This is an archived release.
Still growth in the mainland economy
Seasonally-adjusted figures from the national accounts show that gross domestic product (GDP) for mainland Norway increased by 0.6 per cent in the first quarter of 2011. The growth was mainly a result of increased activity in service producing industries.
On the demand side, gross fixed capital formation contributed to the growth, while household final consumption expenditure remained unchanged from the previous quarter. Exports fell while imports grew.
Growth in the service producing industries
After having grown rather slowly in the second half of 2010, activity in business services had a clear increase in the 1st quarter of 2011. There was also growth in most of the other private service producing industries, but the growth was less pronounced. The activity level in general government increased by 0.4 per cent.
Reduced production of goods
Gross value added (GVA) in the goods producing industries fell from the 4th quarter of 2010 to the 1st quarter of 2011. A marked decrease in electricity supply in isolation dampened the growth of GDP for mainland Norway by 0.3 percentage points. GVA in manufacturing fell by 0.2 per cent, inter alia because of reduced activity in production of food products, beverages and tobacco and production of wood and wood products. A slight increase in building of ships, oil platforms and modules and production of basic metals dampened the overall reduction. The activity in construction in the 1st quarter of 2011 was about the same as in the last quarter of 2010.
Traditional fisheries increased by nearly 25 per cent in the 1st quarter. This strong growth must however be seen in connection with the large drop in the 4th quarter of 2010.
Reduced activity in oil and gas extraction contributed to a reduction of 0.4 per cent in total GDP.
|2008||2009||2010||1 st quarter 2008||2 nd quarter 2008||3 rd quarter 2008||4 th quarter 2008||1 st quarter 2009||2 nd quarter 2009||3 rd quarter 2009||4 th quarter 2009||1 st quarter 2010||2 nd quarter 2010||3 rd quarter 2010||4 th quarter 2010||1 st quarter 2011|
|Gross domestic product (GDP)||0.7||-1.7||0.3||-0.7||0.4||-0.6||-0.1||-0.7||-1.2||0.6||-0.1||0.7||-0.1||-1.6||2.3||-0.4|
|Petroleum activities and ocean transport||-2.6||-1.5||-5.4||-2.0||-1.6||-0.6||2.7||0.0||-4.5||3.3||-3.6||0.6||-1.5||-10.0||9.9||-4.1|
|Final domestic use of goods and services||1.9||-4.2||4.4||-1.6||-0.8||1.5||-0.5||-5.0||1.0||-0.2||0.3||0.5||5.3||-2.5||3.0||3.5|
|Final consumption exp. of households||1.5||0.0||3.7||0.5||0.2||-1.6||-0.9||-0.5||1.6||1.0||1.3||1.0||-0.2||1.2||1.2||0.0|
|Final consumption exp. of general government||4.1||4.8||2.2||1.3||1.6||0.2||0.2||3.3||0.9||0.6||-0.7||1.3||0.7||1.0||-0.6||-0.2|
|Gross fixed capital formation||2.5||-6.8||-7.4||-2.7||-1.2||-0.2||3.9||-4.7||-5.5||-5.0||7.8||-14.3||10.3||-5.4||6.4||2.3|
|Total man-hours worked||3.5||-1.8||0.5||0.8||0.8||0.6||-0.9||-0.4||-0.3||-0.4||-0.3||-0.3||0.3||0.6||0.0||-0.2|
No change in household final consumption expenditure
Household final consumption expenditure was approximately unchanged in the 1st quarter. Consumption of goods however fell by 0.9 per cent. The majority of this reduction is related to a large drop in consumption of electricity. The reduction in consumption of electricity must be seen in connection with the high level in the 4th quarter in 2010. In isolation, reduced consumption of electricity had a negative impact on the consumption of goods by 0.7 percentage points and 0.4 percentage points on the overall household consumption expenditure. A clear increase in buying of motor vehicles was the largest contributor to the dampening of the drop.
The growth in consumption of services by 0.4 per cent was due to moderate growth for most types of services. Household consumption abroad continued growing in the 1st quarter, following a strong increase in 2010.
Slow growth in investments
Gross fixed capital formation (GFCF) increased by 2.3 per cent in the 1st quarter. GFCF in oil and gas-related activities grew by approximately 7 per cent, while the largest positive contribution to growth in the mainland economy was from electricity supply.
