365495
/en/nasjonalregnskap-og-konjunkturer/statistikker/knr/maaned
365495
statistikk
2019-04-09T08:00:00.000Z
National accounts and business cycles
en
knr, National accounts, gross domestic product, GDP, value added, gross product by industry, gross investments, household consumption, consumption in non-profit organisations, public consumption, material production, service production, export, import, wage costs, employment, man-hours, oil investments, mainland NorwayNational accounts , National accounts and business cycles
true

National accounts

Updated

Next update

Key figures

0.6%

Seasonally adjusted three-month volume growth for GDP mainland Norway.

Final expenditure and gross domestic product. Rolling three-month sum. Seasonally adjusted. Percentage change in volume12
20172018August 2018 - October 2018September 2018 - November 2018October 2018 - December 2018November 2018 - January 2019December 2018 - February 2019
1Figures from 2017 onwards are preliminary.
2Volume change in rolling three months is calculated by comparing a three-month period with the previous three-month period, for example GDP in May to July compared with February to April. Furthermore, a quarter will be the sum of three months. For example, the January-March period will refer to the first quarter.
Gross domestic product2.01.40.20.00.50.40.2
Gross domestic product Mainland Norway2.02.20.30.51.00.90.6
Petroleum activities and ocean transport1.7-3.70.0-3.5-2.8-3.4-2.6
Final domestic use of goods and services2.62.0-0.11.00.80.3-0.5
Final consumption expenditure of households and NPISH2.22.00.30.20.40.10.1
Final consumption expenditure of general government2.51.50.00.20.20.50.6
Gross fixed capital formation (GFCF)3.60.91.95.3-0.3-1.4-2.2
Total exports-0.2-0.80.5-0.6-1.1-0.31.2
Total imports1.60.9-0.52.4-0.4-0.5-0.9
 
Employed persons1.11.50.5
Total hours worked0.31.60.6

See selected tables from this statistics

Table 1 
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
July 2018August 2018September 2018October 2018November 2018December 2018January 2019February 2019
1Figures from 2017 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
Final consumption expenditure of households and NPISHs-0.91.0-0.40.30.1-0.10.00.1
¬ Household final consumption expenditure-0.91.0-0.50.30.1-0.20.20.1
¬¬ Goods-2.02.3-1.1-0.40.4-0.30.00.1
¬¬ Services0.30.00.40.20.00.30.10.1
¬¬ Direct purchases abroad by resident households-1.10.1-2.74.9-0.5-1.31.40.3
¬¬ Direct purchases by non-residents1.70.6-1.10.60.13.80.20.0
¬ Final consumption expenditure of NPISHs-0.6-0.11.00.50.10.7-2.00.3
Final consumption expenditure of general governmen0.2-0.20.20.00.10.20.6-0.3
¬ Final consumption expenditure of central government-0.20.10.2-0.50.10.30.9-0.4
¬¬¬ Central government, civilian-0.20.10.2-0.50.00.31.0-0.5
¬¬¬ Central government, defence-0.5-0.10.1-0.70.80.40.20.1
¬ Final consumption expenditure of local government0.5-0.50.20.50.20.10.3-0.2
Gross fixed capital formation (GFCF)3.7-0.77.8-3.7-1.8-0.11.6-2.1
¬ Extraction and transport via pipelines (GFCF)7.00.6-3.68.7-1.21.12.3-4.6
¬ Ocean transport (GFCF)......32.7-65.5-38.4622.1-76.0
¬ Mainland Norway (GFCF)3.1-0.79.9-6.7-1.7-0.40.9-0.9
¬¬ Mainland Norway excluding general government (GFCF)2.00.03.7-1.8-1.5-1.62.7-1.3
¬¬¬ Industries (GFCF)1.7-0.17.2-3.7-2.6-1.93.2-1.9
¬¬¬¬ Services activities incidential to extraction (GFCF)11.44.7-0.70.7-1.6-0.911.3-5.0
¬¬¬¬ Other services (GFCF)1.6-0.813.5-7.9-3.8-2.93.6-5.0
¬¬¬¬ Manufacturing and mining (GFCF)0.41.3-2.56.6-0.70.85.0-1.3
¬¬¬¬ Production of other goods (GFCF)2.40.6-1.91.8-0.9-1.00.85.2
¬¬¬ Dwelling service (households) (GFCF)2.40.2-1.91.60.5-1.11.9-0.2
¬¬¬ General government (GFCF)6.3-2.526.6-17.5-2.32.8-3.50.1
Acquisitions less disposals of valuables-0.61.0-4.215.3-5.5-9.511.1-2.3
Changes in stocks and statistical discrepancies-4.1-38.7-2.048.0-2.0-1.1-18.33.9
Gross capital formation2.5-6.36.90.9-1.8-0.2-0.9-1.4
Final domestic use of goods and services0.4-1.51.80.4-0.4-0.1-0.1-0.4
Final demand from Mainland Norway (excl. changes in stocks)0.30.32.1-1.5-0.3-0.10.4-0.2
Final demand from general government1.2-0.65.1-3.9-0.30.7-0.2-0.2
Total exports0.21.3-1.0-0.1-1.30.23.8-1.9
¬ Traditional goods (export)-2.97.1-6.25.52.90.61.51.2
¬ Crude oil and natural gas (export)4.9-4.12.51.4-5.50.00.6-2.4
¬ Ships, oil platforms and aircraft (export)-58.756.887.9-75.0-21.0-21.4618.7-90.3
¬ Services (export)1.50.0-1.6-3.1-1.20.34.10.8
Total use of goods and services0.3-0.81.10.3-0.70.00.9-0.8
Total imports1.0-2.86.0-1.9-1.9-0.33.0-2.1
¬ Tradisjonelle varer (import)3.0-3.41.93.0-3.11.65.2-2.3
¬ Crude oil and natural gas (import)-6.22.226.3-13.520.8-32.5-4.1-12.1
¬ Ships, oil platforms and aircraft (import)-15.9-24.1246.1-60.05.4-22.7-13.7-28.4
¬ Services (import)-0.4-0.6-0.71.2-1.3-0.10.5-0.1
Gross domestic product, market values20.1-0.1-0.51.0-0.20.10.2-0.4
Gross domestic product Mainland Norway, market values20.4-0.3-0.21.10.00.20.3-0.3
Petroleum activities and ocean transport3-2.00.8-3.00.6-2.3-0.3-0.9-1.2
Gross domestic product Mainland Norway, basic values0.4-0.40.11.00.10.20.3-0.3
¬ Mainland Norway excluding general government (GDP)0.4-0.50.11.20.10.10.3-0.3
¬¬ Manufacturing and mining (GDP)1.40.1-1.11.70.21.6-0.60.1
¬¬ Production of other goods (GDP)1.9-4.81.05.4-1.0-1.20.9-2.2
¬¬ Service activities (GDP)-0.10.50.10.10.40.20.30.1
¬ General government (GDP)0.50.00.10.30.10.30.2-0.2
Taxes and subsidies products0.20.7-1.71.7-0.60.00.2-0.3

