84610
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84610
Continued marked growth in mainland economy
statistikk
2012-08-23T10:00:00.000Z
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 accountsJune 2012

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Continued marked growth in mainland economy

Gross domestic product (GDP) for mainland Norway grew by 1.0 per cent in the 2nd quarter, after a growth rate of 1.2 per cent in the 1st quarter of 2012, according to seasonally-adjusted constant price figures. Strong growth in the supply of electricity contributed in isolation to an increase of 0.3 percentage points in the growth of the mainland economy.

Gross domestic produkt. Seasonally adjusted. Volume indices. 2009=100

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

Value added in construction was also on the rise, but less so than in the previous two quarters. Activity in manufacturing has been increasing since the 2nd quarter of 2011, but growth has levelled out and in the 2nd quarter of 2012 value added was about the same as in the previous quarter. The production of pharmaceutical products contributed positively, while the majority of the remaining manufacturing industries showed little or negative impact on growth.

Growth in service producing industries

Service producing industries excluding general government rose by 0.9 per cent in the 2nd quarter, where the main contributors to growth were professional, scientific and technical service activities, administrative and support activities and wholesale and retail trade.

Value added in general government was unchanged from the previous quarter, but this is seen in connection with the prevalence of strikes in local and central government in the 2nd quarter, which served to reduce value added by about 0.6 per cent.

GDP in total grew by 1.2 per cent. Petroleum activities, mainly extraction of natural gas, showed strong growth, while value added in ocean transport fell from the 1st quarter.

Gross domestic product 2nd quarter 2011-2nd quarter 2012. Percentage change in volume from the previous period (seasonally adjusted)
 
 201020112nd quarter 20113rd quarter 20114th quarter 20111st quarter 20122st quarter 2012
 
Gross domestic product (GDP)0.71.40.61.50.51.51.2
GDP Mainland-Norway1.92.41.50.70.71.21.0
Petroleum activities and ocean transport-3.9-2.6-3.24.9-0.53.12.0
Final domestic use of goods and services3.13.4-2.21.33.00.10.7
Final consumption exp. of households3.82.50.70.50.71.11.1
Final consumption exp. of general government1.71.51.10.60.3-0.31.0
Gross fixed capital formation-5.26.4-4.68.91.6-0.22.7
Exports1.8-1.40.53.9-2.82.01.3
Imports9.93.5-7.53.93.5-2.1-0.1
        
Total employed-0.11.40.30.90.40.60.7
Total man-hours worked0.81.60.81.10.60.60.3
 

Increased household final consumption expenditures

Final consumption expenditure of households grew by 1.1 per cent in both the 1st and 2nd quarters of 2012. Consumption of food and electricity grew markedly, with the latter contributing to close to 0.3 percentage points of total household consumption.

Direct purchases abroad by resident households was revised up for the 1st quarter due to new information, which in isolation contributed to 0.3 percentage points of the growth of final consumption expenditures of households. In the 2nd quarter, household consumption abroad was only slightly higher than in the previous quarter.

Investments in household dwellings expands

Gross fixed capital formation (GFCF) in household dwellings has increased continuously since the 2nd half of 2010 with the exception of the 1st quarter of 2012. In the 2nd quarter, growth was 4.1 per cent.

GFCF in mainland Norway in total showed an increase of 2.6 per cent from the 1st to the 2nd quarter. Growth was evident both in GFCF of general government as well as industries in general. Among others, GFCF in manufacturing and mining grew by 13.6 per cent, mainly due to increased GFCF in the production of chemical products and mining and quarrying.

GFCF in oil and gas extraction continued to increase, with 3.4 per cent growth in the 2nd quarter.

Growth in exports

Total exports grew by 1.3 per cent in the 2nd quarter. Exports of traditional goods grew by 0.6 per cent, with increased exports of fish and fish products and pharmaceutical products, among others. Export of electricity was still on a high level in the 2nd quarter, after a rise of close to 40 per cent in the previous quarter. The level of total imports was nearly the same as in the previous quarter, while imports of traditional goods fell slightly.

Marked increase in employment

Employed persons grew by 0.7 per cent according to seasonally-adjusted figures. Growth was especially strong in construction, petroleum activities and several service producing industries. Total hours worked grew by 0.3 per cent, which must be seen in light of the strikes in the 2nd quarter, particularly in general government. Strikes are calculated to have had a negative impact on the growth in total hours worked by a magnitude of 0.2 percentage points.

Revisions

When compiling figures for the 2nd quarter, new information available for the 1st quarter has been incorporated. For an overview of the revisions in the main aggregates, please see the table below.

 

A change in the method for seasonal adjustment to better capture the effect of Easter has led to a downward revision of household consumption of goods in the 1st quarter. However, an upward revision of household consumption abroad served to dampen the fall in final consumption expenditure of households in total, such that the aggregate has only been slightly revised in the 1st quarter of 2012.

Revised figures of final expenditure and gross domestic product. Percentage change in volume
 
 4th quarter 20111st quarter 2012
 Seasonally adjusted figuresUnadjusted figuresSeasonally adjusted figuresUnadjusted figures
 Percentage change in volume from the previous periodPercentage change in volume from the same period in the previous yearPercentage change in volume from the previous periodPercentage change in volume from the same period in the previous year
 New resultFormer resultNew resultFormer resultNew resultFormer resultNew resultFormer result
 
Gross domestic product (GDP)0.50.61.51.51.51.44.64.3
GDP Mainland Norway0.70.82.82.81.21.14.94.5
Household final consumtion expenditure0.70.71.71.71.11.34.64.1
Final consumption of general government0.30.42.12.1-0.3-0.32.72.8
Gross fixed capital formation1.60.65.65.6-0.20.65.56.0
Exports-2.8-3.3-1.8-1.82.02.13.63.5
Imports3.52.85.25.2-2.1-2.1-2.4-3.0
 
GDP figures for some of our trade partners, seasonally adjusted
 
 Percentage change in volume from the previous quarter
 201020112012
 1st quarter2nd quarter3rd quarter4th quarter1st quarter2nd quarter3rd quarter4th quarter1st quarter2nd quarter
 
Sweden2.32.01.31.80.40.80.8-0.90.91.4
Denmark0.31.11.3-0.70.10.4-0.1-0.40.4..
Finland0.83.3-0.31.90.4-0.20.90.00.8..
Germany0.51.90.80.61.20.50.4-0.10.50.3
France0.30.60.40.40.90.00.30.10.0..
UK0.41.10.7-0.40.5-0.10.6-0.4-0.3-0.7
USA1.00.90.60.60.00.60.31.00.50.4
Norway0.60.4-1.60.20.11.50.70.71.21.0
 
 

Tables

Published tables