53751
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53751
Growth in the Norwegian economy
statistikk
2011-11-22T10:00:00.000Z
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 2011

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Growth in the Norwegian economy

Gross domestic product (GDP) for mainland Norway increased by 0.8 per cent from the 2nd to the 3rd quarter of 2011, according to preliminary figures from the quarterly national accounts. Production of goods, and in particular the production of electricity, contributed strongly to the increase.

Gross domestic product. Seasonally adjusted volume indices. 2009=100

Value added in oil and gas extraction rose after two consecutive quarters in decline and contributed to the rise in total GDP of 1.4 per cent in the 3rd quarter.

Increased activity in goods producing industries

Value added in mainland Norway excluding general government grew by 1.1 per cent. For the second quarter in a row, the supply of electricity was a main contributor. Seen in isolation, production and distribution of electricity contributed with 0.4 per cent to the growth in gross value added for mainland Norway excluding general government. Also contributing to growth was fishing and aquaculture, while activity in construction remained nearly unchanged from the previous quarter.

Within manufacturing, the main contributors to growth were producers of basic metal, machinery and other equipment n.e.c., while production of refined petroleum, chemical and pharmaceutical products served to dampen growth in manufacturing.

Gross fixed capital formation and consumption. Seasonally-adjusted volume indices. 2009=100

Moderate growth in service production

Value added in the service producing industries increased by 0.6 per cent from the 2nd to the 3rd quarter. It was mainly information and communication services that expanded. Weak growth and decline was observed in other areas, among others in transport and real estate activities. General government rose by 0.6 per cent.

Gross domestic product 1st quarter 2008-1st quarter 2011. Percentage change in volume from the previous period (seasonally adjusted)
 
  2010 2nd quarter 2010 3rd quarter 2010 4th quarter 2010 1st quarter 2011 2nd quarter 2011 3rd quarter 2011
 
Gross domestic product (GDP) 0.7 0.3 -1.7 2.2 -0.5 0.5 1.4
GDP Mainland-Norway 1.9 0.4 0.7 0.3 0.4 1.3 0.8
Petroleum activities and ocean transport -3.9 -0.2 -11.5 11.0 -3.9 -2.9 4.0
Final domestic use of goods and services 3.1 3.2 -1.2 1.9 2.2 -1.6 -0.6
Final consumption exp. of households 3.8 -1.2 1.7 0.9 0.3 0.8 0.2
Final consumption exp. of general government 1.7 -2.0 -0.1 2.7 -0.3 -1.1 0.2
Gross fixed capital formation -5.2 4.7 -3.9 8.0 0.7 0.7 1.6
Exports 1.8 -2.6 -2.5 1.8 -1.5 -1.4 5.8
Imports 9.9 5.3 -1.0 0.7 6.3 -7.9 0.7
               
Total employed -0.1 -0.2 0.2 0.4 0.2 0.6 0.6
Total man-hours worked 0.8 -0.4 0.2 0.2 -0.1 1.1 0.9
 

Slow growth in final consumption expenditure

Final consumption expenditure of households grew by 0.2 per cent from the 2nd to the 3nd quarter. Goods consumption fell by 0.1 per cent in the 3rd quarter after an increase in the previous quarter. The consumption of durable goods, mainly the consumption of cars, was the main contributor to the slowdown. Increased consumption of electricity helped to cushion the fall in goods consumption. Consumption of services grew by 0.7 per cent.

Final consumption expenditure of general government remained nearly unchanged.

Gross fixed capital formation expands

Investments in oil related activity increased markedly from the 2nd to the 3rd quarter, while gross fixed capital formation in mainland Norway fell by 0.8 per cent. Investments in the electricity industry fell modestly but are still on a high level. Household investments in dwellings rose by 0.8 per cent, a flattening of investment levels after several quarters of fairly strong growth.

Sharp increase in exports

It was first and foremost gas extraction that contributed to the rise in exports, while exports of crude oil fell. Traditional goods exports rose by 0.7 per cent, where contributors to the growth were electricity and fish and fish products.

Reduced imports of refined petroleum products and electricity contributed strongly to the reduction of imports of traditional goods, which fell by 0.4 per cent. Imports of machinery and other equipment n.e.c grew by 3.3 per cent

Employment on the rise

Preliminary calculations show that the number of employed persons rose by 0.6 per cent from the 2nd to the 3rd quarter. Growth was noticeable in manufacturing, construction and wholesale and retail trade.

Revisions

Statistics Norway has implemented a main revision of national accounts, with time series dating back to 1970, according to the Norwegian Standard Industrial Classification (SIC2007). In addition, new information is incorporated back until 2003. For a more detailed coverage of the changes implemented in the main revision, click here .

 

The quarterly figures are revised back to 1978, due to the main revision. Furthermore, for 2008 and 2009 additional adjustments are made due to an incorporation of structural business statistics.

 

For GDP mainland Norway, the seasonally adjusted figures are revised down by 0.1 percentage points for the 1st quarter and up by 0.3 percentage points for the 2nd quarter of 2011. The growth in total GDP is revised upwards by 0.1 percentage points in both the 1st and 2nd quarter.

Revised figures of final expenditure and gross domestic product. Percentage change in volume
 
  1st quarter 2011 2nd quarter 2011
  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) -0.5 -0.6 0.7 0.9 0.5 0.4 0.0 -0.4
GDP Mainland Norway 0.4 0.5 2.0 2.5 1.3 1.0 2.3 2.2
Household final consumtion expenditure 0.3 0.3 0.8 1.0 0.8 0.8 4.3 4.2
Final consumption of general government -0.3 0.1 0.1 2.6 -1.1 1.0 1.3 1.5
Gross fixed capital formation 0.7 -1.4 9.9 10.7 0.7 -0.2 5.2 0.3
Exports -1.5 -1.6 -4.4 -5.9 -1.4 0.4 -3.5 -2.5
Imports 6.3 10.5 11.7 17.0 -7.9 -8.4 -2.5 0.2
 
GDP figures for some of our trade partners, seasonally adjusted
 
  Percentage change in volume from the previous quarter
  2009 2010 2011
  4th quarter 1st quarter 2nd quarter 3rd quarter 4th quarter 1st quarter 2nd quarter 3rd quarter
 
Sweden 0.8 1.8 2.0 2.0 1.2 0.8 0.9 ..
Denmark 0.1 0.9 0.7 1.4 -0.4 -0.3 1.0 ..
Finland -0.3 0.8 2.7 0.3 1.6 0.3 0.6 ..
Germany 0.7 0.5 1.9 0.8 0.5 1.3 0.3 0.5
France 0.6 0.1 0.5 0.4 0.3 0.9 -0.1 0.4
UK 0.7 0.2 1.1 0.6 -0.5 0.4 0.1 0.5
USA 0.9 1.0 0.9 0.6 0.6 0.1 0.3 0.6
Norway 0.0 0.9 0.3 -1.7 2.2 -0.5 0.5 1.4
 

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