist back to 1978 and annual time series back to 1970. Annual NA figures for the years 1865-1970 are based on the previous standards used for the national accounts and are not compatible with the up to date figures after the latest main revision of the NA.

Quarterly figures are calculated as the sum of three months. Quarterly figures will be updated only when publishing the third month in the quarter. This means that there may be mismatch between the monthly and quarterly figures in the interim months, see the description of the monthly process above.

Monthly figures, and thus quarterly figures, are aligned with the final annual national accounts figures, both in fixed and current prices. The other parts of the national accounts, such as income and capital accounts, and foreign accounts are also consistent and consistent with MNA.

The national accounts are based on various statistical sources. The sources are either survey data from establishments, enterprises or households, or data from registers. National accounts statistics reflect the inaccuracy in the statistical sources and the methods of compilation. Weaknesses and inaccuracy in the statistical sources are normally described in the documentation of the relevant sources.

Since the national accounts are an integrated system with balancing methods and consistency checks, the national accounts may reduce some of the inaccuracies in the statistical sources. On the other hand, national accounts require the compilation of statistics in areas where the sources are unsatisfactory, and the inaccuracy in such areas may therefore be significant. Some of the figures in the national accounts are estimated as residuals, and the uncertainty may be substantial in these areas. Examples are the compilation of changes in inventories and operating surplus by activity.

The EU Commission and Eurostat have completed a quality evaluation of the national accounts in all EEA countries. The conclusion was that "The Norwegian national accounts are of a high quality, soundly based on reliable and exhaustive sources, integrated in a system with a detailed product breakdown". (Report on the sources and methods used in compiling GNP in Norway, Eurostat/B1/CPNB/237/EN, 9 December 1997, Luxembourg.)

The International Monetary Fund (IMF) completed an evaluation of central parts of Norwegian macroeconomic statistics in autumn 2002, including the Norwegian national accounts. In the report IMF (2003), the Norwegian macroeconomic statistics, including the national accounts, got positive reviews: "In summary, Norway's macroeconomic statistics are of generally high quality." About the national accounts, the IMF also expressed that: "The source data for both the annual and the quarterly national accounts are generally sound and timely, and sufficiently portray reality."

The production of several of the sources that are used in the national accounts takes a considerable amount of time. Consequently, preliminary figures are more inaccurate than final figures.

In 2003, Statistics Norway carried out a project to evaluate the quality of the Norwegian QNA. The task of the project was to describe and evaluate the different processes in the system, and set up a plan for further work to improve quality. A project report was released in April 2004 (in Norwegian only). The report lists a variety of measures to increase quality, such as changes in the organisation of the QNA process, technical changes in the data system, an increase and improvement of the documentation related to the QNA system etc.

Another way of measuring the general quality of the QNA figures is to compare the preliminary annual figures from the first version of the annual accounts (by adding up the quarters in the QNA) with the final version. This was done in 2004. The article (in Norwegian only) looks at the growth rates of the main aggregates: GDP, GDP for mainland Norway, household consumption, government consumption, gross fixed capital formation, exports, imports and compensation of employees. For most variables, the study covers the years 1972-2002, while for some variables it covers the years 1993-2002. The study concludes that the preliminary figures generally had underestimated the growth rate in relation to the final figures, but that the overall picture did not differ too much.

The national accounts data for a specific month, quarter or year are revised in accordance with an ordinary publication and revision cycle. The monthly and quarterly figures within a specific year t have the status final 21 months after the end of the year. See Administrative information, Frequency and timeliness. In addition, periodical main revisions give revised figures. See Background and purpose. The table below shows the publication cycle for yearly and quarterly national accounts figures. In addition to what is stated in the table, monthly data will be published about 40 days after the end of the month. In May, year t (which coincides with the QNR for the first quarter), all months, also in year t-1, can be revised. After May year t, only the monthly figures for the current year are subject to revision.

