400735
/en/nasjonalregnskap-og-konjunkturer/statistikker/knr/maaned
400735
statistikk
2020-07-08T08:00:00.000Z
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
true

National accounts

Updated

Next update

Key figures

2.4%

seasonally adjusted volume growth for GDP mainland Norway from April to May

Final expenditure and gross domestic product. Seasonally adjusted. Percentage change in volume12
YearRolling three-month sumMonth
20182019December 2019 - February 2020January 2020 - March 2020February 2020 - April 2020March 2020 - May 2020May 2020
1Figures from 2018 onwards are preliminary.
2Volume change in rolling three months is calculated by comparing a three-month period with the previous three-month period, for example GDP in May to July compared with February to April. Furthermore, a quarter will be the sum of three months. For example, the January-March period will refer to the first quarter.
Gross domestic product1.31.21.1-1.6-4.5-7.11.9
Gross domestic product Mainland Norway2.22.30.0-2.1-5.6-8.72.4
Petroleum activities and ocean transport-3.7-5.78.01.62.02.1-0.4
Final domestic use of goods and services2.12.40.0-2.9-7.0-11.22.1
Final consumption expenditure of households and NPISH1.91.5-0.3-4.2-10.2-15.54.4
Final consumption expenditure of general government1.41.71.80.8-2.6-4.92.8
Gross fixed capital formation (GFCF)2.86.1-3.4-4.9-3.5-3.33.7
Total exports-0.21.52.4-1.3-4.2-5.9-0.4
Total imports1.95.2-0.6-5.1-11.3-17.6-0.3
 
Employed persons1.61.6.0.0..
Total hours worked1.81.8.-2.3..

See selected tables from this statistics

Table 1 
Final expenditure and gross domestic product. Monthly. Seasonally adjusted figures. Percentage change in volume from the previous period

Final expenditure and gross domestic product. Monthly. Seasonally adjusted figures. Percentage change in volume from the previous period1
October 2019November 2019December 2019January 2020February 2020March 2020April 2020May 2020
1Figures from 2018 onwards are preliminary
2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices
3Includes oil and gas extraction, transport via pipelines and ocean transport
Final consumption expenditure of households and NPISHs-0.30.5-1.10.31.0-13.7-6.44.4
¬ Household final consumption expenditure-0.40.6-1.30.41.0-13.7-6.04.8
¬¬ Goods-1.21.2-2.40.31.9-4.32.44.5
¬¬ Services0.70.20.1-0.10.0-15.6-11.75.0
¬¬ Direct purchases abroad by resident households-0.9-1.3-0.23.10.2-67.8-88.86.7
¬¬ Direct purchases by non-residents3.7-0.76.5-2.8-2.8-56.0-78.9-5.4
¬ Final consumption expenditure of NPISHs1.10.21.0-1.41.6-13.2-13.2-1.7
Final consumption expenditure of general governmen0.10.40.31.8-0.1-3.9-3.82.8
¬ Final consumption expenditure of central government0.10.90.03.0-0.2-3.1-3.71.3
¬¬¬ Central government, civilian0.01.00.13.5-0.3-3.5-4.41.5
¬¬¬ Central government, defence1.20.6-0.3-1.30.50.02.0-0.2
¬ Final consumption expenditure of local government0.2-0.10.50.80.0-4.7-3.94.3
Gross fixed capital formation (GFCF)0.7-2.80.7-4.82.3-3.3-1.63.7
¬ Extraction and transport via pipelines (GFCF)6.50.10.7-4.5-2.21.7-5.2-0.5
¬ Ocean transport (GFCF)271.5-72.2-81.7556.2378.6-96.8....
¬ Mainland Norway (GFCF)-1.7-2.51.1-5.41.5-2.2-0.34.2
¬¬ Mainland Norway excluding general government (GFCF)0.9-2.81.0-5.52.0-2.2-2.41.6
¬¬¬ Industries (GFCF)1.8-3.23.2-6.52.4-4.1-3.11.4
¬¬¬¬ Services activities incidential to extraction (GFCF)9.2-1.11.8-22.30.1-0.4-9.2-0.3
¬¬¬¬ Other services (GFCF)1.7-4.6-1.92.20.7-3.3-8.82.1
¬¬¬¬ Manufacturing and mining (GFCF)0.8-0.51.6-15.53.0-0.7-2.20.2
¬¬¬¬ Production of other goods (GFCF)2.2-2.118.3-17.36.6-9.112.70.9
¬¬¬ Dwelling service (households) (GFCF)-0.7-2.1-2.7-3.61.31.2-1.31.9
¬¬¬ General government (GFCF)-7.7-1.61.2-5.20.1-2.15.110.1
Acquisitions less disposals of valuables3.1-7.00.69.1-1.0-47.7-81.4-3.8
Changes in stocks and statistical discrepancies18.4-54.6102.626.4-27.2-40.4-9.8-98.1
Gross capital formation2.2-8.05.8-1.9-1.3-6.7-2.1-1.7
Final domestic use of goods and services0.6-2.11.20.10.1-9.2-4.42.1
Final demand from Mainland Norway (excl. changes in stocks)-0.5-0.2-0.2-0.60.8-8.4-4.23.9
Final demand from general government-1.50.00.50.4-0.1-3.5-2.14.3
Total exports-0.27.30.1-4.01.5-1.6-5.9-0.4
¬ Traditional goods (export)-0.90.80.5-4.01.7-2.4-4.3-4.5
¬ Crude oil and natural gas (export)6.318.90.0-11.25.61.0-4.32.1
¬ Ships, oil platforms and aircraft (export)-83.1109.3-44.6201.2-90.1738.6-62.720.2
¬ Services (export)-0.60.70.62.40.2-6.4-7.70.6
Total use of goods and services0.40.40.9-1.10.4-7.1-4.91.4
Total imports-2.8-0.72.7-2.6-0.2-11.8-8.2-0.3
¬ Tradisjonelle varer (import)-2.2-0.92.5-0.9-1.1-4.5-6.0-2.3
¬ Crude oil and natural gas (import)-27.987.88.8-13.4-12.3-24.04.8-35.6
¬ Ships, oil platforms and aircraft (import)-36.1-36.230.2-20.030.5-9.7-32.291.0
¬ Services (import)2.5-0.30.9-3.30.3-23.3-10.9-0.5
Gross domestic product, market values21.50.70.3-0.60.7-5.5-3.81.9
Gross domestic product Mainland Norway, market values20.20.1-0.30.10.4-6.8-4.62.4
Petroleum activities and ocean transport310.64.83.8-4.62.52.00.2-0.4
Gross domestic product Mainland Norway, basic values0.20.2-0.40.40.2-6.6-4.92.3
¬ Mainland Norway excluding general government (GDP)0.30.2-0.70.30.3-6.7-5.21.9
¬¬ Manufacturing and mining (GDP)1.0-0.10.4-0.60.1-3.7-3.3-1.2
¬¬ Production of other goods (GDP)0.8-0.1-3.92.60.9-4.2-0.70.3
¬¬ Service activities (GDP)0.10.30.0-0.10.2-7.9-6.72.9
¬ General government (GDP)0.00.30.30.7-0.2-6.1-4.03.5
Taxes and subsidies products0.1-0.70.4-1.41.6-8.3-2.52.7

Table 2 
Final expenditure and gross domestic product. Rolling three-month sum. Seasonally adjusted. Percentage change in volume

