This is an archived release.
Reduced growth in mainland economy
Recent preliminary figures from the quarterly national accounts indicate a drop in the growth rate of the GDP for Mainland-Norway from the 1st to the 2nd quarter. The growth was estimated at 0.3 per cent against 0.7 per cent in the previous quarter. Reduced investments in the mainland industries and a drop in the level of exports contributed to a slight decrease in overall demand.
According to seasonally adjusted figures the final consumption expenditure among households and Non-Profit Institutions Serving Households (NPISHs) increased insignificantly from the 1st to the 2nd quarter after an increase of 2.0 per cent was registered from the 4th quarter last year to the 1st quarter this year. For consumption expenditure in general government - a slight increase was observed in the 2nd quarter.
According to figures - investments in the mainland industries decreased by 2.6 per cent in the 2nd quarter following a reduction in the previous quarter as well. The drop was most evident for the goods producing industries except for the manufacturing industries, which increased slightly. Growth was also recorded in the activity related to building of dwellings. The growth in total gross fixed capital formation - which in addition to the mainland industries includes oil and gas activities as well as ocean transport - was estimated at 4.6 per cent.
Reduced exports of oil and gas
Seasonally adjusted figures from the national accounts indicate a drop in the volume of exports of 2.6 per cent from the 1st to the 2nd quarter, following an increase of 1.8 per cent from the 4th quarter last year to the 1st quarter this year. For exports of traditional goods a growth rate of -0.4 per cent in the 2nd quarter and 5.6 per cent in the 1st quarter has been recorded. After the previous release of the quarterly national accounts in the month of June, Statistics Norway has gained information regarding exports of metals at the end of last year and the beginning of this year. This information indicates that the level of exports of metals in the quarterly national accounts is underestimated in the 4th quarter last year and correspondingly overestimated in the 1st quarter this year. A correction for this would result in a smoother path in the growth rates for exports of traditional goods for the 4th quarter last year as well as the 1st and 2nd quarter this year.
Exports of crude oil and natural gas decreased by 6.2 per cent in the 2nd quarter following an increase in the previous quarter.
The volume of total imports decreased by 1.1 per cent in the 2nd quarter. The figures indicate no significant change in imports of traditional goods.
No change in value added in the manufacturing industries
Value added in the manufacturing industries remained unchanged from the 1st to the 2nd quarter, after having increased by 1.0 per cent from the 4th quarter last year to the 1st quarter this year. Value added for the other goods producing industries dropped 2.9 per cent in the 2nd quarter, while an increase of 0.7 per cent was recorded for the service industries.
Minor growth in the number of employed persons
According to the national account figures the number of employed persons increased by 0.1 per cent in the 2nd quarter compared with the corresponding quarter last year. The figures indicate a drop in employment in the manufacturing industries and no significant change for the service industries except for general government. An increase in employment has been registered for the general government. For employed persons no seasonally adjusted figures from the national accounts are published at present.
|Gross domestic product 3. quarter 2000 to 2. quarter 2001. Percentage change|
in volume from the previous period (seasonally adjusted)
|Gross domestic product (GDP)||1,1||2,3||0,7||0,1||0,5||0,1|
|Petroleum activities and ocean transport||1,4||4,4||3,6||1,9||-0,2||-0,7|
|Final domestic use of goods and services||-0,7||2,2||-0,8||-2,3||0,5||1,0|
|Final consumption exp. of households and NPISHs||2,2||2,4||-0,1||-0,5||2,0||0,1|
|Final consumption exp of general government||3,3||1,4||0,5||0,5||0,8||0,4|
|Gross fixed capital formation||-8,2||-1,1||-6,1||-1,0||2,3||-4,6|
|Total employed, employees and self-employed||0,6||0,5||0,5||0,3||0,6||0,1|