Household investments in dwellings increased by nearly 8 per cent in the 1st quarter of 2011. Due to a revision in the source statistics used in the calculation of household investment in dwellings, the growth rates for the last three quarters of 2010 are slightly higher than assumed earlier.
Increased imports, reduced exports
Imports of traditional goods increased by 3.7 per cent from the 4th quarter of 2010 to the 1st quarter of 2011. The largest contribution to growth came from imports of basic metals and electricity.
The large growth in imports of ships, oil platforms and modules was due to the arrival of both a frigate to the coast guard and a large floating production unit related to oil and gas extraction in the 1st quarter.
Exports of traditional goods fell by 0.4 per cent in the 1st quarter due to a reduction in machinery and other equipment, basic metals and chemical and mineral products.
Small increase in employment
The number of employed persons grew for the fourth consecutive quarter. The growth in the 1st quarter is estimated to 0.3 per cent. The general picture is that employment increased in the service producing industries, including general government, and decreased in the goods producing industries.
The national accounts figures have been revised back to 2008 with the release of figures for the 1st quarter of 2011. This is due to large revisions in parts of the source material dating back to 2008: building statistics, external trade in goods and production index for construction.
The export value for natural gas has been revised down by nearly NOK 6 billion in 2008 and NOK 39 billion in 2009. This has led to a large downward revision of the price of natural gas, especially in 2009. The change in the constant price figures is small in 2008, but was revised up by about NOK 1 billion in 2009. See external trade in goods, April 2011 .
The production index for construction has been revised down quite severely in 2009 and somewhat less in 2008, see production index for construction, 1st quarter 2011 . This has led to a slight downward revision of GVA for construction in the national accounts for 2008, while in 2009 it has been revised down by 8.4 percentage points.
The revision in the building statistics has mainly led to an upward adjustment of the estimate for household investment in dwellings and GFCF in buildings in parts of the service producing industries, see building statistics, February 2011 .
As a result of these revisions, the volume growth for GDP for mainland Norway is unchanged in 2008, while total GDP is adjusted down by 0.1 percentage points. For 2009, GDP for mainland Norway is revised down by 0.5 percentage points and total GDP by 0.3 percentage points. Seasonally-adjusted growth rates for GDP for mainland Norway are also revised downwards in 2009, while the growth through 2010 is about the same as calculated in the previous release, see diagram.
As part of the normal revisions, figures for 2010 have also been revised since the previous release. The annual growth rate for GDP and GDP for mainland Norway have been adjusted down by 0.1 percentage points. The unadjusted quarterly figures for GDP and GDP for mainland Norway have been revised down by 0.3 percentage points in the 4th quarter. For the other three quarters, the revisions are within +/- 0.1 percentage points. Seasonally-adjusted figures for GDP for mainland Norway have however been revised down by 0.3 percentage points in the 3rd quarter, while the revisions in the other three quarters are within +/- 0.1 percentage points.
|2008||2009||2010||3 rd quarter 2010||4 th quarter 2010|
|Percentage change in volume from the previous period||Percentage change in volume from the previous period||Percentage change in volume from the previous period||Seasonally adjusted figures||Unadjusted figures||Seasonally adjusted figures||Unadjusted figures|
|New result||Former result||New result||Former result||New result||Former result||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)||0.7||0.8||-1.7||-1.4||0.3||0.4||-1.6||-1.5||-1.1||-1.0||2.3||2.4||1.3||1.6|
|GDP Mainland Norway||1.8||1.8||-1.8||-1.3||2.1||2.2||0.8||1.1||2.9||3.0||0.3||0.3||2.4||2.7|
|Household final consumtion expenditure||1.5||1.5||0.0||0.0||3.7||3.7||1.2||1.2||3.4||3.3||1.2||1.1||3.4||3.3|
|Final consumption of general government||4.1||4.1||4.8||4.7||2.2||2.2||1.0||1.7||2.4||2.3||-0.6||0.4||3.1||3.7|
|Gross fixed capital formation||2.5||2.0||-6.8||-7.4||-7.4||-8.9||-5.4||-6.6||-3.6||-6.5||6.4||8.1||-4.7||-6.1|
|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|
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Magnus Kvåle Helliesen
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