Final expenditure and gross domestic product. Rolling three-month sum. Seasonally adjusted. Percentage change in volume12
August 2019 - October 2019September 2019 - November 2019October 2019 - December 2019November 2019 - January 2020December 2019 - February 2020January 2020 - March 2020February 2020 - April 2020March 2020 - May 2020
1Figures from 2018 onwards are prelimanry
2Rolling three-month growth is calculated by comparing a three-month period with the previous three-month period, for example growth in May to July compared with February to April. Furthermore, March, June, September and December represent the quarters in a year. For example, March will represent the first quarter.
3Gross domestic product is measured at market prices, while value added by industry is measured at basic prices.
4Includes oil and gas extraction, transport via pipelines and ocean transport.
Final consumption expenditure of households and NPISHs0.1-0.2-0.4-0.4-0.3-4.2-10.2-15.5
¬ Household final consumption expenditure0.1-0.2-0.5-0.5-0.4-4.2-10.1-15.2
¬¬ Goods-0.2-0.1-0.6-0.9-1.2-1.1-0.90.1
¬¬ Services0.50.50.70.60.4-5.2-13.7-21.0
¬¬ Direct purchases abroad by resident households-0.4-3.1-4.0-2.00.8-20.5-53.7-86.6
¬¬ Direct purchases by non-residents0.93.16.15.94.4-19.1-50.2-79.9
¬ Final consumption expenditure of NPISHs-0.1-0.90.20.41.1-4.1-11.8-20.8
Final consumption expenditure of general governmen0.50.50.71.41.80.8-2.6-4.9
¬ Final consumption expenditure of central government0.30.40.72.02.62.1-1.5-4.3
¬¬¬ Central government, civilian0.20.40.62.23.02.5-1.8-5.0
¬¬¬ Central government, defence0.71.11.60.8-0.2-1.00.21.2
¬ Final consumption expenditure of local government0.70.70.60.71.0-0.5-3.7-5.6
Gross fixed capital formation (GFCF)2.22.60.0-2.9-3.4-4.9-3.5-3.3
¬ Extraction and transport via pipelines (GFCF)3.14.25.22.3-0.9-4.9-5.5-4.9
¬ Ocean transport (GFCF)431.9129.352.4-63.428.449.5122.2-96.2
¬ Mainland Norway (GFCF)1.31.7-1.4-3.7-4.3-5.3-3.4-1.9
¬¬ Mainland Norway excluding general government (GFCF)0.50.1-1.2-3.3-3.6-5.2-3.7-3.9
¬¬¬ Industries (GFCF)1.51.40.3-1.8-2.1-5.4-4.8-6.3
¬¬¬¬ Services activities incidential to extraction (GFCF)-0.43.38.2-2.5-11.5-21.8-18.3-14.7
¬¬¬¬ Other services (GFCF)0.71.7-1.4-3.4-2.8-1.3-3.6-7.2
¬¬¬¬ Manufacturing and mining (GFCF)6.93.50.7-4.3-8.0-13.2-8.7-5.8
¬¬¬¬ Production of other goods (GFCF)-0.2-1.03.54.56.1-7.3-3.2-3.4
¬¬¬ Dwelling service (households) (GFCF)-1.3-2.3-3.8-5.9-6.3-4.9-1.80.6
¬¬¬ General government (GFCF)3.26.0-2.0-4.5-5.9-5.5-2.73.0
Acquisitions less disposals of valuables1.03.5-0.8-0.52.2-10.8-43.3-75.7
Changes in stocks and statistical discrepancies-14.0-32.6-21.3-11.627.45.9-28.8-66.9
Gross capital formation0.4-1.5-2.2-3.8-1.0-4.0-5.8-9.9
Final domestic use of goods and services0.3-0.4-0.7-1.00.0-2.9-7.0-11.2
Final demand from Mainland Norway (excl. changes in stocks)0.50.4-0.4-0.7-0.7-3.1-6.6-9.5
Final demand from general government1.01.60.10.20.2-0.5-2.6-3.4
Total exports-0.63.75.76.52.4-1.3-4.2-5.9
¬ Traditional goods (export)1.62.21.4-0.5-1.4-3.1-3.8-6.8
¬ Crude oil and natural gas (export)-4.56.916.819.17.4-2.4-3.3-1.6
¬ Ships, oil platforms and aircraft (export)4.875.2-42.3-6.7-44.458.2-36.15.3
¬ Services (export)1.10.50.11.52.51.0-4.8-10.2
Total use of goods and services0.00.61.01.00.7-2.5-6.2-9.8
Total imports0.40.9-0.5-0.7-0.6-5.1-11.3-17.6
¬ Tradisjonelle varer (import)-0.9-1.3-1.6-0.70.2-1.8-5.8-10.0
¬ Crude oil and natural gas (import)3.4-5.07.348.825.7-8.6-30.3-40.2
¬ Ships, oil platforms and aircraft (import)17.166.0-10.2-33.0-26.3-6.32.2-1.5
¬ Services (import)0.90.81.60.3-0.7-10.2-19.7-29.6
Gross domestic product, market values3-0.10.61.51.51.1-1.6-4.5-7.1
Gross domestic product Mainland Norway, market values0.30.30.10.10.0-2.1-5.6-8.7
Petroleum activities and ocean transport4-2.62.411.011.38.01.62.02.1
Gross domestic product Mainland Norway, basic values0.30.20.10.20.1-1.9-5.6-8.7
¬ Mainland Norway excluding general government (GDP)0.20.10.00.0-0.2-2.2-5.8-9.1
¬¬ Manufacturing and mining (GDP)-0.8-0.60.20.40.3-1.5-3.7-6.3
¬¬ Production of other goods (GDP)0.1-0.1-1.3-1.6-1.7-0.9-1.8-3.1
¬¬ Service activities (GDP)0.40.30.30.30.2-2.6-7.2-11.0
¬ General government (GDP)0.50.50.50.80.9-1.2-5.0-7.5
Taxes and subsidies products0.50.70.1-0.5-0.5-3.1-5.5-8.5

Table 3 
Final expenditure and gross domestic product. Quarter and year. At current prices. NOK million

Final expenditure and gross domestic product. Quarter and year. At current prices. NOK million1
201820191st quarter 20192nd quarter 20193rd quarter 20194th quarter 20191st quarter 2020
1Figures from 2018 onwards are prelimanry
2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices
3Includes oil and gas extraction, transport via pipelines and ocean transport.
Final consumption expenditure of households and NPISHs1 533 5701 591 322384 992397 700391 092417 539377 897
¬ Household final consumption expenditure1 449 0711 501 128362 222374 863371 070392 973354 879
¬¬ Goods658 422668 067157 546167 941163 755178 825152 121
¬¬ Services714 718754 217186 902187 069188 284191 963188 062
¬¬ Direct purchases abroad by resident households123 446129 58326 29033 36540 34629 58321 484
¬¬ Direct purchases by non-residents-47 515-50 740-8 516-13 512-21 315-7 398-6 789
¬ Final consumption expenditure of NPISHs84 49890 19422 77022 83720 02224 56623 018
Final consumption expenditure of general governmen826 777866 716210 710222 191216 000217 815225 028
¬ Final consumption expenditure of central government405 017423 918102 746108 110105 223107 839111 329
¬¬¬ Central government, civilian356 692372 85590 75194 98392 73994 38198 760
¬¬¬ Central government, defence48 32451 06311 99513 12612 48413 45812 569
¬ Final consumption expenditure of local government421 761442 798107 964114 082110 777109 976113 700
 
