This is an archived release.
High growth in consumption
Following a decrease in the fourth quarter of 2005, households demand for goods had strong growth in the first quarter of 2006. Employment had the highest growth rate in several years.
According to preliminary seasonally adjusted figures the Gross Domestic Product (GDP) for mainland Norway increased by 0.6 per cent in the first quarter of 2006. Increased activity in wholesale and retail trade and construction was the driving force behind the development in GDP. The growth in manufacturing continued in 2006. Value added in manufacturing increased by 0.9 per cent in the first quarter. This growth was mainly due to increases in the building of ships, oil platforms and modules and the production of basic metals.
|Gross domestic product. 1. quarter 2005 to 1. quarter 2006. Percentage change in volume from the previous period (seasonally adjusted)|
|2004||2005||1. quarter 2005||2. quarter 2005||3. quarter 2005||4. quarter 2005||1. quarter 2006|
|Gross domestic product (GDP)||3.1||2.3||0.2||1.0||0.8||0.3||0.6|
|Petroleum activities and ocean transport||0.4||-3.4||-1.4||1.4||1.6||-4.1||0.6|
|Final domestic use of goods and services||6.1||4.6||-0.1||1.2||1.7||1.2||0.5|
|Final consumption exp. of households||4.7||3.2||0.1||1.9||0.6||-0.1||1.6|
|Final consumption exp. of general government||2.2||1.5||0.3||0.4||-0.2||0.4||1.2|
|Gross fixed capital formation||8.1||10.9||-5.6||2.7||1.8||11.4||-8.9|
|Total man-hours worked||1.9||0.8||-0.1||0.3||0.2||0.3||0.6|
Total GDP for Norway increased by 0.6 per cent in the first quarter.
Increased demand for goods
Household final consumption expenditure had strong growth in the first quarter. Consumption of goods rose by more than 2 per cent. This was due to higher demand for most goods except cars. Consumption of services was nearly unchanged in the first quarter.
Final consumption expenditure in general government rose in the first quarter. Increased expenditures in health and social services were the main factor behind this development.
Strong increase in number of employed persons
The number of employed persons rose by nearly 1 per cent in the first quarter. The strong growth can primarily be explained by higher employment in business services, public health care and construction. Total hours worked rose by 0.6 per cent.
Following a long period of high growth, gross fixed capital formation decreased almost 9 per cent in the first quarter.
The strong growth in investments in dwellings continued in 2006.
|Revised figures of final expenditure and gross domestic product. Percentage change in volume|
|2005||1. quarter 2005||2. quarter 2005||3. quarter 2005||4. quarter 2005|
|New result||Former result||Seasonally adjusted figures||Unadjusted figures||Seasonally adjusted figures||Unadjusted figures||Seasonally adjusted figures||Unadjusted figures||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||Percentage change in volume from the previous period||Percentage change in volume from the same period in the previous year||Percentage change in volume from the previous period||Percentage change in volume from the same period in the previous year||Percentage change in volume from the previous period||Percentage change in volume from the same period in the previous year|
|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||2.3||2.3||0.2||0.0||-1.1||-1.3||1.0||1.5||4.9||4.9||0.8||0.7||3.1||3.3||0.3||0.2||2.3||2.5|
|GDP Mainland Norway||3.7||3.7||0.6||0.5||0.5||0.3||0.9||1.0||7.7||7.7||0.6||0.8||3.1||3.4||1.3||1.1||3.5||3.6|
|Household final consumption expenditure||3.2||3.6||0.1||0.3||1.4||1.5||1.9||1.8||4.3||4.6||0.6||1.0||4.5||5.4||-0.1||-0.1||2.5||2.9|
|Final consumption of general government||1.5||1.4||0.3||0.2||-1.4||-1.4||0.4||0.4||6.1||6.0||-0.2||-0.2||0.7||0.7||0.4||0.4||0.7||0.6|
|Gross fixed capital formation||10.9||10.8||-5.6||-9.3||14.1||13.4||2.7||4.9||12.3||12.0||1.8||2.7||8.6||8.9||11.4||12.3||9.4||9.3|
Gross fixed capital formation in oil and gas extraction decreased in the first quarter after a strong growth at the end of 2005. The investments are still on a high level.
Strong growth in foreign trade
Total imports continued to rise in 2006. Imports of traditional goods increased by 3.0 per cent, following a moderate growth in the fourth quarter of 2005. Over 60 per cent of the increase in imports of traditional goods can be attributed to higher imports of basic metals and machinery and other equipment.
Total exports increased by over 1 per cent in the first quarter. Higher exports were mainly due to more export of business services. Export of traditional goods decreased more than 1 per cent. A lower export of electricity and fish explains this development.
For more information about foreign trade, click here
Revised figures for 2005
Growth in total GDP and GDP for mainland Norway from 2004 to 2005 is unchanged. There are some changes in the underlying components. Growth from 2004 to 2005 in household final consumption expenditure is changed from 3.6 to 3.2 per cent.
GDP growth for some of Norway's trade partners.