Table 2 
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 volume123
May 2018 - July 2018June 2018 - August 2018July 2018 - September 2018August 2018 - October 2018September 2018 - November 2018October 2018 - December 2018November 2018 - January 2019December 2018 - February 2019
1Volume change in rolling three months is calculated by comparing a three-month period with the previous three-month period, for example GDP in May to July compared with February to April. Furthermore, a quarter will be the sum of three months. For example, the January-March period will refer to the first quarter.
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.
Final consumption expenditure of households and NPISHs0.50.1-0.10.30.20.40.10.1
¬ Household final consumption expenditure0.50.1-0.10.20.10.30.10.2
¬¬ Goods-0.5-1.3-1.2-0.2-0.4-0.2-0.4-0.1
¬¬ Services1.00.80.70.70.60.50.50.5
¬¬ Direct purchases abroad by resident households2.12.70.60.00.12.31.41.0
¬¬ Direct purchases by non-residents-1.2-2.1-0.9-0.20.31.42.84.2
¬ Final consumption expenditure of NPISHs1.00.90.40.71.01.40.5-0.3
Final consumption expenditure of general governmen0.10.00.10.00.20.20.50.6
¬ Final consumption expenditure of central government-0.1-0.10.0-0.1-0.2-0.20.30.7
¬¬¬ Central government, civilian-0.1-0.20.00.0-0.1-0.20.30.6
¬¬¬ Central government, defence0.60.50.0-0.4-0.4-0.10.60.8
¬ Final consumption expenditure of local government0.20.10.20.10.50.60.70.5
Gross fixed capital formation (GFCF)6.6-1.11.51.95.3-0.3-1.4-2.2
¬ Extraction and transport via pipelines (GFCF)10.95.53.84.14.25.84.73.0
¬ Ocean transport (GFCF)............534.20.9
¬ Mainland Norway (GFCF)6.1-2.01.41.35.0-2.2-3.1-3.5
¬¬ Mainland Norway excluding general government (GFCF)3.5-1.3-0.10.62.7-0.9-1.6-1.8
¬¬¬ Industries (GFCF)7.9-1.3-0.30.64.2-1.6-3.1-3.4
¬¬¬¬ Services activities incidential to extraction (GFCF)15.016.717.612.65.80.41.73.8
¬¬¬¬ Other services (GFCF)9.2-4.3-0.90.36.2-3.7-5.9-7.4
¬¬¬¬ Manufacturing and mining (GFCF)8.14.90.72.22.65.15.05.4
¬¬¬¬ Production of other goods (GFCF)4.62.10.20.00.1-0.3-0.81.2
¬¬¬ Dwelling service (households) (GFCF)-3.2-1.40.10.50.20.30.80.9
¬¬¬ General government (GFCF)13.4-3.75.23.211.4-5.4-6.9-7.7
Acquisitions less disposals of valuables2.52.0-2.13.04.04.9-0.8-2.8
Changes in stocks and statistical discrepancies-17.2-0.2-9.1-19.4-11.018.515.9-2.7
Gross capital formation2.8-1.00.2-0.83.11.80.4-2.2
Final domestic use of goods and services1.0-0.20.0-0.11.00.80.3-0.5
Final demand from Mainland Norway (excl. changes in stocks)1.6-0.40.30.51.2-0.3-0.5-0.6
Final demand from general government2.4-0.71.10.72.2-0.9-0.9-1.1
Total exports1.81.30.80.5-0.6-1.1-0.31.2
¬ Traditional goods (export)0.92.10.32.41.75.65.35.8
¬ Crude oil and natural gas (export)-0.7-0.11.31.00.4-2.1-3.6-3.7
¬ Ships, oil platforms and aircraft (export)259.415.2-2.6-17.6-14.6-67.8-17.6-4.7
¬ Services (export)2.41.70.9-1.3-3.6-4.8-2.31.4
Total use of goods and services1.20.20.20.00.60.30.2-0.1
Total imports2.5-2.4-0.8-0.52.4-0.4-0.5-0.9
¬ Tradisjonelle varer (import)0.3-0.70.20.71.51.52.23.1
¬ Crude oil and natural gas (import)0.7-19.4-5.1-0.221.61.9-8.6-32.1
¬ Ships, oil platforms and aircraft (import)66.5-45.2-15.7-14.862.3-31.3-39.1-55.6
¬ Services (import)1.50.8-0.5-0.9-1.0-0.4-0.6-0.2
Gross domestic product, market values0.81.10.50.20.00.50.40.2
Gross domestic product Mainland Norway, market values0.80.50.40.30.51.00.90.6
Petroleum activities and ocean transport1.35.01.90.0-3.5-2.8-3.4-2.6
Gross domestic product Mainland Norway, basic values0.80.50.40.30.71.01.00.7
¬ Mainland Norway excluding general government (GDP)0.90.60.30.20.71.21.20.7
¬¬ Manufacturing and mining (GDP)1.00.90.70.70.61.61.81.9
¬¬ Production of other goods (GDP)0.2-0.4-0.8-1.31.53.22.3-0.3
¬¬ Service activities (GDP)1.00.70.50.50.50.70.80.8
¬ General government (GDP)0.50.50.60.50.50.60.60.6
Taxes and subsidies products0.50.30.20.1-0.20.40.10.3

