This is an archived release.
Still slow growth in the mainland economy
Gross domestic product (GDP) for mainland Norway increased by 0.1 per cent in the 1st quarter of 2010. Growth in both household and general government final consumption expenditure made a positive contribution, while gross fixed capital formation in mainland Norway fell.
The slow growth in the mainland economy came as a result of a drop in production of goods, while production of services increased. There was moderate growth in many service producing industries, but inter alia wholesale and retail trade and business services pulled up the total. Wholesale and retail trade grew for the fourth consecutive quarter, and business services increased after two quarters of reduction. General government also contributed to the increase in GDP, while reduced activity in the transport industries dampened the overall growth.
The activity in the goods producing industries fell clearly in the 1st quarter. A marked drop in construction had the largest impact, but production also fell within parts of manufacturing.
Total GDP declined by 0.1 per cent as a result of reduced activity in ocean transport and oil and gas extraction.
The uncertainty in the seasonally adjusted figures is higher than normal in the 1st and 2nd quarters due to the varying effect of Easter on the two quarters from one year to another
|2008||2009||4th quarter 2008||1st quarter 2009||2nd quarter 2009||3rd quarter 2009||4th quarter 2009||1st quarter 2010|
|Gross domestic product (GDP)||1.8||-1.6||0.1||-0.9||-1.1||0.5||0.1||-0.1|
|Petroleum activities and ocean transport||0.6||-1.8||4.8||-0.8||-4.4||1.2||-0.8||-1.1|
|Final domestic use of goods and services||2.5||-3.5||-2.5||-2.5||1.4||-1.0||-0.2||-0.2|
|Final consumption exp. of households||1.2||0.0||-0.9||-0.5||1.3||1.3||1.3||0.7|
|Final consumption exp. of general government||4.1||4.8||0.6||2.6||1.0||1.1||-0.7||1.0|
|Gross fixed capital formation||1.4||-7.9||-2.2||-5.8||0.1||-5.1||3.0||-11.0|
|Total man-hours worked||3.4||-1.4||-0.8||-0.4||-0.3||-0.4||-0.1||-0.4|
Increased consumption of goods and services
Household final consumption expenditure grew by 0.7 per cent from the 4th quarter of 2009 to the 1st quarter of 2010. This is the fourth consecutive quarter with an increase. The growth in the 1st quarter is however somewhat lower than in the previous three quarters. Since the 2nd quarter of 2009, household consumption of goods has increased strongly, where consumption of cars in particular has had a strong positive impact. Consumption of cars dropped slightly however in the 1st quarter of 2010, and together with a moderate growth in consumption of other goods, this contributed to a total growth of 0.4 per cent in household final consumption expenditure on goods from the 4th quarter. Household consumption of services grew by 0.6 per cent in the 1st quarter; a slightly higher growth rate than in the two preceding quarters. Direct purchases abroad by resident households have shown a clear increase in the last two quarters after falling for six quarters.
Final consumption expenditure by general government grew by 1.0, first and foremost due to increased consumption expenditure in local government.
Drop in gross fixed capital formation
Gross fixed capital formation fell by 11 per cent in the 1st quarter compared with the 4th quarter last year. Investments in manufacturing and mining grew somewhat, while there was a reduction in the investment level in production of other goods and service activities. General government contributed strongly to the overall drop. This must however be seen in relation to the high investment level by general government towards the end of last year.
The fall in household investments in dwellings continued in the 1st quarter. Through 2009 the investment drop has however gradually levelled out, and the reduction from the 4th quarter of 2009 to the 1st quarter of 2010 was only 1.3 per cent.
Both imports and exports were down in the 1st quarter. Exports of traditional goods grew slowly. Decreased exports of crude oil contributed negatively to total exports. Imports of traditional goods grew by 3.1 per cent. The overall drop in imports is first and foremost related to a reduction in imports of ships in the 1st quarter.
Decline in employment figures
The number of employed persons fell in the 1st quarter after a temporary modest increase from the 3rd to the 4th quarter of 2009. Seasonally adjusted figures show that the drop in employment from the 4th to the 1st quarter was around 4 000 persons. The largest reduction was in construction, but the number of employed persons also fell in manufacturing. Employment grew slightly in central government while it was approximately unchanged in local government.
Revisions of 2009
Figures for 2009 are revised due to the incorporation of new information. As a result, GDP for mainland Norway for 2009 is revised downwards by 0.1 percentage points to -1.6 per cent. Seasonally adjusted figures are revised down by 0.1 percentage points in the 2nd quarter and up by 0.1 percentage points in the 4th quarter.
|2009||1st quarter 2009||2nd quarter 2009||3rd quarter 2009||4th quarter 2009|
|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 (GDP)||-1.6||-1.5||-0.9||-0.7||1.2||1.2||-1.1||-1.2||-5.4||-5.1||0.5||0.5||-1.1||-1.0||0.1||0.1||-1.2||-1.2|
|GDP Mainland Norway||-1.6||-1.5||-0.9||-0.9||0.8||0.8||0.0||0.1||-5.6||-5.3||0.3||0.3||-1.5||-1.3||0.4||0.3||0.0||0.0|
|Household final consumtion expenditure||0.0||-0.1||-0.5||-0.3||-2.5||-2.6||1.3||1.0||-2.0||-2.1||1.3||1.2||1.0||0.9||1.3||1.3||3.4||3.2|
|Final consumption of general government||4.8||5.2||2.6||2.0||7.8||7.7||1.0||1.5||0.7||1.0||1.1||1.2||6.1||6.3||-0.7||0.1||4.9||5.9|
|Gross fixed capital formation||-7.9||-7.9||-5.8||-4.6||-5.2||-4.6||0.1||-0.5||-6.7||-6.2||-5.1||-4.9||-12.0||-11.4||3.0||0.3||-7.7||-9.3|
|Percentage change in volume from the previous quarter|
|1st quarter||2nd quarter||3rd quarter||4th quarter||1st quarter||2nd quarter||3rd quarter||4th quarter||1st quarter|