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Continued strong growth in Norwegian economy
statistikk
2007-02-22T10:00:00.000Z
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 accountsDecember 2006

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Continued strong growth in Norwegian economy

For the third successive year, the mainland gross domestic product (GDP) rose by more than 4 per cent in 2006. There was growth in most industries, and especially private service and manufacturing industries contributed to the increase. This entailed a growth in employees of more than 72 000 persons in 2006.

Gross domestic product. Seasonally adjusted. Volume indices. 2004=100

The GDP for mainland Norway rose at a steady pace in the four quarters of 2006. From the third to the fourth quarter of 2006, the GDP for mainland Norway grew by 1.2 per cent. The financial services and manufacturing industries was the driving force behind this development.

Total GDP for Norway increased by 2.9 per cent in 2006. Compared with 2005, both oil and gas extraction and ocean transport had a lower production in 2006. In the case of oil and gas extraction, this decrease was caused by some oil platforms that were partly out of operation in 2006.

Gross domestic product 4th quarter 2005 to 4th quarter 2006. Percentage change in volume from the previous period (seasonally adjusted)
 
  2005 2006 4th quarter 2005 1st quarter 2006 2nd quarter 2006 3rd quarter 2006 4th quarter 2006
 
Gross domestic product (GDP) 2.7     2.9 0.3 0.8 0.4 1.3 0.5
Mainland Norway 4.5 4.6 1.4 1.1 1.1 1.1 1.2
Petroleum activities and ocean transport -3.5 -3.5 -3.6 -0.3 -2.1 2.2 -2.4
Final domestic use of goods and services 5.6 5.7 1.4 0.5 1.6 2.0 0.7
Final consumption exp. of households 3.2 4.2 -0.5 2.2 1.4 0.8 0.8
Final consumption exp. of general government 1.8 2.2 0.4 1.6 0.3 0.0 0.0
Gross fixed capital formation 11.2 8.9 10.9 -7.6 8.3 -0.6 5.2
Exports 0.7 1.5 -0.4 0.7 0.3 -0.9 3.4
Imports 8.6 9.1 2.6 -0.1 3.8 0.4 4.7
               
Total employed 1.0 3.1 0.3 1.2 1.0 0.8 0.5
Total man-hours worked 1.3 2.1 0.3 1.1 0.8 0.7 0.4
 

Increased number of employees

The number of employees rose by 3.1 per cent in 2006, which was an increase by more than 72 000 workers. The growth was especially strong in construction and in business services, both with a growth of almost 8 per cent. The manufacturing industries and the general government had also a strong increase in number of employees.

Hours worked in mainland Norway went up 2.1 per cent in 2006.

Consumption up

Household final consumption expenditure grew by 4.2 per cent in 2006. The consumption of goods was 4 per cent higher than in 2005, and the consumption of services rose by 3.5 per cent. In 2006, the direct purchases abroad by Norwegian households jumped by 11.5 per cent, which was about the same growth as the two preceding years. Seasonally adjusted figures show that the household consumption rose by 0.8 per cent from the third to the fourth quarter last year.

The consumption bundles that had the strongest increase were clothes, furniture, white goods, hotel and restaurant services and financial services.

Gross fixed capital formation and consumption. Seasonally adjusted. Volume indices. 2004=100

Government consumption expenditure was 2.2 per cent higher in 2006 than in 2005. The expenditures in the central government grew just slightly, after a drop in defence expenditures. The spending in local governments, on the other hand, rose by 3.7 per cent. This was the result of higher spending on health and social services.

Large investments in the oil sector in 2006

Gross fixed capital formation rose by almost 9 per cent in 2006, and this is the third successive year with strong growth in investments. Gross fixed capital formation in oil and gas extraction accounts for about one quarter of total gross fixed capital formation in Norway. These investments rose by almost 10 per cent in 2006. Gross fixed capital formation in manufacturing industries had a strong growth in 2006.

Investments in dwellings rose by 6.4 per cent in 2006. This is a slowdown compared to the growth the preceding years. The investments are still on a high level.

Imports increases more than exports

Imports rose by 6.4 per cent in 2006, while exports rose by 1,5 per cent. A drop in export of oil caused the relatively slow growth in exports. The export of traditional goods was up 6.5 per cent and the export of services rose by 7.6 per cent.

In 2006, imports of traditional goods increased by more than 10 per cent. It was especially a strong growth in imports of manufactured goods, office equipment and computers. The import of services rose by 7.1 per cent.

GDP figures. Seasonally adjusted
 
  Percentage change in volume from the previous quarter
  1st quarter 2005 2nd quarter 2005 3rd quarter 2005 4th quarter 2005 1st quarter 2006 2nd quarter 2006 3rd quarter 2006
 
Sweden 0.3 0.8 1.3 0.9 1.4 1.3 1.0
Denmark 0.4 1.7 0.7 -0.2 1.3 1.2 0.7
Finland 0.6 0.0 1.8 0.9 2.1 1.8 0.9
Germany 0.6 0.3 0.5 0.3 0.8 1.1 0.6
France 0.1 -0.1 0.7 0.2 0.5 1.1 0.0
UK 0.4 0.4 0.6 0.7 0.8 0.7 0.7
USA 0.8 0.8 1.0 0.4 1.4 0.6 0.5
 
Revised figures of final expenditure and gross domestic product. Percentage change in volume
 
  2005 1st quarter 2006 2nd quarter 2006 3rd quarter 2006
  New result Former result 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
  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 2.7 2.4 0.8 0.7 5.9 6.0 0.4 0.5 0.2 -0.1 1.3 1.3 2.8 2.6
Mainland Norway 4.5 4.1 1.1 0.9 8.2 8.5 1.1 1.1 1.7 1.4 1.1 0.9 4.4 4.1
Household final consumtion expenditure 3.2 3.1 2.2 1.9 4.7 4.7 1.4 1.5 3.4 3.2 0.8 0.7 4.1 3.9
Final consumption of general government 1.8 1.8 1.6 0.7 7.1 6.2 0.3 0.2 -1.8 -2.8 0.0 -0.1 2.6 1.5
Gross fixed capital formation 11.2 11.2 -7.6 -7.4 9.6 10.2 8.3 6.2 11.4 10.7 -0.6 0.1 10.2 10.9
Exports 0.7 0.6 0.7 -0.5 4.5 3.9 0.3 0.9 -1.7 -1.7 -0.9 -0.5 -0.4 -0.3
Imports 8.6 8.6 -0.1 -0.7 14.1 13.7 3.8 3.8 6.8 6.6 0.4 0.4 6.9 7.0
 
Revised figures

Due to new information on the production of private services in 2006 and production of manufactured goods in 2005, some figures have been revised.

 

In the first quarter of 2006, the GDP growth is revised a bit up, while in the third quarter the GDP is revised a bit down. Household consumption is revised up in both the second and the third quarter of 2006.

 

GDP in 2005 is revised upwards by 0.2 percentage points.

 

Tables

Published tables