Gross fixed capital formation (GFCF)851 475926 546213 278228 129236 524248 616219 208
¬ Extraction and transport via pipelines (GFCF)153 421178 39437 95344 58145 97549 88644 281
¬ Ocean transport (GFCF)8483 4414247448931 380494
¬ Mainland Norway (GFCF)697 207744 711174 901182 804189 657197 350174 432
¬¬ Industries (GFCF)310 982335 76377 32281 81684 20192 42378 245
¬¬¬ Services activities incidential to extraction (GFCF)6 1049 1131 9932 4302 0582 6311 952
¬¬¬ Other services (GFCF)187 638195 30147 95747 99848 12951 21747 897
¬¬¬ Manufacturing and mining (GFCF)45 25157 87612 21013 33714 37217 95712 979
¬¬¬ Production of other goods (GFCF)71 99073 47315 16218 05019 64220 61815 418
¬¬ welling service (households) (GFCF)193 523196 24148 71049 55549 58948 38745 014
¬¬ General government (GFCF)192 701212 70848 86851 43355 86656 54051 173
Acquisitions less disposals of valuables428469120117101131111
Changes in stocks and statistical discrepancies113 499102 07049 43014 89714 92922 81551 859
Gross capital formation965 4021 029 086262 828243 142251 555271 561271 178
 
Final domestic use of goods and services3 325 7493 487 124858 530863 034858 646906 915874 103
Final demand from Mainland Norway (excl. changes in stocks)3 057 5543 202 749770 602802 695796 748832 703777 357
Final demand from general government1 019 4781 079 424259 578273 624271 866274 355276 202
 
Total exports1 357 3211 311 487335 634318 992309 702347 160319 715
¬ Traditional goods (export)410 981432 348108 578107 574103 128113 068108 342
¬ Crude oil and natural gas (export)569 384463 694135 268105 89691 291131 239113 283
¬ Ships, oil platforms and aircraft (export)11 09411 6442 8634 4612 7171 6032 605
¬ Services (export)365 862403 80288 925101 061112 566101 25095 485
 
Total use of goods and services4 683 0704 798 6111 194 1641 182 0251 168 3481 254 0751 193 818
 
Total imports1 152 2091 249 252291 797313 640319 766324 050292 596
¬ Tradisjonelle varer (import)681 757738 270182 805186 254180 434188 777182 491
¬ Crude oil and natural gas (import)24 57926 4834 4595 5587 9088 5586 091
¬ Ships, oil platforms and aircraft (import)37 56938 1867 53711 12810 1209 4017 914
¬ Services (import)408 304446 31396 996110 700121 304117 31496 099
 
Gross domestic product, market values23 530 8603 549 360902 367868 386848 582930 025901 222
Gross domestic product Mainland Norway, market values22 906 8713 038 591756 075749 349745 326787 842775 828
 
Petroleum activities and ocean transport3623 989510 769146 292119 037103 256142 183125 394
Gross domestic product Mainland Norway, basic values2 514 4362 639 636661 210650 512644 563683 352680 632
¬ Mainland Norway excluding general government (GDP)1 871 3201 963 950498 304476 089476 102513 455510 126
¬¬ Manufacturing and mining (GDP)213 696227 68855 93956 63356 45258 66459 832
¬¬ Production of other goods (GDP)356 377362 20096 01880 23988 41197 53392 468
¬¬ Service activities (GDP)1 301 2471 374 062346 347339 218331 239357 258357 826
¬ General government (GDP)643 116675 686162 906174 423168 460169 897170 506
Taxes and subsidies products392 435398 95494 86598 837100 763104 49095 196

Table 4 
Final expenditure and gross domestic product. Quarter and year. At constant 2017-prices. NOK million

Final expenditure and gross domestic product. Quarter and year. At constant 2017-prices. NOK million1
201820191st quarter 20192nd quarter 20193rd quarter 20194th quarter 20191st quarter 2020
1Figures from 2018 onwards are preliminary
2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices
Final consumption expenditure of households and NPISHs1 500 2061 522 201366 213380 034378 547397 407354 573
¬ Household final consumption expenditure1 417 9811 437 353344 081358 940359 201375 131332 847
¬¬ Goods640 205640 576149 995161 532158 059170 991147 446
¬¬ Services701 524720 203176 607177 714182 410183 472171 423
¬¬ Direct purchases abroad by resident households122 364124 76525 68232 53538 86527 68320 370
¬¬ Direct purchases by non-residents-46 112-48 190-8 203-12 841-20 132-7 014-6 392
¬ Final consumption expenditure of NPISHs82 22484 84822 13221 09419 34622 27621 727
Final consumption expenditure of general governmen801 937815 871201 608204 887204 137205 239207 673
¬ Final consumption expenditure of central government392 673399 26398 62399 736100 212100 692103 061
¬¬¬ Central government, civilian346 289351 49386 94287 83988 23688 47691 059
¬¬¬ Central government, defence46 38547 77011 68111 89711 97612 21612 001
¬ Final consumption expenditure of local government409 264416 608102 985105 152103 925104 546104 613
 
Gross fixed capital formation (GFCF)832 088890 799205 532217 248225 477234 975205 901
¬ Extraction and transport via pipelines (GFCF)152 688172 28837 51242 95344 41847 40541 571
¬ Ocean transport (GFCF)7633 0583546788101 217433
¬ Mainland Norway (GFCF)678 637715 453167 667173 617180 249186 354163 896
¬¬Næringer (bruttoinvestering)303 888320 85174 38178 19480 68987 57473 491
¬¬¬ Services activities incidential to extraction (GFCF)5 9668 6821 9112 3081 9692 4951 823
¬¬¬ Other services (GFCF)183 409186 83246 17145 88846 18648 58645 054
¬¬¬ Manufacturing and mining (GFCF)44 19455 24311 72112 72713 74817 04112 170
¬¬¬ Production of other goods (GFCF)70 31870 09414 57817 27018 78719 45214 443
¬¬ Dwelling service (households) (GFCF)187 929193 71146 67746 97146 88345 67542 534
¬¬ General government (GFCF)186 820200 89146 61048 45252 67753 10547 871
Acquisitions less disposals of valuables4164391131109512199
Changes in stocks and statistical discrepancies110 95296 26448 77415 41614 40723 80248 192
Gross capital formation943 456987 503254 420232 773239 978258 899254 192
 
Final domestic use of goods and services3 245 5993 325 575822 241817 694822 662861 545816 438
Final demand from Mainland Norway (excl. changes in stocks)2 980 7803 053 525735 488758 537762 933789 000726 143
Final demand from general government988 7581 016 762248 218253 340256 814258 343255 544
 
Total exports1 194 4831 211 827298 990297 502299 513315 822305 202
¬ Traditional goods (export)388 242407 109102 88899 50598 694106 02299 431
¬ Crude oil and natural gas (export)437 789419 079110 58497 85593 526117 113117 052
¬ Ships, oil platforms and aircraft (export)10 99111 3162 8764 4502 5311 4592 578
¬ Services (export)357 461374 32382 64295 692104 76291 22886 141
 
Total use of goods and services4 440 0824 537 4021 121 2301 115 1961 122 1751 177 3671 121 639
 
Total imports1 102 2051 159 548274 997294 180297 112293 259266 276
¬ Tradisjonelle varer (import)652 116689 268173 110174 767169 080172 310166 693
¬ Crude oil and natural gas (import)19 10120 9323 6624 3506 3136 6085 396
¬ Ships, oil platforms and aircraft (import)35 73934 0296 6969 9929 1398 2036 710
¬ Services (import)395 250415 31991 529105 071112 581106 13887 476
 
Gross domestic product, market values23 337 8773 377 854846 234821 016825 063884 108855 364
Gross domestic product Mainland Norway, market values22 853 3682 921 106726 970712 167721 683758 853726 346
 
