10162
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10162
Reduced growth in mainland economy
statistikk
2001-12-06T10:00:00.000Z
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
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National accountsSeptember 2001

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Reduced growth in mainland economy

Recent preliminary figures from the quarterly national accounts indicate slow growth in the mainland economy from the 2nd to the 3rd quarter. The growth was estimated at 0.3 per cent, against 0.5 per cent from the 1st to the 2nd quarter. The lower growth rate is the result of an accelerating drop in investments in Mainland-Norway and in exports - oil and gas excluded.

According to seasonally adjusted figures the final consumption expenditure among households and Non-Profit Institutions Serving Households (NPISHs) increased by 0.3 per cent from the 2nd to the 3rd quarter. This followed an increase of 0.2 per cent from the 1st to the 2nd quarter. While a slight decrease in household consumption of goods was recorded in the 3rd quarter - it dropped 0.1 per cent -a rise of 1.0 per cent was estimated for the consumption of services. For consumption expenditure in general government - a slight increase was registered in the 3rd quarter.

 Gross Domestic Product

 Consumption among Households and NPISHs and Investments in Mainland Norway

 

Lower investments

According to the preliminary figures - investments in the mainland industries decreased by 2.6 per cent from the 2nd to the 3rd quarter following a drop of 1.4 per cent from the 1st to the 2nd quarter. The decline in the 3rd quarter was most evident for the service industries, which dropped by 6.8 per cent. Investments related to building of dwellings - which has shown positive growth rates for a long period of time - increased by 2.0 per cent in the 3rd quarter. For the manufacturing industries insignificant changes were observed from the 2nd to the 3rd quarter. The growth in investments in oil and gas activities was close to zero in the 3rd quarter, while a minor growth was observed in the 2nd quarter. A considerable decline in investments in ocean transport contributed to the fall in total gross fixed capital formation of 5.6 and 2.9 per cent in the 2nd and 3rd quarter respectively.

Reduced exports of traditional goods

Seasonally adjusted figures from the national accounts indicate a drop in the volume of exports of traditional goods of 5.2 per cent from the 2nd to the 3rd quarter. The decline was most evident for Basic chemicals and Machinery and other equipment. Exports of crude oil and natural gas increased by 6.1 per cent in the 3rd quarter - following a drop of equivalent size in the 2nd quarter. The growth in total exports was estimated at -1.9 and 1.5 per cent in the 2nd and 3rd quarter respectively.

The volume of total imports decreased by 2.1 per cent in the 3rd quarter, which is the same change as estimated for the 2nd quarter. Imports of traditional goods decreased by 3.4 per cent in the third quarter, following an increase of 1.8 per cent in the 2nd quarter.

Reduced value added in manufacturing industries

According to the preliminary national accounts figures the GDP for Mainland-Norway increased 0.3 per cent from the 2nd to the 3rd quarter after having increased 0.5 per cent from the 1st to the 2nd quarter. The growth rate in the 2nd quarter is 0.2 percentage points higher than reported in the month of September. This is mainly due to an upward adjustment of value added in the transport services. Value added within manufacturing industries dropped by 1.3 per cent in the 3rd quarter, following an insignificant growth in the 2nd quarter. For the total of other goods producing industries - no change was observed from the 2nd to the 3rd quarter. The growth in value added in the service industries was estimated at 0.3 per cent in the 3rd quarter, against 1.0 per cent in the 2nd quarter.

Minor growth in number of employed persons

According to the national account figures the number of employed persons increased by 0.1 per cent in the 3rd 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 4. quarter 2000 to 3. quarter 2001. Percentage change in volume from the previous period (seasonally adjusted)
 
 199920004. quarter 20001. quarter 20012. quarter 20013. quarter 2001
 
Gross domestic product (GDP)1,1      2,30,10,60,30,9
Mainland-Norway1,01,8-0,40,70,50,3
Petroleum activities and ocean transport1,44,42,4-0,1-0,44,0
Final domestic use of goods and services-0,72,2-2,31,20,5-0,4
Final consumption exp. of households and NPISHs2,22,4-0,62,10,20,3
Final consumption exp of general government3,31,40,50,60,40,5
Gross fixed capital formation-8,2-1,1-0,84,4-5,6-2,9
Exports2,82,74,21,6-1,91,5
Imports-1,62,5-1,73,7-2,0-2,1
       
Total employed, employees and self-employed0,60,50,30,70,20,1
 
 

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