Publication cycle for quarterly and yearly national accounts figures
Release date in: 1st quarter year t 2nd quarter year t 3rd quarter year t 4th quarter year t
May, year t First preliminary version Revised 3 for year t-1 Revised 2 for year t-1 Revised 1 for year t-1
August, year t

Revised 1

Revised 5 for year t-1

Final for year t-2

First preliminary version

Revised 4 for year t-1

Final for year t-2

Revised 3 for year t-1

Final for year t-2

Revised 2 for year t-1

Final for year t-2

November, year t Revised 2 Revised 1 First preliminary version Revised 3 for year t-1
February, year t Revised 3 for year t-1 Revised 2 for year t-1 Revised 1 First preliminary version for year t-1

What is seasonal adjustment?

Monthly and quarterly time series are often characterised by considerable seasonal variations, which might complicate inter-period comparability. Such time series are therefore subjected to a process of seasonal adjustment in order to remove the effects of seasonal fluctuations. Once data have been adjusted for seasonal effects by X-12-ARIMA or some other seasonal adjustment tool, a clearer picture of the time series emerge.

For more information on seasonal adjustment, please refer to Statistics Norway’s: metadata on methods: seasonal adjustment.

Because of climatic conditions, public holidays and holidays in July and December, the intensity of the production varies throughout the year. The same applies to household consumption and other parts of the economy.

This makes a direct comparison of two consecutive months or quarters difficult. In order to adjust for these conditions, the quarterly national accounts are seasonally adjusted which makes it possible to conduct an analysis of the underlying change in economic activity between periods.

It is important to mention some factors of the seasonally adjustment of the MNA which has to be given specific attention compared to other short time economic indicators:

- The series for the main aggregates in the MNA is a result of aggregation of many components. Statistics Norway has chosen that consistency between the components and the main aggregates also applies to the seasonally adjusted series to make it easy to identify which series contribute the most to the results.

- Data may be exposed to some revisions each month as well as major revisions when the the preliminary national accounts are reconciled with final national accounts

Background information

- To seasonally adjust the GDP (and all other aggregates) we use an indirect method. This is done in order to be able to explain the contributions to GDP-growth, and consensus is that this is the preferred method for this kind of data. Please see chapter below for more details on the direct vs. indirect approach to seasonal adjustment.

- This method has given us some challenges related to the seasonally adjusted historical series. The reason is that series older than the base year are not additive. When a new base year is established, and the time series are updated, we use identical seasonal adjustment factors as before. This means that changes in seasonally adjusted data are only due to changes in the unadjusted data.

- We use information from the entire period of the time series to estimate seasonal adjustment factors, but we use this information only from the year before the base year to the present.

The method chosen is in accordance with the ESS-Guidelines on seasonal adjustment.

Seasonally adjusted series

Over a thousand series are seasonally adjusted every month. The series are adjusted at a disaggregated level and then summed up to the main aggregates.

The series for gross value added at industry level are adjusted directly, as opposed to being calculated as the difference between production and intermediate consumption.

For final consumption expenditure of households, the series are seasonally adjusted by applying the seasonal factors that are estimated for the index of household consumption of goods (see the documentation for seasonal adjustment of the index of household consumption of goods).

Pre-treatment routines/schemes

Pre-treatment is an adjustment for variations caused by calendar effects and outliers.

  • We run a pre-treatment of some series/main series.

Calendar adjustment

Calendar adjustment involves adjusting for the effects of working days/trading days and for moving holidays. Working days/trading days adjustments are made for both the number of working days/trading days and for the varying composition of days from one month to another.

  • It is performed calendar adjustments on all series showing significant and plausible calendar effects within a statistically robust approach, such as regression or RegARIMA (a regression model with an ARIMA structure for the residuals).

Methods for trading/working day adjustment

  • RegARIMA correction – in this case, the effect of trading days is estimated in a RegArima framework. The effect of trading days can be estimated by using a correction for the length of the month or leap year, regressing the series on the number of working days, etc. In this case, the residuals will have an ARIMA structure.