Petroleum activities and ocean transport484 509456 747119 264108 849103 380125 255129 018
Gross domestic product Mainland Norway, basic values2 473 9552 535 200634 042616 917625 083659 150635 233
¬ Mainland Norway excluding general government (GDP)1 847 5201 897 274476 486457 383465 331498 067477 451
¬¬ Manufacturing and mining (GDP)217 915224 94756 72955 90253 99758 31957 373
¬¬ Production of other goods (GDP)330 307336 88886 09774 47984 85191 46186 998
¬¬ Service activities (GDP)1 299 2991 335 439333 660327 002326 483348 287333 080
¬ General government (GDP)626 435637 925157 556159 534159 752161 083157 782
Taxes and subsidies products379 413385 90792 92895 25096 60099 70391 114

Table 5 
Final expenditure and gross domestic product. Quarter and year. Percentage change in volume from the same period in the previous year

Final expenditure and gross domestic product. Quarter and year. Percentage change in volume from the same period in the previous year1
201820191st quarter 20192nd quarter 20193rd quarter 20194th quarter 20191st quarter 2020
1Figures from 2018 onwards are prelimanry
2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices.
3Includes oil and gas extraction, transport via pipelines and ocean transport.
Final consumption expenditure of households and NPISHs1.91.52.60.12.30.9-3.2
¬ Household final consumption expenditure1.81.42.40.12.20.9-3.3
¬¬ Goods0.70.10.3-0.81.0-0.2-1.7
¬¬ Services2.32.73.90.92.93.0-2.9
¬¬ Direct purchases abroad by resident households4.22.04.22.04.5-3.4-20.7
¬¬ Direct purchases by non-residents0.34.51.74.73.411.0-22.1
¬ Final consumption expenditure of NPISHs4.13.26.8-0.54.42.3-1.8
Final consumption expenditure of general governmen1.41.70.91.52.02.63.0
¬ Final consumption expenditure of central government0.81.70.61.41.92.94.5
¬¬¬ Central government, civilian0.81.50.51.21.72.54.7
¬¬¬ Central government, defence1.33.01.12.33.25.42.7
¬ Final consumption expenditure of local government1.91.81.11.62.12.31.6
 
Gross fixed capital formation (GFCF)2.86.16.84.87.95.20.2
¬ Extraction and transport via pipelines (GFCF)1.912.819.210.910.512.110.8
¬ Ocean transport (GFCF)-19.1300.6-24.61 751.7..161.222.5
¬ Mainland Norway (GFCF)3.04.34.53.16.63.1-2.2
¬¬ Industries (GFCF)6.85.69.01.58.54.0-1.2
¬¬¬ Services activities incidential to extraction (GFCF)40.745.550.538.871.032.5-4.6
¬¬¬ Other services (GFCF)3.71.96.10.14.0-2.1-2.4
¬¬¬ Manufacturing and mining (GFCF)16.725.029.915.034.622.63.8
¬¬¬ Production of other goods (GFCF)7.3-0.31.1-6.60.93.6-0.9
¬¬ Dwelling service (households) (GFCF)-6.2-0.9-3.01.41.8-3.7-8.9
¬¬ General government (GFCF)7.57.55.77.58.58.22.7
Acquisitions less disposals of valuables7.25.69.90.18.15.1-12.9
Changes in stocks and statistical discrepancies3.2-7.717.8-40.432.6-27.4-1.2
Gross capital formation2.94.58.8-0.29.11.0-0.1
 
Final domestic use of goods and services2.12.44.00.34.11.3-0.7
Final demand from Mainland Norway (excl. changes in stocks)2.02.22.61.13.21.9-1.3
Final demand from general government2.52.81.72.63.33.73.0
 
Total exports-0.21.52.30.3-1.64.82.1
¬ Traditional goods (export)2.04.98.83.55.62.0-3.4
¬ Crude oil and natural gas (export)-4.8-4.3-4.3-5.9-13.15.95.8
¬ Ships, oil platforms and aircraft (export)-38.23.0-21.722.8-10.669.1-10.3
¬ Services (export)5.44.75.43.04.56.34.2
 
Total use of goods and services1.42.23.50.32.52.30.0
 
Total imports1.95.27.63.36.43.8-3.2
¬ Tradisjonelle varer (import)3.25.711.94.16.11.4-3.7
¬ Crude oil and natural gas (import)39.09.6-20.9-16.432.946.347.4
¬ Ships, oil platforms and aircraft (import)-19.3-4.8-20.1-4.913.3-6.70.2
¬ Services (import)0.95.14.33.95.16.9-4.4
 
Gross domestic product, market values21.31.22.3-0.71.21.81.1
Gross domestic product Mainland Norway, market values22.22.33.70.33.61.8-0.1
 
Petroleum activities and ocean transport3-3.7-5.7-5.4-6.7-12.91.88.2
Gross domestic product Mainland Norway, basic values2.42.54.00.33.81.80.2
¬ Mainland Norway excluding general government (GDP)2.32.74.7-0.24.61.90.2
¬¬ Manufacturing and mining (GDP)0.83.25.91.34.11.71.1
¬¬ Production of other goods (GDP)2.02.01.3-0.67.00.41.0
¬¬ Service activities (GDP)2.62.85.4-0.44.02.3-0.2
¬ General government (GDP)2.61.82.01.91.71.70.1
Taxes and subsidies products1.01.31.50.12.51.3-2.0

Table 6 
Final expenditure and gross domestic product. Quarter and year. Percentage change in prices from the same period in the previous year

Final expenditure and gross domestic product. Quarter and year. Percentage change in prices from the same period in the previous year1
201820191st quarter 20192nd quarter 20193rd quarter 20194th quarter 20191st quarter 2020
1Figures from 2018 onwards are prelimanry
2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices.
3Includes oil and gas extraction, transport via pipelines and ocean transport.
Final consumption expenditure of households and NPISHs2.22.32.82.41.92.01.4
¬ Household final consumption expenditure2.22.22.82.31.81.91.3
¬¬ Goods2.81.43.51.80.50.1-1.8
¬¬ Services1.92.82.42.82.83.13.7
¬¬ Direct purchases abroad by resident households0.93.01.42.33.05.13.0
¬¬ Direct purchases by non-residents3.02.22.92.42.01.62.3
¬ Final consumption expenditure of NPISHs2.83.43.13.63.73.63.0
Final consumption expenditure of general governmen3.13.03.22.83.32.83.7
¬ Final consumption expenditure of central government3.12.93.72.92.92.33.7
¬¬¬ Central government, civilian3.03.03.72.82.82.73.9
¬¬¬ Central government, defence4.22.64.13.83.7-1.02.0
¬ Final consumption expenditure of local government3.13.12.72.63.83.43.7
 
Gross fixed capital formation (GFCF)2.32.52.42.92.52.32.6
¬ Extraction and transport via pipelines (GFCF)0.53.00.64.34.42.65.3
¬ Ocean transport (GFCF)11.01.35.2-35.013.216.4-4.9
¬ Mainland Norway (GFCF)2.72.42.82.62.12.22.0
¬¬ Industries (GFCF)2.32.32.62.31.92.42.4
¬¬¬ Services activities incidential to extraction (GFCF)2.32.62.83.33.01.72.6
¬¬¬ Other services (GFCF)2.32.22.62.11.72.42.3
¬¬¬ Manufacturing and mining (GFCF)2.42.32.82.52.22.12.4
¬¬¬ Production of other goods (GFCF)2.42.42.62.32.02.72.6
¬¬ Dwelling service (households) (GFCF)3.02.32.92.62.01.81.4
¬¬ General government (GFCF)3.12.73.13.12.52.12.0
Acquisitions less disposals of valuables3.03.83.83.93.83.75.8
Changes in stocks and statistical discrepancies2.3-2.6-0.5-8.4-1.2-3.66.2
Gross capital formation2.32.01.92.02.31.93.3
 