Table 3 
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
201720184th quarter 20171st quarter 20182nd quarter 20183rd quarter 20184th quarter 2018
1Figures from 2017 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.
Final consumption expenditure of households and NPISHs1 471 7641 532 896390 874360 724387 718377 242407 212
¬ Household final consumption expenditure1 391 5561 447 156369 227339 833365 300358 409383 614
¬¬ Goods634 565658 572173 414152 081165 966160 917179 608
¬¬ Services683 128713 894173 657171 156180 259180 426182 052
¬¬ Direct purchases abroad by resident households118 498120 82528 29424 49931 31436 69228 320
¬¬ Direct purchases by non-residents-44 634-46 135-6 139-7 903-12 239-19 627-6 366
¬ Final consumption expenditure of NPISHs80 20885 73921 64820 89122 41818 83323 597
Final consumption expenditure of general governmen797 402830 608200 821202 837213 931206 112207 728
¬ Final consumption expenditure of central government401 276416 885101 846101 487106 784103 415105 199
¬¬¬ Central government, civilian355 552368 83789 87790 14594 48291 76992 441
¬¬¬ Central government, defence45 72548 04911 96911 34112 30211 64712 758
¬ Final consumption expenditure of local government396 126413 72298 975101 350107 147102 697102 528
 
Gross fixed capital formation (GFCF)824 553849 273214 244192 785215 150216 986224 351
¬ Extraction and transport via pipelines (GFCF)150 949154 09739 43231 90738 88440 18143 126
¬ Ocean transport (GFCF)4 1361 46146686629-197342
¬ Mainland Norway (GFCF)669 467693 715174 766160 192175 638177 002180 883
¬¬ Industries (GFCF)295 781309 34978 57768 54680 36878 03082 405
¬¬¬ Services activities incidential to extraction (GFCF)2 4813 4539058986339061 017
¬¬¬ Other services (GFCF)188 393187 17248 02643 48149 06346 91147 717
¬¬¬ Manufacturing and mining (GFCF)37 23842 26712 0338 70010 5939 90913 065
¬¬¬ Production of other goods (GFCF)67 66976 45717 61315 46820 08020 30420 606
¬¬ welling service (households) (GFCF)198 590192 30849 28848 44647 34747 45349 062
¬¬ General government (GFCF)175 097192 05846 90143 20047 92351 52049 416
Acquisitions less disposals of valuables42447011911512498133
Changes in stocks and statistical discrepancies106 075127 56134 12447 84429 76712 58037 371
Gross capital formation931 052977 304248 487240 744245 041229 664261 854
 
Final domestic use of goods and services3 200 2183 340 807840 182804 305846 690813 018876 794
Final demand from Mainland Norway (excl. changes in stocks)2 938 6333 057 219766 461723 753777 287760 356795 822
Final demand from general government972 4991 022 666247 722246 037261 854257 632257 143
 
Total exports1 196 9401 347 462316 742320 274327 735347 493351 960
¬ Traditional goods (export)381 312413 286100 64999 771104 23398 958110 324
¬ Crude oil and natural gas (export)459 457570 040127 976138 627130 226146 703154 484
¬ Ships, oil platforms and aircraft (export)14 21511 0882 1533 7053 1443 1991 040
¬ Services (export)341 957353 04885 96478 17190 13298 63386 112
 
Total use of goods and services4 397 1584 688 2691 156 9241 124 5791 174 4251 160 5111 228 754
 
Total imports1 092 7201 151 146288 165264 732296 475292 825297 114
¬ Tradisjonelle varer (import)635 645689 171171 351161 355175 966168 742183 108
¬ Crude oil and natural gas (import)13 52923 9813 7725 4476 7876 3585 389
¬ Ships, oil platforms and aircraft (import)50 01937 42710 4918 89911 8029 6877 039
¬ Services (import)393 527400 567102 55189 031101 920108 038101 578
 
Gross domestic product, market values23 304 4393 537 124868 759859 847877 950867 686931 640
Gross domestic product Mainland Norway, market values22 798 1102 907 972723 841707 396731 718706 911761 946
 
Petroleum activities and ocean transport3506 328629 152144 917152 451146 232160 775169 694
Gross domestic product Mainland Norway, basic values2 422 9242 512 872625 315614 739632 525607 320658 289
¬ Mainland Norway excluding general government (GDP)1 808 1971 869 562471 345459 456465 354448 277496 475
¬¬ Manufacturing and mining (GDP)213 593209 77653 89652 64253 41948 74254 973
¬¬ Production of other goods (GDP)324 111355 61487 15590 36279 91986 53598 798
¬¬ Service activities (GDP)1 270 4941 304 172330 294316 452332 016313 001342 704
¬ General government (GDP)614 728643 310153 969155 283167 171159 042161 814
Taxes and subsidies products375 186395 10098 52792 65799 19399 592103 657

Table 4 
Final expenditure and gross domestic product. Quarter and year. At constant 2016-prices. NOK million

