This is an archived release.
Manufacturing profitability strongly increased in 2003
Revised national accounts for 2003 show a growth in value added for manufacturing of 3.0 per cent. This is a significant adjustment compared to previously published figures. Due to this growth in manufacturing, gross domestic product (GDP) for Mainland Norway is adjusted up by 0.7 per cent point.
Statistic Norway's revised national accounts are available as of 6 December. Links include National Accounts :
National accounts, annual, final national accounts 2003 an preliminary national accounts 2004 National accounts, Institutional Sector Accounts for 2002 and preliminary accounts 2003 , quarterly national accounts for third quarter of 2005 .
Final national account numbers for 2003
The growth rates for overall GDP and GDP Mainland Norway in 2003 are higher than previously estimated. Both GDP for Norway and for Mainland Norway increased by 0.7 per cent to 1.1 and 1.4 per cent, respectively. Preliminary data for 2004 show an increase in GDP by 2.8 per cent, while GDP for Mainland Norway increased by 3.4 per cent.
Increased profitability for manufacturing in 2003
The main reason for revised GDP figures is the revision of value added for manufacturing, which was revised up by 6.9 per cent from the preliminary figures. The new figures for manufacturing are based on Structural Business Statistics (SBS) for 2003. These data indicate that some of the industries had relatively large incomes from other sources than traditional manufacturing. This type of income is not included in the Production Volume Index (PVI), which is used in the calculation of preliminary national account data. For other manufacturing industries, as for example production of basic metals, the increase in income from production had a higher growth than intermediate consumption. The increase in income from production can be attributed to earlier investment in new machinery, which increased production capacity and established more efficient utilization of raw material.
Major revision up of operating surplus
The large revision of value added in manufacturing industries necessitated a major revision of operating surplus. This is the main reason for the increase in operating surplus of 22 billion in 2003, compared to previously published figures. Operating surplus in 2003 was 33 billion higher than in 2002.
Only small adjustments have been made to the figures for employed persons and total hours worked for the years of 2003 and 2004 compared to previously published figures. But due to the revisions of value added, the figures for value added per hours worked increased.
For more details see StatBank ,
The statistics is now published as National accounts.