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Gross domestic product continues to grow
statistikk
2007-08-23T10:00:00.000Z
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 accountsJune 2007

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Gross domestic product continues to grow

The strong growth in the Norwegian economy continued into the second quarter of 2007. The gross domestic product (GDP) for Mainland Norway rose by 1.3 per cent from the first quarter to the second quarter this year. It was also strong growth in the household consumption and the number of employees.

It was production of services that contributed most to the increase in GDP. The output in renting and business activities was up by more than two per cent from the first to the second quarter of 2007, and the wholesale and retail trade rose by 2.7 per cent. Also the output in the electricity industry grew, and contributed to one fourth of the total growth in the Mainland GDP.

While most industries on the Mainland were up, the output in the extraction of oil and gas on the Norwegian Shelf was down 2 per cent in the second quarter. Hence, the growth total GDP was lower than the growth in GDP for Mainland Norway.

Gross domestic product 2nd quarter 2006 to 2nd quarter 2007. Percentage change in volume from the previous period (seasonally adjusted)
 
          2005         2006 2nd quarter 2006 3rd quarter 2006 4th quarter 2006 1st quarter 2007 2nd quarter 2007
 
Gross domestic product (GDP) 2.7 2.8 0.2 1.6 0.4 0.8 0.9
Mainland-Norway 4.5 4.6 0.8 1.5 1.2 1.6 1.3
Petroleum activities and ocean transport -3.5 -3.8 -2.1 1.7 -2.7 -2.4 -1.2
Final domestic use of goods and services 5.6 5.2 1.9 1.4 1.0 0.9 1.8
Final consumption exp. of households 3.2 4.3 1.3 1.1 1.0 3.1 0.9
Final consumption exp. of general government 1.8 3.3 0.7 0.7 0.6 0.6 0.1
Gross fixed capital formation 11.2 7.4 7.8 -0.3 2.7 -1.3 3.9
Exports 0.7 1.6 -0.4 1.2 1.3 1.3 -0.5
Imports 8.6 8.2 4.3 0.5 3.0 1.7 1.7
               
Total employed 1.0 3.1 0.9 0.9 0.7 0.9 1.2
Total man-hours worked 1.3 2.1 0.8 0.7 0.9 1.1 1.0
 

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

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

Increase in household consumption

The growth in household consumption continued into the second quarter of 2007. Despite a strong decrease in purchase of cars from the record high level in the first quarter, the household consumption increased by almost one per cent from the first to the second quarter. Not counting purchase of cars, the household consumption was up by 1.5 per cent in this period.

The household consumption was 6.5 per cent higher the first six months of 2007 compared to the first six months in 2006.

Gross fixed capital formation up

The gross fixed capital formation went up by almost 4 per cent from the first to the second quarter this year. It was strong growth in both gross fixed capital formation in the oil and gas extraction and in manufacturing industries.

From the last quarter, investments in dwellings increased by 0.6 per cent. This is a somewhat lower growth than in the previous quarters.

Imports increased, exports decreased

The seasonally adjusted figures show that import was up by 1.7 per cent. The growth in import of services was greater than the growth in imports of goods.

The export was down by 0.5 per cent from the last quarter. This decrease was due to lower production in the oil sector. The export of other goods was about the same as in the first quarter of 2007, and the export of services was up.

More employees

The number of employees was up by 1.2 per cent in the second quarter of 2007 from the previous quarter. This is the twelfth consecutive quarter with employment growth. It was almost 90 000 more persons working in the second quarter of 2007 than in the same quarter in 2006.

Gross domestic product. Percentage change in volume
 
  Percentage change in volume from the previous quarter
  2005 2006 2007
  2nd quarter 3rd quarter 4th quarter 1st quarter 2nd quarter 3rd quarter 4th quarter 1st quarter 2nd quarter
 
Sweden 0.7 1.3 0.8 1.6 1.0 0.7 0.9 0.7 1.0
Denmark 1.7 0.8 -0.4 1.9 1.0 0.4 0.4 0.5 :
Finland 0.7 1.5 -0.2 2.2 1.2 0.8 2.4 0.9 :
Germany 0.4 0.6 0.3 0.9 1.3 0.7 1.0 0.5 0.3
France 0.2 0.7 0.4 0.7 0.9 0.1 0.4 0.5 0.3
UK 0.4 0.6 0.7 0.8 0.8 0.6 0.8 0.6 0.8
USA 0.7 1.1 0.3 1.2 0.6 0.3 0.5 0.2 0.8
 

Revised figures for the first quarter of 2007

There was only small revision from the figures published in May.

Revised figures of final expenditure and gross domestic product. Percentage change in volume
 
  2006 1st quarter 2007
  New result Former result 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
  New result Former result New result Former result
 
Gross domestic product 2.8 2.8 0.8 0.7 3.1 2.8
Mainland Norway 4.6 4.6 1.6 1.4 5.2 4.9
Household final consumtion expenditure 4.3 4.3 3.1 2.9 6.9 6.6
Final consumption of general government 3.3 3.3 0.6 1.3 1.7 2.5
Gross fixed capital formation 7.4 7.4 -1.3 -0.7 8.7 9.6
Exports 1.6 1.6 1.3 2.5 3.0 4.5
Imports 8.2 8.2 1.7 0.6 9.9 8.7
 

Tables

Published tables