Final expenditure and gross domestic product. Quarter and year. At constant 2016-prices. NOK million1
201720184th quarter 20171st quarter 20182nd quarter 20183rd quarter 20184th quarter 2018
1Figures from 2017 onwards are preliminary
2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices
Final consumption expenditure of households and NPISHs1 443 4441 472 943380 965350 259373 134362 678386 873
¬ Household final consumption expenditure1 364 7401 390 908360 203329 662352 020344 177365 049
¬¬ Goods625 914631 126170 103147 286160 345154 094169 402
¬¬ Services669 032686 152169 656166 252172 682172 833174 385
¬¬ Direct purchases abroad by resident households113 236117 30726 41423 76430 61235 68627 245
¬¬ Direct purchases by non-residents-43 441-43 678-5 970-7 640-11 618-18 436-5 983
¬ Final consumption expenditure of NPISHs78 70482 03520 76220 59721 11318 50121 824
Final consumption expenditure of general governmen778 468790 021196 979196 861198 583197 270197 307
¬ Final consumption expenditure of central government391 089396 13799 02499 00999 19599 20298 731
¬¬¬ Central government, civilian346 231350 64887 65687 71587 82387 80487 307
¬¬¬ Central government, defence44 85845 48911 36811 29411 37211 39911 423
¬ Final consumption expenditure of local government387 379393 88497 95597 85199 38898 06898 576
 
Gross fixed capital formation (GFCF)818 871826 312211 413189 054210 016211 496215 746
¬ Extraction and transport via pipelines (GFCF)159 147164 42741 71134 06541 79943 41245 152
¬ Ocean transport (GFCF)3 9021 29841599595-222325
¬ Mainland Norway (GFCF)655 822660 586169 661154 389167 622168 306170 270
¬¬Næringer (bruttoinvestering)290 345295 53776 39666 13576 90474 68877 810
¬¬¬ Services activities incidential to extraction (GFCF)2 4363 309879870608870962
¬¬¬ Other services (GFCF)185 026179 08046 75841 95746 99445 01345 115
¬¬¬ Manufacturing and mining (GFCF)36 45040 24411 6608 38510 1029 44712 309
¬¬¬ Production of other goods (GFCF)66 43472 90617 10014 92319 20119 35819 424
¬¬ Dwelling service (households) (GFCF)194 017182 28247 70446 65244 95344 68545 993
¬¬ General government (GFCF)171 460182 76745 56041 60345 76548 93346 466
Acquisitions less disposals of valuables41444511611011793125
Changes in stocks and statistical discrepancies107 799122 64234 75545 21226 85113 05737 521
Gross capital formation927 084949 399246 284234 376236 985224 646253 392
 
Final domestic use of goods and services3 148 9963 212 363824 228781 495808 701784 595837 572
Final demand from Mainland Norway (excl. changes in stocks)2 877 7342 923 550747 605701 509739 338728 254754 449
Final demand from general government949 927972 788242 540238 463244 348246 203243 773
 
Total exports1 096 1041 087 275274 868264 777270 600278 113273 786
¬ Traditional goods (export)361 646370 58495 84189 82891 67589 11299 968
¬ Crude oil and natural gas (export)379 333361 22893 07295 14685 76588 83091 486
¬ Ships, oil platforms and aircraft (export)14 45911 4252 1743 8773 2493 2541 046
¬ Services (export)340 666344 03883 78175 92589 91196 91781 285
 
Total use of goods and services4 245 1004 299 6381 099 0961 046 2711 079 3021 062 7081 111 358
 
Total imports1 064 0251 074 074273 632249 190279 109274 070271 705
¬ Tradisjonelle varer (import)613 190632 418161 064149 605162 442155 192165 179
¬ Crude oil and natural gas (import)10 97415 2642 7083 7834 2353 8443 401
¬ Ships, oil platforms and aircraft (import)49 62436 75010 3158 51911 8679 5116 853
¬ Services (import)390 237389 64299 54587 283100 565105 52396 271
 
Gross domestic product, market values23 181 0713 225 564825 464797 082800 193788 637839 653
Gross domestic product Mainland Norway, market values22 767 6312 827 506721 348693 754704 119690 941738 692
 
Petroleum activities and ocean transport413 440398 059104 116103 32896 07397 696100 961
Gross domestic product Mainland Norway, basic values2 398 3342 454 979625 267604 543610 370597 913642 153
¬ Mainland Norway excluding general government (GDP)1 797 8701 841 092473 192453 177456 873443 902487 140
¬¬ Manufacturing and mining (GDP)208 289210 21053 82251 57753 23550 02155 377
¬¬ Production of other goods (GDP)316 784324 40486 90683 32373 52978 06289 490
¬¬ Service activities (GDP)1 272 7971 306 479332 464318 277330 110315 819342 273
¬ General government (GDP)600 464613 887152 075151 366153 497154 010155 014
Taxes and subsidies products369 297372 52796 08189 21093 74993 02896 539

Table 5 
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
201720184th quarter 20171st quarter 20182nd quarter 20183rd quarter 20184th quarter 2018
1Figures from 2017 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.
Final consumption expenditure of households and NPISHs2.22.02.40.84.01.81.6
¬ Household final consumption expenditure2.21.92.30.93.71.71.3
¬¬ Goods1.60.82.51.42.7-0.2-0.4
¬¬ Services2.52.62.40.34.42.72.8
¬¬ Direct purchases abroad by resident households2.73.60.54.53.53.43.1
¬¬ Direct purchases by non-residents-0.60.51.18.80.5-2.40.2
¬ Final consumption expenditure of NPISHs2.74.22.9-0.59.03.65.1
Final consumption expenditure of general governmen2.51.53.12.42.01.40.2
¬ Final consumption expenditure of central government1.81.32.12.51.71.3-0.3
¬¬¬ Central government, civilian1.91.32.02.61.71.2-0.4
¬¬¬ Central government, defence1.01.42.51.71.91.50.5
¬ Final consumption expenditure of local government3.21.74.22.42.21.60.6
 