Final domestic use of goods and services2.52.42.62.42.42.22.5
Final demand from Mainland Norway (excl. changes in stocks)2.62.52.92.62.42.22.2
Final demand from general government3.13.03.22.83.22.73.4
 
Total exports13.6-4.81.5-3.8-9.9-6.5-6.7
¬ Traditional goods (export)5.90.30.80.5-1.01.03.3
¬ Crude oil and natural gas (export)30.1-14.91.7-13.6-28.4-19.2-20.9
¬ Ships, oil platforms and aircraft (export)0.91.9-0.1-0.55.06.91.5
¬ Services (export)2.45.43.65.16.95.63.0
 
Total use of goods and services5.50.32.30.6-1.3-0.3-0.1
 
Total imports4.53.12.52.73.04.03.6
¬ Tradisjonelle varer (import)4.52.52.32.61.93.13.7
¬ Crude oil and natural gas (import)28.7-1.72.4-3.1-7.41.0-7.3
¬ Ships, oil platforms and aircraft (import)5.16.75.99.35.66.14.8
¬ Services (import)3.34.02.82.94.85.33.7
 
Gross domestic product, market values25.8-0.62.2-0.1-2.8-1.8-1.2
Gross domestic product Mainland Norway, market values21.92.22.42.32.31.62.7
 
Petroleum activities and ocean transport328.8-13.22.4-12.1-25.7-17.0-20.8
Gross domestic product Mainland Norway, basic values1.62.42.62.62.81.92.7
¬ Mainland Norway excluding general government (GDP)1.32.22.52.62.31.52.2
¬¬ Manufacturing and mining (GDP)-1.93.2-0.83.79.31.35.8
¬¬ Production of other goods (GDP)7.9-0.45.40.8-4.7-2.5-4.7
¬¬ Service activities (GDP)0.12.72.32.93.12.73.5
¬ General government (GDP)2.73.22.82.64.23.14.5
Taxes and subsidies products3.40.31.50.5-0.60.02.3

Table 7 
Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. At current prices. NOK million

Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. At current prices. NOK million1
201820191st quarter 20192nd quarter 20193rd quarter 20194th quarter 20191st quarter 2020
1Figures from 2018 onwards are prelimanry
2Includes oil and gas extraction, transport via pipelines and ocean transport.
Final consumption expenditure of households and NPISHs1 533 5701 591 322395 988398 084400 861402 625388 363
¬ Household final consumption expenditure1 449 0711 501 128373 751375 529378 035379 488366 077
¬¬ Goods658 422668 067168 530168 849167 811167 772163 544
¬¬ Services714 718754 217185 413187 403189 779192 986185 673
¬¬ Direct purchases abroad by resident households123 446129 58332 24031 92733 04832 19326 858
¬¬ Direct purchases by non-residents-47 515-50 740-12 432-12 650-12 603-13 462-9 997
¬ Final consumption expenditure of NPISHs84 49890 19422 23722 55522 82623 13622 286
Final consumption expenditure of general governmen826 777866 716212 582214 910218 457220 903226 950
¬ Final consumption expenditure of central government405 017423 918104 254105 189106 749107 791112 853
¬¬¬ Central government, civilian356 692372 85591 79392 54993 82694 78299 782
¬¬¬ Central government, defence48 32451 06312 46112 64012 92313 00913 071
¬ Final consumption expenditure of local government421 761442 798108 328109 720111 707113 112114 097
 
Gross fixed capital formation (GFCF)851 475926 546220 707229 654237 232238 286227 269
¬ Extraction and transport via pipelines (GFCF)153 421178 39440 17644 58445 63947 84546 617
¬ Ocean transport (GFCF)8483 4414437228881 388514
¬ Mainland Norway (GFCF)697 207744 711180 088184 348190 704189 053180 139
¬¬ Industries (GFCF)310 982335 76381 53881 60085 64686 65282 843
¬¬¬ Services activities incidential to extraction (GFCF)6 1049 1131 9872 3742 2652 4771 959
¬¬¬ Other services (GFCF)187 638195 30148 56547 97649 49949 11548 646
¬¬¬ Manufacturing and mining (GFCF)45 25157 87613 24513 67915 27215 60514 116
¬¬¬ Production of other goods (GFCF)71 99073 47317 74217 57118 61019 45518 122
¬¬ Dwelling service (households) (GFCF)193 523196 24149 38249 60849 47147 76245 726
¬¬ General government (GFCF)192 701212 70849 16753 14055 58854 63951 569
Acquisitions less disposals of valuables428469115114119122105
Changes in stocks and statistical discrepancies113 499102 07031 54526 88824 84321 07427 269
Gross capital formation965 4021 029 086252 368256 657262 194259 482254 644
 
Final domestic use of goods and services3 325 7493 487 124860 938869 651881 511883 010869 957
Final demand from Mainland Norway (excl. changes in stocks)3 057 5543 202 749788 658797 342810 022812 581795 451
Final demand from general government1 019 4781 079 424261 749268 049274 045275 542278 519
 
Total exports1 357 3211 311 487334 787327 610315 240336 679317 125
¬ Traditional goods (export)410 981432 348108 749108 104106 772110 622108 144
¬ Crude oil and natural gas (export)569 384463 694126 257115 610102 133120 188103 513
¬ Ships, oil platforms and aircraft (export)11 09411 6442 8634 4612 7171 6032 605
¬ Services (export)365 862403 80296 91799 437103 618104 266102 863
 
Total use of goods and services4 683 0704 798 6111 195 7241 197 2621 196 7511 219 6891 187 081
 
Total imports1 152 2091 249 252305 093312 523316 375317 973302 789
¬ Tradisjonelle varer (import)681 757738 270185 593186 682185 382184 253182 435
¬ Crude oil and natural gas (import)24 57926 4834 9315 2837 5798 1436 841
¬ Ships, oil platforms and aircraft (import)37 56938 1867 53711 12810 1209 4017 914
¬ Services (import)408 304446 313107 031109 431113 295116 176105 599
 
Gross domestic product, market values3 530 8603 549 360890 632884 738880 376901 715884 292
Gross domestic product Mainland Norway, market values2 906 8713 038 591751 165758 264767 659772 526764 636
 
Petroleum activities and ocean transport2623 989510 769139 467126 475112 717129 189119 656
Gross domestic product Mainland Norway, basic values2 514 4362 639 636652 042658 864667 472671 929666 057
¬ Mainland Norway excluding general government (GDP)1 871 3201 963 950486 302491 639496 848499 738492 579
¬¬ Manufacturing and mining (GDP)213 696227 68855 49857 77759 51558 19658 511
¬¬ Production of other goods (GDP)356 377362 20091 51991 25590 42090 35387 657
¬¬ Service activities (GDP)1 301 2471 374 062339 285342 607346 913351 189346 411
¬ General government (GDP)643 116675 686165 740167 225170 624172 190173 478
Taxes and subsidies products392 435398 95499 12399 399100 188100 59798 579

Table 8 
Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. At constant 2017-prices. NOK million

Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. At constant 2017-prices. NOK million1
201820191st quarter 20192nd quarter 20193rd quarter 20194th quarter 20191st quarter 2020
1Figures from 2018 onwards are preliminary
2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices.
3Includes oil and gas extraction, transport via pipelines and ocean transport.
Final consumption expenditure of households and NPISHs1 500 2061 522 201381 615382 200383 629382 237368 297
¬ Household final consumption expenditure1 417 9811 437 353360 457360 915362 205360 759347 708
¬¬ Goods640 205640 576162 033162 186161 383160 655158 501
¬¬ Services701 524720 203178 870179 686181 026182 318173 162
¬¬ Direct purchases abroad by resident households122 364124 76531 47631 06431 74930 45825 373
¬¬ Direct purchases by non-residents-46 112-48 190-11 922-12 021-11 953-12 671-9 329
¬ Final consumption expenditure of NPISHs82 22484 84821 15821 28521 42421 47820 589
Final consumption expenditure of general governmen801 937815 871201 800203 352204 693206 026207 825
¬ Final consumption expenditure of central government392 673399 26398 71899 475100 195100 892103 134
¬¬¬ Central government, civilian346 289351 49386 98787 58688 21988 72391 079
¬¬¬ Central government, defence46 38547 77011 73211 89011 97712 16912 055
¬ Final consumption expenditure of local government409 264416 608103 082103 877104 498105 134104 691
 
Gross fixed capital formation (GFCF)832 088890 799212 711219 239225 478225 183213 672
¬ Extraction and transport via pipelines (GFCF)152 688172 28839 87843 02643 72645 55144 013
¬ Ocean transport (GFCF)7633 0583726588041 225452
¬ Mainland Norway (GFCF)678 637715 453172 461175 555180 948178 408169 207
¬¬ Industries (GFCF)303 888320 85178 61478 20781 74081 97478 071
¬¬¬ Services activities incidential to extraction (GFCF)5 9668 6821 9092 2562 1632 3441 835
¬¬¬ Other services (GFCF)183 409186 83246 85446 02347 24946 56645 863
¬¬¬ Manufacturing and mining (GFCF)44 19455 24312 75913 10714 58914 71313 306
¬¬¬ Production of other goods (GFCF)70 31870 09417 09216 82117 73918 35117 066
¬¬ Dwelling service (households) (GFCF)187 929193 71147 00647 12646 90645 13742 913
¬¬ General government (GFCF)186 820200 89146 84250 22352 30251 29648 223
Acquisitions less disposals of valuables41643911210811010997
Changes in stocks and statistical discrepancies110 95296 26429 80829 85225 71920 17223 752
Gross capital formation943 456987 503242 631249 199251 308245 464237 522
 
Final domestic use of goods and services3 245 5993 325 575826 046834 752839 630833 728813 644
Final demand from Mainland Norway (excl. changes in stocks)2 980 7803 053 525755 876761 108769 270766 671745 329
Final demand from general government988 7581 016 762248 641253 575256 996257 323256 048
 
Total exports1 194 4831 211 827304 123301 066296 543313 585306 133
¬ Traditional goods (export)388 242407 109103 779101 566101 359102 86099 724
¬ Crude oil and natural gas (export)437 789419 079105 442102 10797 791114 182109 198
¬ Ships, oil platforms and aircraft (export)10 99111 3162 8764 4502 5311 4592 578
¬ Services (export)357 461374 32392 02692 94394 86395 08494 633
 
Total use of goods and services4 440 0824 537 4021 130 1681 135 8181 136 1731 147 3131 119 777
 
Total imports1 102 2051 159 548288 195291 920292 103290 465276 187
¬ Tradisjonelle varer (import)652 116689 268175 967174 742172 514169 724166 914
¬ Crude oil and natural gas (import)19 10120 9324 1024 0855 9536 4085 930
¬ Ships, oil platforms and aircraft (import)35 73934 0296 6969 9929 1398 2036 710
¬ Services (import)395 250415 319101 431103 101104 497106 13096 632
 
Gross domestic product, market values23 337 8773 377 854841 973843 897844 070856 848843 590
Gross domestic product Mainland Norway, market values22 853 3682 921 106726 844731 307735 842736 712721 140
 
Petroleum activities and ocean transport3484 509456 747115 129112 591108 228120 136122 450
Gross domestic product Mainland Norway, basic values2 473 9552 535 200630 908635 351639 341640 014627 408
¬ Mainland Norway excluding general government (GDP)1 847 5201 897 274472 495476 323479 501479 393468 767
¬¬ Manufacturing and mining (GDP)217 915224 94756 38257 22157 20357 28856 407
¬¬ Production of other goods (GDP)330 307336 88883 45484 78285 75084 59883 629
¬¬ Service activities (GDP)1 299 2991 335 439332 660334 320336 548337 508328 730
¬ General government (GDP)626 435637 925158 413159 028159 841160 620158 641
Taxes and subsidies products379 413385 90795 93595 95596 50196 69893 733

Table 9 
Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. Percentage change in volume from the previous period.

Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. Percentage change in volume from the previous period.1
201820191st quarter 20192nd quarter 20193rd quarter 20194th quarter 20191st quarter 2020
1Figures from 2018 onwards are prelimanry
2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices.
3Includes oil and gas extraction, transport via pipelines and ocean transport.
Final consumption expenditure of households and NPISHs1.91.50.70.20.4-0.4-3.6
¬ Household final consumption expenditure1.81.40.70.10.4-0.4-3.6
¬¬ Goods0.70.10.60.1-0.5-0.5-1.3
¬¬ Services2.32.71.10.50.70.7-5.0
¬¬ Direct purchases abroad by resident households4.22.00.0-1.32.2-4.1-16.7
¬¬ Direct purchases by non-residents0.34.53.90.8-0.66.0-26.4
¬ Final consumption expenditure of NPISHs4.13.20.90.60.70.3-4.1
Final consumption expenditure of general governmen1.41.70.50.80.70.70.9
¬ Final consumption expenditure of central government0.81.70.70.80.70.72.2
¬¬¬ Central government, civilian0.81.50.60.70.70.62.7
¬¬¬ Central government, defence1.33.01.61.30.71.6-0.9
¬ Final consumption expenditure of local government1.91.80.30.80.60.6-0.4
 
Gross fixed capital formation (GFCF)2.86.1-0.93.12.8-0.1-5.1
¬ Extraction and transport via pipelines (GFCF)1.912.8-2.07.91.64.2-3.4
¬ Ocean transport (GFCF)-19.1300.6-21.677.022.152.4-63.1
¬ Mainland Norway (GFCF)3.04.3-0.61.83.1-1.4-5.2
¬¬ Industries (GFCF)6.85.6-0.5-0.54.50.3-4.8
¬¬¬ Services activities incidential to extraction (GFCF)40.745.59.118.2-4.18.4-21.7
¬¬¬ Other services (GFCF)3.71.9-2.1-1.82.7-1.4-1.5
¬¬¬ Manufacturing and mining (GFCF)16.725.09.52.711.30.9-9.6
¬¬¬ Production of other goods (GFCF)7.3-0.3-3.6-1.65.53.5-7.0
¬¬ Dwelling service (households) (GFCF)-6.2-0.90.20.3-0.5-3.8-4.9
¬¬ General government (GFCF)7.57.5-1.57.24.1-1.9-6.0
Acquisitions less disposals of valuables7.25.68.9-3.71.9-1.0-10.6
Changes in stocks and statistical discrepancies3.2-7.73.10.1-13.8-21.617.7
Gross capital formation2.94.5-0.42.70.8-2.3-3.2
 
