Manufacturing profitability strongly increased in 2003
National accounts and business cycles
nr, Annual national accounts, gross domestic product, GDP, value added, GDP per capita, gross national income, export, import, wage costs, annual salary, man-labour years, man-hours, employees, capital stock, gross investments, household consumption, consumption in non-profit organisations, public consumption, material production, service production, input-output tables, oil investments, mainland NorwayNational accounts , National accounts and business cycles

Annual national accounts2003-2004

As of 16 May 2017 the statistics will be published as Quarterly national accounts.



This is an archived release.

Go to latest 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 .

Volume growth rates of GDP 1995-2004. Percentages change from previous year. Total and Mainland Norway

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 ,