Gross fixed capital formation (GFCF)3.60.92.2-4.41.84.02.0
¬ Extraction and transport via pipelines (GFCF)-3.83.31.5-9.30.413.58.2
¬ Ocean transport (GFCF)-68.2-66.7-98.9-39.0-41.7..692.9
¬ Mainland Norway (GFCF)7.00.74.6-3.12.43.10.4
¬¬ Industries (GFCF)9.31.86.2-5.89.31.81.9
¬¬¬ Services activities incidential to extraction (GFCF)15.935.873.265.8133.012.79.5
¬¬¬ Other services (GFCF)12.3-3.29.6-10.62.9-1.4-3.5
¬¬¬ Manufacturing and mining (GFCF)-2.510.40.4-0.723.515.75.6
¬¬¬ Production of other goods (GFCF)8.19.7-0.44.118.43.113.6
¬¬ Dwelling service (households) (GFCF)7.0-6.0-1.3-4.0-7.9-8.6-3.6
¬¬ General government (GFCF)3.66.68.72.92.719.62.0
Acquisitions less disposals of valuables5.57.66.80.415.76.28.1
Changes in stocks and statistical discrepancies2.313.843.3-8.6246.9-17.58.0
Gross capital formation3.52.46.5-5.310.62.52.9
 
Final domestic use of goods and services2.62.03.7-0.75.31.91.6
Final demand from Mainland Norway (excl. changes in stocks)3.31.63.10.43.12.00.9
Final demand from general government2.72.44.12.52.14.60.5
 
Total exports-0.2-0.8-3.9-2.3-1.10.6-0.4
¬ Traditional goods (export)1.72.59.61.84.1-0.54.3
¬ Crude oil and natural gas (export)1.5-4.8-7.0-4.4-8.8-4.2-1.7
¬ Ships, oil platforms and aircraft (export)-16.1-21.0-76.7-48.110.772.7-51.9
¬ Services (export)-3.21.0-5.90.21.34.9-3.0
 
Total use of goods and services1.91.31.7-1.13.61.61.1
 
Total imports1.60.92.2-2.54.32.7-0.7
¬ Tradisjonelle varer (import)2.73.14.8-0.36.83.52.6
¬ Crude oil and natural gas (import)26.439.164.266.434.834.925.6
¬ Ships, oil platforms and aircraft (import)-2.2-25.9-25.2-47.8-10.2-2.6-33.6
¬ Services (import)-0.1-0.20.90.31.31.1-3.3
 
Gross domestic product, market values22.01.41.6-0.73.41.21.7
Gross domestic product Mainland Norway, market values22.02.22.6-0.34.71.82.4
 
Petroleum activities and ocean transport31.7-3.7-4.7-3.4-5.4-3.1-3.0
Gross domestic product Mainland Norway, basic values1.92.42.5-0.35.12.02.7
¬ Mainland Norway excluding general government (GDP)1.72.42.5-1.16.11.92.9
¬¬ Manufacturing and mining (GDP)0.00.91.9-4.64.01.62.9
¬¬ Production of other goods (GDP)3.02.44.71.16.4-0.43.0
¬¬ Service activities (GDP)1.72.62.1-1.16.42.53.0
¬ General government (GDP)2.32.22.62.32.12.51.9
Taxes and subsidies products2.90.92.6-0.32.70.60.5

Table 6 
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
201720184th quarter 20171st quarter 20182nd quarter 20183rd quarter 20184th quarter 2018
1Figures from 2017 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.
Final consumption expenditure of households and NPISHs2.02.11.92.01.62.02.6
¬ Household final consumption expenditure2.02.01.92.01.62.02.5
¬¬ Goods1.42.90.52.22.13.34.0
¬¬ Services2.11.92.01.91.91.82.0
¬¬ Direct purchases abroad by resident households4.6-1.610.82.4-2.5-2.2-3.0
¬¬ Direct purchases by non-residents2.72.82.31.72.63.23.5
¬ Final consumption expenditure of NPISHs1.92.62.02.21.62.33.7
Final consumption expenditure of general governmen2.42.62.22.42.42.53.3
¬ Final consumption expenditure of central government2.62.62.31.92.02.73.6
¬¬¬ Central government, civilian2.72.42.21.82.12.63.3
¬¬¬ Central government, defence1.93.62.62.81.93.76.1
¬ Final consumption expenditure of local government2.32.72.12.82.82.32.9
 
Gross fixed capital formation (GFCF)0.72.11.01.91.12.62.6
¬ Extraction and transport via pipelines (GFCF)-5.2-1.2-4.1-2.8-3.10.11.0
¬ Ocean transport (GFCF)6.06.210.68.6-7.0-13.1-7.0
¬ Mainland Norway (GFCF)2.12.92.32.82.23.43.1
¬¬ Industries (GFCF)1.92.72.12.81.83.33.0
¬¬¬ Services activities incidential to extraction (GFCF)1.82.51.01.91.63.42.7
¬¬¬ Other services (GFCF)1.82.71.42.81.63.23.0
¬¬¬ Manufacturing and mining (GFCF)2.22.83.72.62.33.52.8
¬¬¬ Production of other goods (GFCF)1.93.02.82.92.13.63.0
¬¬ Dwelling service (households) (GFCF)2.43.12.52.82.73.63.2
¬¬ General government (GFCF)2.12.92.42.82.23.33.3
Acquisitions less disposals of valuables2.63.0-0.22.52.63.23.6
Changes in stocks and statistical discrepancies-1.65.7-5.25.57.46.31.4
Gross capital formation0.42.50.22.62.02.92.4
 
Final domestic use of goods and services1.62.31.52.31.92.42.7
Final demand from Mainland Norway (excl. changes in stocks)2.12.42.12.31.92.52.9
Final demand from general government2.42.72.22.42.42.73.3
 