Final domestic use of goods and services2.12.40.31.10.6-0.7-2.4
Final demand from Mainland Norway (excl. changes in stocks)2.02.20.30.71.1-0.3-2.8
Final demand from general government2.52.80.12.01.30.1-0.5
 
Total exports-0.21.52.0-1.0-1.55.7-2.4
¬ Traditional goods (export)2.04.92.9-2.1-0.21.5-3.0
¬ Crude oil and natural gas (export)-4.8-4.3-2.1-3.2-4.216.8-4.4
¬ Ships, oil platforms and aircraft (export)-38.23.0233.354.7-43.1-42.376.7
¬ Services (export)5.44.73.81.02.10.2-0.5
 
Total use of goods and services1.42.20.80.50.01.0-2.4
 
Total imports1.95.23.01.30.1-0.6-4.9
¬ Tradisjonelle varer (import)3.25.75.3-0.7-1.3-1.6-1.7
¬ Crude oil and natural gas (import)39.09.6-6.7-0.445.77.6-7.4
¬ Ships, oil platforms and aircraft (import)-19.3-4.8-23.849.2-8.5-10.2-18.2
¬ Services (import)0.95.11.91.61.41.6-8.9
 
Gross domestic product, market values21.31.20.00.20.01.5-1.5
Gross domestic product Mainland Norway, market values22.22.30.50.60.60.1-2.1
 
Petroleum activities and ocean transport3-3.7-5.7-2.6-2.2-3.911.01.9
Gross domestic product Mainland Norway, basic values2.42.50.40.70.60.1-2.0
¬ Mainland Norway excluding general government (GDP)2.32.70.40.80.70.0-2.2
¬¬ Manufacturing and mining (GDP)0.83.20.21.50.00.1-1.5
¬¬ Production of other goods (GDP)2.02.0-1.31.61.1-1.3-1.1
¬¬ Service activities (GDP)2.62.80.90.50.70.3-2.6
¬ General government (GDP)2.61.80.30.40.50.5-1.2
Taxes and subsidies products1.01.30.80.00.60.2-3.1

About the statistics

The national accounts provide an overview of the state and development in the Norwegian economy. Key figures are gross domestic product (GDP), consumption, gross investment, exports and imports, employment and wages, profitability in industries and productivity. 1st to 3rd quarter is published with monthly national accounts in May, August and November. 4th quarter will be published February the following year, figures for t-2 in August.

Definitions

Definitions of the main concepts and variables

See Concepts and definitions in national accounts for explanations.

Valuation

Registration of values: A transaction may be registered at different values, depending on under which circumstances it is registered. Different concepts regarding valuation are also relevant for the general aspect of registration (cf. cash values or accruals values, and other principles for the recording of statistical data). The transactions of variables in the national accounts follow the accrual principle. Thus, taxes and subsidies on production should be registered as accrued values and not as cash values as recorded in the government accounts.

In the description of the transaction of goods and services several price concepts are used. Output is valued at basic prices. Basic price is the price the seller receives, after corresponding taxes on the product are deducted (and subsidies added). The use categories, both intermediate consumption and final use, are valued at purchaser prices, that is the price the purchaser must pay. Exports are valued at fob (free on board), while imports are valued at cif (cost-insurance-freight).

The value added of an industry is "valued" at basic prices (calculated as output at basic prices less intermediate consumption at purchaser prices). The total value added of all the industries is also "valued" at basic prices.

GDP is "valued" at market prices, which means that taxes on products, including VAT, less subsidies on products are added to the total value added of the industries at basic prices.

 

Standard classifications

The accounting system of the Norwegian national accounts is based on the international standards for national accounts, i.e. 2008 SNA and ESA 2010. The accounting system outlines the framework and contents for production of national accounts statistics. The level of detail in the classifications used for compilation of quarterly and preliminary annual national accounts are more aggregated than in that used for calculation of the annual national accounts.

In addition to accounting structure, the international standards give recommendations of groupings or classifications to be used in the national accounts:

Activity classification

The classification of Industries in the National Accounts follows the Norwegian Standard Industrial Classification (SN2007), which is based on NACE Rev.2. Several levels of aggregation have been introduced for publication and reporting purposes.

Classification of non-financial assets and gross fixed capital formation

Non-financial assets are classified by type of aggregates defined in 2008 SNA, such as fixed assets, inventories, valuables, and non-produced assets, including both tangible assets such as land, subsoil-assets, water resources etc., and intangible assets such as transferable contracts etc. Gross fixed capital formation is grouped by main type within building and construction, machinery and equipment and transportation equipment.

Product classification

The product classification used in the national accounts is based on the EU's standard product classification CPA - Statistical Classification of Products by Activity in the European Community. The CPA groups products by activities, i.e. it defines characteristic products within each activity and connects them to the activity classification NACE Rev.2. The annual accounts supply and use tables contain about 700 products, in addition to which some products are also incorporated purely for technical reasons. The system to elaborate preliminary annual and quarterly accounts contains about 90 products. The separation on products might to large extent be considered as a tool to balance the national account system and to undertake calculations in constants prices.

Classification of individual consumption by purpose

The classification of Consumption expenditure groups in the National Accounts is based on the international classification COICOP - Classification of Individual Consumption by Purpose, published by the UN.

Classification of the functions of government

The classification of the functions of government by purpose applies to all types of general government expenses, such as government final consumption expenditure, gross fixed capital formation, subsidies, property rents (i.e. expenses), capital transfers and other transfers for use in government financial accounts and in the national accounts. This classification is based on the international classification COFOG - Classification of the Functions of Government, published by the UN.

Classification of the purpose of non-profit institutions serving households (NPISH)

This is a minor purpose classification which applies to expenses of NPISHs. It is based on the international classification COPNI - Classification of the Purposes of the Non-Profit Institutions Serving Households, published by the UN.

Administrative information

Name and topic

Name: National accounts
Topic: National accounts and business cycles

Next release

Responsible division

Division for National Accounts

Regional level

National level.

Frequency and timeliness

The monthly national accounts (MNA) are published about 40 days after the end of the given month.

The quarterly national accounts (QNA) are published about 40 days after the end of the given quarter. Quarterly figures are calculated as the sum of three months (from monthly national accounts).

The first estimates of the preliminary year is published about 40 days after the end of the year.

 

International reporting

Published figures are reported to Eurostat, the International Monetary Fund (IMF) and the Organisation for Economic Co-operation and Development (OECD).

Microdata

Not relevant

Background

Background and purpose

The national accounts (NA) statistics are designed to provide a consistent and comprehensive survey of the overall national economy. The national accounts give both a summarised description of the economy as a whole and a detailed description of transactions between different parts of the Norwegian economy, and between Norway and the rest of the world. The national accounts also provide information on capital stocks and employment.

The first Norwegian national accounts based on modern principles were published by Statistics Norway in 1952. Annual series national accounts were calculated back to 1865 during the 1950th.

Final annual national accounts figures are based on all available final economic statistics and therefore take time to produce. The purpose of the quarterly national accounts is to provide updated information about short-term developments in the Norwegian economy based on an overall, consistent accounting system. Statistics Norway has produced and released quarterly national accounts (QNA) on a regular basis from 1953 but were not published at fixed intervals from the 1970s to the beginning of the 1980s. A new model for a QNA system was developed at the beginning of the 1980s and has been used since 1985, with some modifications.

National accounts are used as a tool to compare the economic situation in different countries, and therefore it is important that the national accounts in various countries are based on a common template. Staff involved in elaborating national accounts in Statistics Norway participated actively in developing international recommendations and concepts regarding national accounts. The first international standard for national accounts, 1953 System of National Accounts (1953 SNA), was published by UN in 1953.

