10134
/en/nasjonalregnskap-og-konjunkturer/statistikker/knr/arkiv
10134
Continued cyclical upturn
statistikk
2005-06-07T10:00:00.000Z
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 accountsMarch 2005

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Continued cyclical upturn

The Gross Domestic Product (GDP) for mainland Norway continued to grow in the first quarter of 2005, after substantial growth in 2004. The growth rate for the Norwegian economy has been consistent since the turnaround in the summer of 2003.

According to preliminary figures, real GDP for mainland Norway rose by 0.9 per cent in the first quarter of 2005, after increasing 1.4 per cent in the previous quarter. The main driving force behind the development in the first quarter was increased activity in several services industries, electricity and gas, domestic trade and construction.

Gross domestic product. Seasonally adjusted. Volume indices. 2002=100

Gross fixed capital formation and consumption. Seasonally adjusted. Volume indices. 2002=100

Following a strong increase in the total GDP in the fourth quarter last year, the GDP only rose by 0.6 per cent from the fourth quarter of 2004 to the first quarter of 2005.

GDP figures for some of Norway's trade partners ( click here ).

Decrease in manufacturing

Value added for manufacturing decreased in the first quarter of 2005, after a relatively strong growth in the second half of 2004. The development has been negative for food products, beverages and tobacco and construction of oil platforms. On the other hand, building of ships and the metal industry have experienced higher growth.

Growth in household consumption excluding vehicles

The growth rates in household consumption expenditure without cars were in the fourth quarter of 2004 and the first quarter of 2005 0.4 and 1.2 per cent, respectively. According to preliminary seasonally adjusted volume figures, final household consumption expenditure decreased by 0.2 per cent decrease in the first quarter of 2005, after a relatively strong growth in the fourth quarter of 2004. This development can primarily be attributed to a strong increase in household consumption of cars in the fourth quarter, followed by a decrease in first quarter. Final consumption expenditure in general government rose by 2.0 per cent.

Increase in investment activity in oil and dwellings

The relatively strong increases in gross fixed capital formation within oil and gas extraction through 2004, stopped in the first quarter of 2005. Comparing the growth rate the last four quarters with the same periods in the previous year, the volume growth has been almost 10 per cent.

According to seasonally adjusted figures, the investment activity in mainland Norway excluding general government fell by 1.9 per cent in the first quarter of 2005, after a positive trend from the fourth quarter of 2003. Investment in dwellings increase increased by 4.1 per cent in the first quarter. Investment in dwellings rose by more than 12 per cent from 2003 to 2004.

Gross domestic product 1. quarter 2004 to 1. quarter 2005. Percentage change in volume from the previous period (seasonally adjusted)
 
      2003     20041. quarter 20042. quarter 20043. quarter 20044. quarter 20041. quarter 2005
 
Gross domestic product (GDP)0.42.91.21.1-0.81.10.5
Mainland Norway0.73.50.70.91.01.40.9
Petroleum activities and ocean transport-1.00.43.21.6-7.7-0.3-0.9
Final domestic use of goods and services0.45.93.22.10.52.7-0.6
Final consumption exp. of households and NPISHs3.04.41.90.00.91.4-0.2
Final consumption exp. of general government1.42.31.01.00.00.20.7
Gross fixed capital formation-2.09.18.81.74.79.5-7.4
Exports1.60.9-1.4-0.2-1.0-1.30.8
Imports2.29.13.42.33.02.8-2.4
        
Total employed-0.60.2-0.10.40.2-0.10.2
Total man-hours worked-1.22.00.90.50.80.4-0.3
 
Revised figures of final expenditure and gross domestic product for 1., 2., 3. and 4. quarter 2004. Percentage change in volume
 
 Seasonally adjusted figuresUnadjusted figures
 Percentage change in volume from the previous periodPercentage change in volume from the same period in the previous year
 1st quarter2nd quarter3rd quarter4th quarter1st quarter2nd quarter3rd quarter4th quarter
 New resultFormer resultNew resultFormer resultNew resultFormer resultNew resultFormer resultNew resultFormer resultNew resultFormer resultNew resultFormer resultNew resultFormer result
 
Gross domestic product1.21.11.11.1-0.8-0.81.11.53.13.03.83.81.81.72.93.2
Mainland Norway0.70.80.90.91.01.01.41.33.13.13.13.13.43.34.64.5
Household final consumption expenditure1.91.70.00.10.90.91.41.55.95.93.93.73.73.64.34.1
Final consumption of general government1.00.91.00.80.00.00.20.21.61.31.41.11.61.34.44.2
Gross fixed capital formation8.89.61.71.64.74.69.57.80.61.32.63.17.67.825.923.6
Exports-1.4-1.2-0.2-0.6-1.0-1.0-1.3-0.25.05.31.21.31.91.9-4.0-2.9
Imports3.43.92.31.73.02.92.82.94.95.07.97.711.511.112.011.9
 

Continued growth in imports of traditional goods

The total volume of imports of traditional goods increased by 0.6 per cent in the first quarter, following a growth of 3.2 per cent and a fall of 0.1 per cent in the third quarter and fourth quarter of 2004, respectively. The growth in the first quarter is due to higher imports of metals, chemicals and minerals. Total imports decreased by 3.3 per cent from the fourth quarter of 2004 to the first quarter this year.

The preliminary figures for the volume of exports of traditional goods without refined petroleum products grew by 0.4 per cent in the first quarter.

Statistics Norway has from the first quarter of 2005 designed a new survey for collecting data to the balance of payments. For the quarterly national accounts this changes effects imports and exports of services. Export and import of goods are not affected. These changes may cause more uncertainty to these figures in a transition period. To see the balance of payments figures, click here .

Moderate growth in employment

Preliminary, seasonally adjusted employment figures show that employment grew by 0.2 per cent in the first quarter of 2005. Employment rose in construction and business services, while there was a slight decrease manufacturing employment. Total hours worked fell in the same period by 0.3 per cent. Growth in wages and salaries per full-time equivalents increased by 3.9 per cent from the first quarter of 2004 to the first quarter of 2005.

Revised figures for 2004

The GDP growth for mainland Norway, seasonally adjusted, has been only marginally changed in all the quarters of 2004. The growth in total GDP was a bit weaker at the end of 2004, than our previous estimates, but the growth rate from 2003 to 2004 is unchanged. Of the other macroeconomic figures, only gross fixed capital formation and exports have some significant revisions. New information about gross fixed capital formation in oil extraction and transport via pipelines and exports of crude oil and natural gas has been integrated.

Institutional sector accounts has also revised figures for 2004, see Institutional Sector Accounts 2004

Tables

Published tables