Total exports9.213.510.79.513.619.511.6
¬ Traditional goods (export)5.45.82.85.46.16.55.1
¬ Crude oil and natural gas (export)21.130.322.817.734.150.422.8
¬ Ships, oil platforms and aircraft (export)-1.7-1.30.3-2.5-3.32.60.4
¬ Services (export)0.42.25.02.91.12.03.2
 
Total use of goods and services3.65.33.84.24.97.05.0
 
Total imports2.74.45.15.23.35.33.8
¬ Tradisjonelle varer (import)3.75.15.45.64.56.34.2
¬ Crude oil and natural gas (import)23.327.425.021.735.740.513.7
¬ Ships, oil platforms and aircraft (import)0.81.01.54.6-3.84.01.0
¬ Services (import)0.81.94.13.30.32.12.4
 
Gross domestic product, market values23.95.63.43.95.47.65.4
Gross domestic product Mainland Norway, market values21.11.70.11.41.21.42.8
 
Petroleum activities and ocean transport322.529.124.518.134.147.420.8
Gross domestic product Mainland Norway, basic values1.01.3-0.11.00.90.82.5
¬ Mainland Norway excluding general government (GDP)0.61.0-0.70.50.40.52.3
¬¬ Manufacturing and mining (GDP)2.5-2.72.2-0.3-3.7-6.1-0.9
¬¬ Production of other goods (GDP)2.37.1-5.03.66.08.810.1
¬¬ Service activities (GDP)-0.20.0-0.1-0.2-0.2-0.50.8
¬ General government (GDP)2.42.41.92.32.41.63.1
Taxes and subsidies products1.64.41.44.23.55.14.7

Table 7 
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
201720184th quarter 20171st quarter 20182nd quarter 20183rd quarter 20184th quarter 2018
1Figures from 2017 onwards are prelimanry
2Includes oil and gas extraction, transport via pipelines and ocean transport.
Final consumption expenditure of households and NPISHs1 471 7641 532 896375 516376 744384 033387 301390 441
¬ Household final consumption expenditure1 391 5561 447 156354 985355 922362 770365 655368 084
¬¬ Goods634 565658 572162 699162 246166 465166 877167 522
¬¬ Services683 128713 894173 409175 227177 974180 150181 758
¬¬ Direct purchases abroad by resident households118 498120 82530 21830 04129 83930 12130 552
¬¬ Direct purchases by non-residents-44 634-46 135-11 341-11 592-11 507-11 493-11 748
¬ Final consumption expenditure of NPISHs80 20885 73920 53120 82221 26221 64622 358
Final consumption expenditure of general governmen797 402830 608203 845204 913206 581208 394210 806
¬ Final consumption expenditure of central government401 276416 885101 924102 939103 749104 919105 280
¬¬¬ Central government, civilian355 552368 83790 31791 19191 91392 84292 920
¬¬¬ Central government, defence45 72548 04911 60711 74811 83712 07712 360
¬ Final consumption expenditure of local government396 126413 722101 921101 974102 831103 475105 526
 
Gross fixed capital formation (GFCF)824 553849 273208 639198 725213 491218 375218 648
¬ Extraction and transport via pipelines (GFCF)150 949154 09738 70733 74238 22839 79042 309
¬ Ocean transport (GFCF)4 1361 46155706605-201351
¬ Mainland Norway (GFCF)669 467693 715169 877164 277174 658178 786175 988
¬¬ Industries (GFCF)295 781309 34975 05071 88679 08079 52678 824
¬¬¬ Services activities incidential to extraction (GFCF)2 4813 453845743807949951
¬¬¬ Other services (GFCF)188 393187 17247 27643 96748 17148 07346 945
¬¬¬ Manufacturing and mining (GFCF)37 23842 26710 0299 53610 80510 88711 025
¬¬¬ Production of other goods (GFCF)67 66976 45716 90017 64019 29719 61719 902
¬¬ Dwelling service (households) (GFCF)198 590192 30848 42248 93247 32447 83248 255
¬¬ General government (GFCF)175 097192 05846 40443 45948 25351 42848 909
Acquisitions less disposals of valuables424470110112118116125
Changes in stocks and statistical discrepancies106 075127 56131 22743 23829 51729 57627 553
Gross capital formation931 052977 304239 977242 075243 126248 067246 325
 
Final domestic use of goods and services3 200 2183 340 807819 337823 731833 739843 762847 573
Final demand from Mainland Norway (excl. changes in stocks)2 938 6333 057 219749 237745 934765 271774 481777 235
Final demand from general government972 4991 022 666250 249248 372254 834259 822259 715
 
Total exports1 196 9401 347 462305 103321 059336 350351 803344 572
¬ Traditional goods (export)381 312413 28698 666100 386103 491103 267108 330
¬ Crude oil and natural gas (export)459 457570 040117 759130 530140 875154 220148 374
¬ Ships, oil platforms and aircraft (export)14 21511 0882 1533 7053 1443 1991 040
¬ Services (export)341 957353 04886 52686 43888 84191 11786 829
 
Total use of goods and services4 397 1584 688 2691 124 4411 144 7901 170 0901 195 5651 192 145
 
Total imports1 092 7201 151 146283 759279 267289 435292 955291 869
¬ Tradisjonelle varer (import)635 645689 171166 887168 141172 055174 481176 980
¬ Crude oil and natural gas (import)13 52923 9814 2595 1866 3256 3696 394
¬ Ships, oil platforms and aircraft (import)50 01937 42711 5737 23111 13310 9148 132
¬ Services (import)393 527400 567101 04098 70999 923101 190100 363
 
Gross domestic product, market values3 304 4393 537 124840 681865 522880 654902 610900 276
Gross domestic product Mainland Norway, market values2 798 1102 907 972707 784717 423724 519731 461744 874
 
