10106
/en/nasjonalregnskap-og-konjunkturer/statistikker/knr/arkiv
10106
Reduced growth in the mainland economy
statistikk
2008-11-25T10:00:00.000Z
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 accountsSeptember 2008

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Reduced growth in the mainland economy

The growth in the mainland economy was 0.2 per cent in the 3rd quarter. Compared to previous years, the growth has slowed down in the first three quarters of 2008. Household consumption was reduced from the 2nd to the 3rd quarter.

Increased activity by 0.8 per cent in the service industries contributed most to the growth in the gross domestic product (GDP) for Mainland Norway. Growth in business services, financial intermediation and post and telecommunications was especially important. Wholesale and retail trade was down in the 3r d quarter, partly due to reduced consumption of household goods.

Gross fixed capital formation and consumption. Seasonally adjusted. Volume indices. 2006=100

Gross domestic product. Seasonally adjusted. Volume indices. 2006=100

Value added in manufacturing was down by 0.4 per cent from the 2n d to the 3r d quarter. Large investments in oil and gas extraction have been important in keeping the production in the machinery and other equipment industry at a high level in later years.

Value added in the extraction of oil and gas decreased in the 3r d quarter. Hence, the growth total GDP was lower than the growth in GDP for Mainland Norway.

New figures from the quarterly national accounts show that GDP for Mainland Norway in the first three quarters of 2008 was up by 3.0 per cent compared to the same period in 2007.

Gross domestic product 2nd quarter 2007-3rd quarter 2008. Percentage change in volume from the previous period (seasonally adjusted)
 
  2006 2007 2nd quarter 2007 3rd quarter 2007 4th quarter 2007 1st quarter 2008 2nd quarter 2008 3rd quarter 2008
 
Gross domestic product (GDP) 2.3 3.1 0.7 1.6 1.1 0.2 0.1 -0.7
GDP Mainland-Norway 4.9 6.1 1.8 1.8 0.8 -0.1 0.5 0.2
Petroleum activities and ocean transport -5.3 -4.9 -2.8 1.0 1.8 1.2 -1.2 -3.7
Final domestic use of goods and services 5.6 5.0 3.0 1.3 2.5 0.0 0.1 0.7
Final consumption exp. of households 5.0 6.1 1.2 1.2 1.0 0.4 -0.1 -0.6
Final consumption exp. of general government 1.9 3.4 1.2 1.5 0.5 0.8 0.9 0.8
Gross fixed capital formation 11.7 8.4 4.0 5.0 3.5 -2.5 0.8 0.1
Exports 0.0 2.5 -2.4 2.7 1.2 -0.1 -0.3 -2.0
Imports 8.4 7.5 2.5 2.5 5.3 -0.7 -0.4 1.4
                 
Total employed 3.6 4.1 1.3 0.9 1.1 0.7 0.8 0.6
Total man-hours worked 3.2 4.4 1.4 0.8 1.1 0.8 0.8 0.6
 

Reduced household consumption

Household consumption was down by 0.6 per cent in the 3r d quarter. Consumption of goods declined while consumption of services was slightly up. A significant drop in purchases of cars was the most important factor behind this decline.

Stable investment level

Gross fixed capital formation was at about the same level in the 2n d and the 3r d quarter. Investments in oil and gas extraction was slightly up from the 2n d quarter, while gross fixed capital formation in the general government rose because a new frigate was delivered to the defence industry. The drop in gross fixed capital formation in dwellings and housing by households was enhanced in the 3r d quarter.

Still growth in employment

The number of employed persons was up by 0.6 per cent between the 2n d and the 3r d quarter. Employment growth in local government activities made the largest contribution to this growth.

Increased imports

Imports of goods and services were up in the 3r d quarter. Imports of ships made the most significant contribution to this growth, while both oil platforms and modules and cars reduced the growth rate.

The export of traditional goods was slightly up for the second quarter in a row. Total exports, however, were down by 2.0 per cent as a result of reduced exports of oil and gas.

Revisions of 2008

Due to the incorporation of new statistics there have been some revisions for 2006, 2007 and 2008 since the last release of the quarterly national accounts. Unadjusted figures for GDP for Mainland Norway are revised up by 0.4 percentage points in the 1s t quarter while the 2n d quarter is revised down by 0.9 percentage points.

 

Seasonally adjusted GDP for Mainland Norway is unchanged in the 1s t quarter and 0.5 percentage points lower in the 2n d quarter.

 

For 2006 and 2007, the revisions are explained here .

Revised figures of final expenditure and gross domestic product. Percentage change in volume
 
  2007 1st quarter 2008 2nd quarter 2008
  New result Former result 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
  New result Former result New result Former result New result Former result New result Former result
 
Gross domestic product (GDP) 3.1 3.7 0.2 0.0 1.4 0.9 0.1 0.6 5.3 5.9
GDP Mainland Norway 6.1 6.2 -0.1 -0.1 1.4 1.0 0.5 1.0 6.2 7.1
Household final consumtion expenditure 6.1 6.4 0.4 0.0 2.9 2.1 -0.1 0.3 3.5 3.1
Final consumption of general government 3.4 3.6 0.8 0.7 0.4 0.4 0.9 1.0 7.8 7.8
Gross fixed capital formation 8.4 9.3 -2.5 -2.7 10.1 11.4 0.8 -0.1 7.1 7.2
Exports 2.5 2.8 -0.1 1.3 0.8 0.6 -0.3 -0.5 4.4 4.4
Imports 7.5 8.7 -0.7 -0.7 7.3 7.0 -0.4 0.1 9.2 9.8
 
GDP figures for some of our trade partners, seasonally adjusted. Percentage change in volume from the previous quarter
 
  2006 2007 2008
  4th quarter 1st quarter 2nd quarter 3rd quarter 4th quarter 1st quarter 2nd quarter 3rd quarter
 
Sweden 0.7 1.1 0.0 0.7 0.4 -0.1 1.5 ..
Denmark -0.2 1.6 -1.2 1.4 -0.2 -0.6 0.4 ..
Finland 1.1 1.7 1.1 0.4 0.9 0.3 0.8 ..
Germany 1.1 0.4 0.4 0.6 0.3 1.4 -0.4 -0.5
France 0.5 0.6 0.6 0.7 0.3 0.4 -0.3 0.1
UK 0.9 0.9 0.8 0.8 0.5 0.3 0.0 -0.5
USA 0.4 0.0 1.2 1.2 0.0 0.2 0.7 -0.1
Norway 0.3 0.4 0.7 1.6 1.1 0.2 0.1 -0.7
 

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