National accounts, March 2000

The time of Easter gives higher uncertainty in the estimated growth rates for the 1st quarter. The overall growth in the GDP 1st quarter was estimated to 1.0 per cent. There was an increase in the consumption expenditure and in the investments. The external trade balance contributed negatively to the GDP growth.

Continued consumption growth

The final consumption expenditure among households and Non-profit Institutions Serving Households (NPIHs) increased by 1.2 per cent from the 4th to the 1st quarter, after an increase from the 3rd to the 4th quarter of 0.3 per cent. The growth among the households alone was 1.4 per cent. The final consumption expenditure of general government increased by 1.4 per cent. The growth was strongest for the local governments, 2.1 per cent, while the growth rate for the central government was estimated to 0.3 per cent.

Higher investment activity in Mainland Norway

Gross fixed capital formation increased by 3.3 per cent from the 4th quarter 1999 to the 1st quarter 2000, after a decline of 13.1 per cent from the 3rd to the 4th quarter 1999. The investments in Mainland Norway increased by 2.7 per cent from the 4th to the 1st quarter after having stayed almost unchanged from the 3rd to the 4th quarter last year. In the 1st quarter the growth was strongest in the services industries, which increased by 7.1 per cent, while investments in the manufacturing industries showed a reduction of 5.2 per cent. Gross fixed capital formation in the general government was reduced by 1.3 per cent.

Reduced exports of traditional goods

The overall exports were reduced by 2.1 per cent from the 4th quarter 1999 to the 1st quarter 2000. The exports of crude oil and natural gas increased by 1.9 per cent. While there was a reduction in the exports of traditional goods of 1.9 per cent, the exports of services remained unchanged. The overall imports showed a reduction of 1.3 per cent in the same period. While there was a reduction in the imports of traditional goods of 2.7 per cent, there was an increase in the imports of services of 2.2 per cent.

Value added increased in the manufacturing industries

In the 1st quarter value added in the manufacturing industries increased by 0.5 per cent after a corresponding reduction last quarter. The growth was considerable within the production of other goods, 2.1 per cent, an aggregate which comprises electricity supply. The value added within the services industries exclusive general government increased by 0.3 per cent in the 1st quarter, after an increase of 1.0 per cent in the 4th quarter.

Slow growth in employment since the 1st quarter 1999

For employed persons and man hours only non-seasonally adjusted figures are available from the national accounts. These figures show a growth in employed persons from the 1st quarter 1999 to the 1st quarter 2000 of 0.2 per cent. In the manufacturing industries there was a reduction of 4.6 per cent during the same period. Employed persons in the services industries exclusive general government and in the general government increased by 0.9 and 1.9 per cent respectively. The growth in total man hours from the 1st quarter 1999 to the 1st quarter 2000 is estimated to 4.0 per cent. The strong growth in man hours must be seen in the light of the fact that while the time of Easter last year was in the 1st quarter, the time of Easter this year was in the second quarter.