Petroleum activities and ocean transport2506 328629 152132 897148 099156 135171 149155 401
Gross domestic product Mainland Norway, basic values2 422 9242 512 872612 097620 436626 101631 618644 115
¬ Mainland Norway excluding general government (GDP)1 808 1971 869 562455 632462 283466 372470 512479 774
¬¬ Manufacturing and mining (GDP)213 593209 77653 48153 07352 87151 67155 065
¬¬ Production of other goods (GDP)324 111355 61481 73486 71388 05290 32492 301
¬¬ Service activities (GDP)1 270 4941 304 172320 417322 496325 449328 518332 409
¬ General government (GDP)614 728643 310156 465158 154159 728161 106164 341
Taxes and subsidies products375 186395 10095 68796 98798 41899 843100 759

Table 8 
Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. At constant 2015-prices. NOK million

Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. At constant 2015-prices. NOK million1
201720184th quarter 20171st quarter 20182nd quarter 20183rd quarter 20184th quarter 2018
1Figures from 2017 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.
Final consumption expenditure of households and NPISHs1 443 4441 472 943365 927366 306370 645370 286371 659
¬ Household final consumption expenditure1 364 7401 390 908345 986346 055350 112349 649350 659
¬¬ Goods625 914631 126159 649158 390160 540158 546158 247
¬¬ Services669 032686 152168 908169 637171 445172 726173 710
¬¬ Direct purchases abroad by resident households113 236117 30728 40629 15529 05329 21329 678
¬¬ Direct purchases by non-residents-43 441-43 678-10 977-11 127-10 926-10 835-10 977
¬ Final consumption expenditure of NPISHs78 70482 03519 94120 25120 53320 63821 000
Final consumption expenditure of general governmen778 468790 021197 481197 310197 366197 569197 790
¬ Final consumption expenditure of central government391 089396 13799 15699 11899 08099 08198 864
¬¬¬ Central government, civilian346 231350 64887 83687 78287 68987 69587 488
¬¬¬ Central government, defence44 85845 48911 32011 33611 39111 38611 376
¬ Final consumption expenditure of local government387 379393 88498 32498 19298 28798 48898 926
 
Gross fixed capital formation (GFCF)818 871826 312206 165194 910209 003211 997210 357
¬ Extraction and transport via pipelines (GFCF)159 147164 42741 12236 18041 16342 61344 429
¬ Ocean transport (GFCF)3 9021 29850618573-228334
¬ Mainland Norway (GFCF)655 822660 586164 993158 111167 266169 611165 594
¬¬ Industries (GFCF)290 345295 53773 06769 40675 91575 76074 427
¬¬¬ Services activities incidential to extraction (GFCF)2 4363 309825717779908901
¬¬¬ Other services (GFCF)185 026179 08046 16742 36246 28645 91344 507
¬¬¬ Manufacturing and mining (GFCF)36 45040 2449 6719 26810 35810 32010 285
¬¬¬ Production of other goods (GFCF)66 43472 90616 40317 06018 49218 61818 734
¬¬ Dwelling service (households) (GFCF)194 017182 28246 81646 95045 08845 12045 157
¬¬ General government (GFCF)171 460182 76745 11141 75546 26348 73146 010
Acquisitions less disposals of valuables414445107107112110116
Changes in stocks and statistical discrepancies107 799122 64232 03937 84328 24827 06033 332
Gross capital formation927 084949 399238 311232 860237 363239 166243 806
 
Final domestic use of goods and services3 148 9963 212 363801 718796 475805 374807 021813 255
Final demand from Mainland Norway (excl. changes in stocks)2 877 7342 923 550728 401721 727735 278737 466735 044
Final demand from general government949 927972 788242 592239 065243 630246 300243 801
 
Total exports1 096 1041 087 275269 924271 311273 637275 526270 309
¬ Traditional goods (export)361 646370 58492 15291 61692 20092 41196 943
¬ Crude oil and natural gas (export)379 333361 22890 80490 00690 43191 53989 986
¬ Ships, oil platforms and aircraft (export)14 45911 4252 1743 8773 2493 2541 046
¬ Services (export)340 666344 03884 79585 81287 75788 32282 334
 
Total use of goods and services4 245 1004 299 6381 071 6421 067 7861 079 0111 082 5471 083 564
 
Total imports1 064 0251 074 074270 956264 696272 252271 151268 362
¬ Tradisjonelle varer (import)613 190632 418157 523156 868158 575159 268160 196
¬ Crude oil and natural gas (import)10 97415 2643 1133 6503 8743 8603 985
¬ Ships, oil platforms and aircraft (import)49 62436 75011 3697 17111 46810 1908 043
¬ Services (import)390 237389 64298 95197 00698 33597 83396 139
 
Gross domestic product, market values23 181 0713 225 564800 686803 091806 759811 395815 202
Gross domestic product Mainland Norway, market values22 767 6312 827 506699 448703 004707 671710 358716 891
 
Petroleum activities and ocean transport3413 440398 059101 238100 08799 088101 03798 311
Gross domestic product Mainland Norway, basic values2 398 3342 454 979606 604610 118614 480616 930623 097
¬ Mainland Norway excluding general government (GDP)1 797 8701 841 092454 915457 812461 489462 972468 477
¬¬ Manufacturing and mining (GDP)208 289210 21052 57752 39853 04353 41754 268
¬¬ Production of other goods (GDP)316 784324 40480 81481 55280 93180 32982 872
¬¬ Service activities (GDP)1 272 7971 306 479321 524323 862327 514329 226331 336
¬ General government (GDP)600 464613 887151 689152 306152 991153 958154 620
Taxes and subsidies products369 297372 52792 84492 88693 19293 42893 794

