This is an archived release.
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.
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||2004||1. quarter 2004||2. quarter 2004||3. quarter 2004||4. quarter 2004||1. quarter 2005|
|Gross domestic product (GDP)||0.4||2.9||1.2||1.1||-0.8||1.1||0.5|
|Petroleum activities and ocean transport||-1.0||0.4||3.2||1.6||-7.7||-0.3||-0.9|
|Final domestic use of goods and services||0.4||5.9||3.2||2.1||0.5||2.7||-0.6|
|Final consumption exp. of households and NPISHs||3.0||4.4||1.9||0.0||0.9||1.4||-0.2|
|Final consumption exp. of general government||1.4||2.3||1.0||1.0||0.0||0.2||0.7|
|Gross fixed capital formation||-2.0||9.1||8.8||1.7||4.7||9.5||-7.4|
|Total man-hours worked||-1.2||2.0||0.9||0.5||0.8||0.4||-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 figures||Unadjusted figures|
|Percentage change in volume from the previous period||Percentage change in volume from the same period in the previous year|
|1st quarter||2nd quarter||3rd quarter||4th quarter||1st quarter||2nd quarter||3rd quarter||4th quarter|
|New result||Former result||New result||Former result||New result||Former result||New result||Former result||New result||Former result||New result||Former result||New result||Former result||New result||Former result|
|Gross domestic product||1.2||1.1||1.1||1.1||-0.8||-0.8||1.1||1.5||3.1||3.0||3.8||3.8||1.8||1.7||2.9||3.2|
|Household final consumption expenditure||1.9||1.7||0.0||0.1||0.9||0.9||1.4||1.5||5.9||5.9||3.9||3.7||3.7||3.6||4.3||4.1|
|Final consumption of general government||1.0||0.9||1.0||0.8||0.0||0.0||0.2||0.2||1.6||1.3||1.4||1.1||1.6||1.3||4.4||4.2|
|Gross fixed capital formation||8.8||9.6||1.7||1.6||4.7||4.6||9.5||7.8||0.6||1.3||2.6||3.1||7.6||7.8||25.9||23.6|
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