Increased growth for Mainland-Norway
National accounts and business cycles
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National accountsMarch 2002



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Increased growth for Mainland-Norway

New preliminary figures from the quarterly national accounts indicate increased growth in the mainland economy with the change in year in comparison with the earlier quarters in 2001.

Seasonally adjusted growth in the GDP for Mainland-Norway from the 4 t h quarter last year to the 1 s t quarter this year registered at 1.1 per cent. At the same time, the growth in the last quarter of 2001 was adjusted upwards to 0.8 per cent. In comparison, GDP for Mainland-Norway was mainly consistent the first three quarters of 2001. It should be mentioned that Easter's occurrence in March instead of April increased the difficulty of interpreting the development for seasonally adjusted figures.

Gross domestic product. Seasonally adjusted. Volume indices. 1999=100

Gross fixed capital formation and consumption. Seasonally adjusted. Volume indices. 1999=100

Increased Consumption

The new figures show a decrease in household consumption expenditures from the 3 r d to 4 t h quarters last year, then growth in the 1 s t first quarter of 2002. According to preliminary figures the growth in 2002 was 1.2 per cent for households and NPISH's combined. Service consumption experienced stronger growth than the consumption of goods. General government consumption expenditures had relatively strong growth in the 1 s t quarter 2002 compared to the previous year's quarters.

Gross domestic product 2nd quarter 2001 to 1st quarter 2002. Percentage change in volume from previous period (seasonally adjusted)
   2000  20012. quarter
3. quarter
4. quarter
1. quarter
Gross domestic product (GDP)2.41.4-
Petroleum activities and ocean transport4.
Final domestic use of goods and services2.5-0.20.3-
Final consumption exp. of households and NPISHs3.
Final consumption exp of general government1.
Gross fixed capital formation-1.5-4.6-4.1-3.21.9-3.2
Total employed, employees and self-employed0.

Lower investments

The seasonally adjusted figures indicate a weak decrease in investments for Mainland-Norway for the 1st quarter 2002. Investments in commodity production were reduced. In service providing industries, except the housing service industry, investment increases were calculated.

Exports of traditional goods was clearly lower in the 1 s t quarter this year compared with the last quarter of the previous year. The decrease was 2.1 per cent, while the imports of corresponding goods have increased from the 4 t h quarter 2001 and into 2002. A seasonally adjusted decrease in the 1 s t quarter occurred for both exports and imports of services.

Drop in manufacture production

The production in mining and manufacturing, and other goods producing industries, decreased in the 1 s t quarter this year, while production in services industries and general government services increased. This brought about a growth in the Mainland-GDP.

Slow growth in employment

Growth in number of employed persons is estimated to 0.6 per cent from the 1 s t quarter of 2001 to the 1 s t quarter of this year. At the same time the number of hours worked has dropped compared with the 1 s t quarter last year, mainly due to the occurrence of the Easter holiday in March this year and in April last year.

Inaccuracies in the calculations

With use of these figures, one must take into consideration that the results from the quarterly national accounts are built upon calculations where the ground material is of varying quality. Specifically, information from the 4 t h quarter is of indeterminable quality since the ground material is more limited than for the other quarters.

Revised time series

The Norwegian National Accounts has been revised back to 1991. The quarterly figures are revised back to 1999. Later this year revised quarterly figures back to 1991 will be published. For more information on the revision, please see the article National Accounts, revised figures, 1991-2001 .


Published tables