Table 9 
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
201720184th quarter 20171st quarter 20182nd quarter 20183rd quarter 20184th quarter 2018
1Figures from 2017 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.
Final consumption expenditure of households and NPISHs2.22.00.80.11.2-0.10.4
¬ Household final consumption expenditure2.21.90.70.01.2-0.10.3
¬¬ Goods1.60.81.1-0.81.4-1.2-0.2
¬¬ Services2.52.60.60.41.10.70.6
¬¬ Direct purchases abroad by resident households2.73.6-1.22.6-0.40.51.6
¬¬ Direct purchases by non-residents-0.60.5-0.91.4-1.8-0.81.3
¬ Final consumption expenditure of NPISHs2.74.21.01.61.40.51.8
Final consumption expenditure of general governmen2.51.51.4-0.10.00.10.1
¬ Final consumption expenditure of central government1.81.31.40.00.00.0-0.2
¬¬¬ Central government, civilian1.91.31.4-0.1-0.10.0-0.2
¬¬¬ Central government, defence1.01.40.90.10.50.0-0.1
¬ Final consumption expenditure of local government3.21.71.4-0.10.10.20.4
 
Gross fixed capital formation (GFCF)3.60.91.2-5.57.21.4-0.8
¬ Extraction and transport via pipelines (GFCF)-3.83.310.2-12.013.83.54.3
¬ Ocean transport (GFCF)-68.2-66.7-97.31 148.2-7.3....
¬ Mainland Norway (GFCF)7.00.70.2-4.25.81.4-2.4
¬¬ Industries (GFCF)9.31.8-2.0-5.09.4-0.2-1.8
¬¬¬ Services activities incidential to extraction (GFCF)15.935.81.3-13.28.716.6-0.8
¬¬¬ Other services (GFCF)12.3-3.2-1.0-8.29.3-0.8-3.1
¬¬¬ Manufacturing and mining (GFCF)-2.510.47.2-4.211.8-0.4-0.3
¬¬¬ Production of other goods (GFCF)8.19.7-9.24.08.40.70.6
¬¬ Dwelling service (households) (GFCF)7.0-6.0-5.20.3-4.00.10.1
¬¬ General government (GFCF)3.66.610.8-7.410.85.3-5.6
Acquisitions less disposals of valuables5.57.62.90.04.8-2.26.0
Changes in stocks and statistical discrepancies2.313.813.618.1-25.4-4.223.2
Gross capital formation3.52.42.7-2.31.90.81.9
 
Final domestic use of goods and services2.62.01.5-0.71.10.20.8
Final demand from Mainland Norway (excl. changes in stocks)3.31.60.8-0.91.90.3-0.3
Final demand from general government2.72.43.0-1.51.91.1-1.0
 
Total exports-0.2-0.8-1.30.50.90.7-1.9
¬ Traditional goods (export)1.72.5-0.7-0.60.60.24.9
¬ Crude oil and natural gas (export)1.5-4.8-4.7-0.90.51.2-1.7
¬ Ships, oil platforms and aircraft (export)-16.1-21.015.478.4-16.20.1-67.9
¬ Services (export)-3.21.01.51.22.30.6-6.8
 
Total use of goods and services1.91.30.8-0.41.10.30.1
 
Total imports1.60.92.1-2.32.9-0.4-1.0
¬ Tradisjonelle varer (import)2.73.12.0-0.41.10.40.6
¬ Crude oil and natural gas (import)26.439.111.417.36.1-0.43.2
¬ Ships, oil platforms and aircraft (import)-2.2-25.98.5-36.959.9-11.1-21.1
¬ Services (import)-0.1-0.21.5-2.01.4-0.5-1.7
 
Gross domestic product, market values22.01.40.30.30.50.60.5
Gross domestic product Mainland Norway, market values22.02.20.80.50.70.40.9
 
Petroleum activities and ocean transport31.7-3.7-3.2-1.1-1.02.0-2.7
Gross domestic product Mainland Norway, basic values1.92.40.90.60.70.41.0
¬ Mainland Norway excluding general government (GDP)1.72.40.90.60.80.31.2
¬¬ Manufacturing and mining (GDP)0.00.91.0-0.31.20.71.6
¬¬ Production of other goods (GDP)3.02.41.50.9-0.8-0.73.2
¬¬ Service activities (GDP)1.72.60.80.71.10.50.6
¬ General government (GDP)2.32.21.00.40.40.60.4
Taxes and subsidies products2.90.90.10.00.30.30.4

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.

Definitions

Definitions of the main concepts and variables

See Concepts and definitions in national accounts for explanations.

Valuation

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

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

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

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

 

Standard classifications

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.

Administrative information

Name and topic

Name: National accounts
Topic: National accounts and business cycles

Next release

Responsible division

Division for National Accounts

Regional level

National level.

Frequency and timeliness

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.

 

International reporting

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

Microdata

Not relevant

Background

Background and purpose

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 and ESA 2010. Changes due to this main revision are described, among else, in the article Main revision 2014. Planned changes in the national accounts statistics. See About the statistics for the annual national accounts for more information about main revisions. 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.

Users and applications

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.

Equal treatment of users

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.

Coherence with other statistics

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) 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.

 

Legal authority

Not relevant

EEA reference

  • 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).

Production

Population

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 the European 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.

Data sources and sampling

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.

Collection of data, editing and estimations

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

knr1-en

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.

 

Seasonal adjustment

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

Confidentiality

§ 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.

Comparability over time and space

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.

Accuracy and reliability

Sources of error and uncertainty

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.

 

Revision

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

About seasonal adjustment

General information on seasonal adjustment

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 .

Why seasonally adjust these statistics?

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

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.

Seasonal adjustment

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

 

Audit procedures

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.

Quality of seasonal adjustment

Evaluation of seasonally adjustment data

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

 

Special cases

All series are sufficiently long to perform a seasonal adjustment.

 

Posting procedures

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