10094
/en/nasjonalregnskap-og-konjunkturer/statistikker/knr/arkiv
10094
Still slow growth in the mainland economy
statistikk
2010-05-20T10:00:00.000Z
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 accountsMarch 2010

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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

Gross domestic product 4th quarter 2008-1st quarter 2010. Percentage change in volume from the previous period (seasonally adjusted)
 
  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
GDP Mainland-Norway 2.2 -1.6 -1.3 -0.9 0.0 0.3 0.4 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
Exports 0.9 -4.0 1.2 -2.2 -4.0 3.6 1.0 -0.2
Imports 2.2 -10.3 -5.8 -7.5 1.7 0.7 0.6 -0.5
                 
Total employed 3.1 -0.4 -0.3 -0.3 -0.4 -0.3 0.1 -0.2
Total man-hours worked 3.4 -1.4 -0.8 -0.4 -0.3 -0.4 -0.1 -0.4
 

Gross domestic product. Seasonally adjusted volume indices. 2007=100

Gross fixed capital formation and consumption. Seasonally adjusted volume indices. 2007=100

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.

Reduced trade

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.

Revised figures of final expenditure and gross domestic product. Percentage change in volume
 
  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
Exports -4.0 -4.3 -2.2 -3.5 -2.7 -3.0 -4.0 -2.9 -9.7 -9.7 3.6 3.3 -2.2 -2.2 1.0 1.0 -1.3 -2.0
Imports -10.3 -9.7 -7.5 -7.4 -12.1 -12.2 1.7 1.9 -13.8 -13.8 0.7 0.9 -10.1 -10.1 0.6 2.6 -5.2 -2.3
 
GDP figures for some of our trade partners, seasonally adjusted
 
  Percentage change in volume from the previous quarter
  2008 2009 2010
  1st quarter 2nd quarter 3rd quarter 4th quarter 1st quarter 2nd quarter 3rd quarter 4th quarter 1st quarter
 
Sweden 0.1 -0.5 -0.5 -4.4 -1.3 0.0 -0.2 -0.4 ..
Denmark -1.3 1.3 -1.3 -2.3 -1.8 -1.9 0.4 0.2 ..
Finland 0.2 0.9 0.1 -3.9 -5.2 -0.3 0.3 0.0 ..
Germany 1.6 -0.6 -0.3 -2.4 -3.5 0.4 0.7 0.2 0.2
France 0.5 -0.6 -0.3 -1.7 -1.4 0.2 0.3 0.5 0.1
UK 0.7 -0.1 -0.9 -1.8 -2.6 -0.7 -0.3 0.4 0.2
USA -0.2 0.4 -0.7 -1.4 -1.6 -0.2 0.6 1.4 0.8
Norway 0.2 0.2 -0.6 0.1 -0.9 -1.1 0.5 0.1 -0.1

 

 

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