Correction for moving holidays

  • We run an automati correction with X-12-ARIMA. The utomatic correction of raw data will be based on Norwegian holidays.

National and EU/euro area calendars

  • Use of the Norwegian calendar with X-12-ARIMA.

Treatment of outliers

Outliers, or extreme values, are abnormal values of the series

  • Outliers are detected automatically by the seasonal adjustment tool. The outliers are removed before seasonal adjustment is carried out, and then reintroduced into the seasonally adjusted data.

Model selection

Pre-treatment requires choosing an ARIMA model, as well as deciding whether the data should be log-transformed or not.

Decomposition scheme

The decomposition scheme specifies how the various components – basically trend-cycle, seasonal and irregular – combine to form the original series. The most frequently used decomposition schemes are the multiplicative and additive.

  • Manual selection of decomposition scheme after graphical inspection of the properties to the specific series.

Comments: Additive decomposition is used for series with (potential) negative values or values equal zero, otherwise multiplicative decomposition is used.

Choice of seasonal adjustment approach

  • X-12-ARIMA

Consistency between raw and seasonally adjusted data

In some series, consistency between raw and seasonally adjusted series is imposed.

  • No constraints are applied.

Consistency between aggregate/definition of seasonally adjusted data

In some series, consistency between seasonally adjusted aggregates and its components is imposed. For some series there is also a special relationship between the different series, e.g. GDP which equals production minus intermediate consumption.

  • Definitions and relationships that hold for unadjusted figures also apply for seasonally adjusted figures.

Comments: The supply side equals the use side also for seasonally adjusted figures. This implies that changes in stocks/statistical discrepancies are treated as a residual in the seasonally adjusted figures (balancing item). The series for gross value added are adjusted directly (see chapter 1.3) and are not required to match the difference between seasonally adjusted series for production and intermediate consumption (thus, vertical – not horizontal – consistency is imposed).

Direct versus indirect approach

Direct seasonal adjustment is performed if all time series, including aggregates, are seasonally adjusted on an individual basis. Indirect seasonal adjustment is performed if the seasonally adjusted estimate for a time series is derived by combining the estimates for two or more directly adjusted series.

  • Mixed indirect approach is applied

Comments: MNA uses aggregation routines outside X-12-ARIMA.

Horizon for estimating the model and the correction factors

When performing seasonal adjustment of a time series, it is possible to choose the period to be used in estimating the model and the correction factors. Correction factors are the factors used in the pre-treatment and seasonal adjustment of the series.

  • The whole time series is used to estimate the model and the correction factors

General revision policy

Seasonally adjusted data may change due to a revision of the unadjusted (raw) data or the addition of new data. Such changes are called revisions, and there are several ways to deal with the problem of revisions when publishing the seasonally adjusted statistics.

  • Seasonally adjusted numbers are revised in accordance with a well-defined and publicly available revision policy and release calendar.

Concurrent versus current adjustment

  • The model, filters, outliers and regression parameters are re-identified and re-estimated as new or revised data become available.

Horizon for published revisions

  • The individual series will be revised when seasonal factors are re-estimated. Concerning the main aggregates the period of revisions is limited from the base year to the present.

Comments: This applies as long as the unadjusted figures before the base year remains unchanged. When a new base year is established, and the time series are updated, we use identical seasonal adjustment factors as before. This means that changes in seasonally adjusted data are only due to changes in the unadjusted data.

Evaluation of seasonally adjustment data

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

All series are sufficiently long to perform a seasonal adjustment.

Data availability

  • Both unadjusted (raw), seasonally adjusted and sum rolling three months data are available.

Press releases

  • In addition to raw data, at least one of the following series is released: pre-treated, seasonally adjusted, seasonally plus working day adjusted trend-cycle series.
  • Both levels and growth rates are presented.
  • Empirical values are presented to evaluate revisions of data in earlier press releases.

References

Statistics Norway’s metadata on methods: seasonal adjustment

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

EUROSTAT: Seasonal Adjustment. Methods and Practices

US census: X-12-ARIMA-manual

Not relevant




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