 From time to time adaptations or changes are made to the common international recommendations for national accounts. This requires corresponding changes in the construction of the Norwegian national accounts. At different time intervals, new source statistics are produced and indicate that parts of the national accounts figures need to be revised. Since one objective of the national accounts is to provide a picture of the development over time which is as correct as possible, it is not possible to introduce such changes from one year to another. With different time intervals, it will therefore be necessary to carry out major revisions of the national accounts figures, so-called main revisions, in order to introduce adaptations due to new international recommendations or introduce new levels based on new statistical sources. As part of these main revisions the time series are also revised so that the revised national accounts can give a consistent picture of the economic development over time.

In recent decades, Statistics Norway has carried out main revisions published in 1995, 2002, 2006, 2011 and 2014. The main purpose of main revision published in November 2014, was to incorporate updated international recommendations in 2008 SNA and ESA 2010. Changes due to this main revision are described, among else, in the article Main revision 2014. Planned changes in the national accounts statistics. See About the statistics for the annual national accounts for more information about main revisions. The publication History of national accounts in Norway. From free research to statistics regulated by law also provides more information about the history of national accounts in Norway, including main revisions. In the future main revisions of the national accounts normally will be carried out every five years.

Since the QNA are completely harmonised with the annual national accounts, it is also necessary to revise the QNA figures once the annual national accounts figures have been revised.

Users and applications

The quarterly figures are mostly used for observation and analysis of the current economic cycle. The QNA figures also serve as a basis for making forecasts of the future economic development, the government’s work with the national budget and other economic planning. In addition, the QNA contribute with material for research and development. Annual and quarterly national accounts are a useful tool for analyses of the economic development and structures in Norway. The national accounts are also used to compare the economy in different countries.

The annual and quarterly national accounts therefore have a wide group of users, from school pupils and students to public and private institutions that actively use the statistics in their analyses and investigation of economic structure and development. Active users include the Research Department in Statistics Norway, the Ministry of Finance, Norges Bank, international organisations such as the IMF, the OECD, the World Bank, the UN and Eurostat, resident and non-resident financial sector analysts, and the media.

Equal treatment of users

No external users have access to the statistics and analyses before they are published and accessible simultaneously for all users on ssb.no at 08.00 am. Prior to this, a minimum of three months' advance notice is given in the Statistics Release Calendar. This is one of Statistics Norway’s key principles for ensuring that all users are treated equally.

Coherence with other statistics

The monthly figures are the basis for quarterly figures, quarterly figures are calculated as the sum of three months. Quarterly figures will be updated when publishing the third month in the quarter. This means that there may be deviations between the monthly and quarterly figures in the two months before the new quarter is calculated. The deviations will mainly apply to seasonally adjusted figures. In addition, the monthly publication includes a table showing rolling numbers for three and three months. The three-month growth is calculated by comparing a three-month period with the previous three-month period. For example, the volume change in the rolling table for July is given by comparing the period May-July with February-April. Figures for March, June, September and December will correspond to growth for a quarter.


All historical figures are consistent with both preliminary and final annual national accounts figures in fixed and current prices

The Norwegian Balance of Payments (BOP) is an integrated part of the Norwegian system of national accounts, and the BOP figures are fully consistent with other preliminary and final quarterly and annual national accounts figures. Furthermore, quarterly and annual national accounts figures are fully consistent and compatible with the institutional sector accounts. The regional national accounts, and various satellite accounts (environment, tourism, health,non-profit institutions) are consistent with the above mentioned national accounts statistics. Previous published figures from the regional accounts and various satellite accounts are, however, not revised as a part of main revision of the national accounts, so figures for previous years may not necessarily be compatible with updated NA time series.

As mentioned in the chapter "Production: Data sources and sampling", the national accounts are based on various statistical sources. The source statistics may not use the same definitions or groupings as used in the national accounts. As a result, figures in the source statistics may be adapted or corrected before being used in the national accounts. Published figures in the source statistics of certain industries may therefore not correspond to published figures in the national accounts.

 

Legal authority

Not relevant

EEA reference

  • Regulation (EU) No 549/2013 (ESA 2010).
  • The European Parliament and of the council of 21 May 2013 on the European system of national and regional accounts in the European Union (text with EEA relevance).

Production

Population

The coverage of the national accounts is defined by international guidelines in the 2008 System of National Accounts (2008 SNA), published by the UN, the OECD, the IMF, the World Bank, and the Commission of the European Communities, and the European System of National and Regional Accounts (ESA 2010).

The total national economy, and the distinction between the national economy and foreign countries, is defined in terms of resident units. A unit is defined as a resident unit of the country when it has a centre of economic interest in the economic territory of the country - i.e. when it is involved in economic activities on this territory for an extended period of time (one year or more).

Two basic types of information are recorded in the national accounts: flows and stocks. Flows refer to actions and effects of events that take place within a given period of time, for example the output of an industry in one year. Stocks refer to positions at a certain point of time, for example the value of capital stock or the number of employed persons.

The national accounts consist of two main sets of tables; supply and use tables (SUT), also described as the real accounts, and the institutional sector accounts. The real accounts are based on local kind-of-activity units (KAUs), while the institutional sector accounts are based on institutional units. Institutional units are economic entities that are capable of owning goods and assets, of incurring liabilities and of engaging in economic activities and transactions with other units in their own right. An institutional unit contains one or more local kind-of-activity units (local KAUs). The local KAUs are classified by type of activity. An activity is characterised by an input of products, a production process and an output of products. All local KAUs engaged in the same or similar kind-of-activity constitute an industry.

The SUT at current and constant prices gives a structured overview of the supply (output and import) and use (final consumption, gross fixed capital formation, changes in inventories, export and intermediate consumption) of products (goods and services) in the economy. For each industry the value added is calculated as the difference between output and intermediate consumption. The value added in an industry can also be decomposed into compensation of employees, consumption of fixed capital, other taxes on production (net of subsidies) and operating surplus. The real accounts also give information on fixed assets, as well as wages, hours worked, full-time equivalent persons and employed persons by industry. Monthly national accounts does not include figures for employment etc..

Furthermore, the real accounts provide the basis for the calculation of the Gross Domestic Product (GDP) and other central macroeconomic measures. The annual growth in volume and price are calculated for most variables.

The non-financial sector accounts are based on institutional units. Institutional units are capable of providing a full set of accounts. The non-financial sector accounts describe all economic transactions in the various sectors. The accounts also provide information on the stocks financial and non-financial capital. Financial sector accounts are also based on institutional units. The institutional units are grouped in institutional sectors on the basis of their principal economic functions, behavior and objectives. The non-financial sector accounts are consistent with the real accounts. The further description of the national accounts covers the part of the national accounts that is based on the annual SUT (the real accounts).

The coverage of the preliminary annual and quarterly real accounts is the same as the final annual SUT

The accounting structure in the system that produces monthly, quarterly and preliminary annual figures (MNA) is, however, more aggregated than in the system that produces the final annual SUT. While the SUT in the annual accounts consists of about 130 industry groups and 700 product groups, the SUT in the MNA consists of about 80 industry groups and 120 product groups. The MNA and QNA system produces tables with seasonal adjusted figures for industries' value added, household consumption for aggregated consumption groups and for central macroeconomic measures. However, only tables for final expenditure and gross domestic product are published on a monthly basis, while the QNA contain more details.

Data sources and sampling

The calculations of the annual real accounts are based on statistics from several different sources, such as the structural business statistics for manufacturing and other industries, accounting statistics for general government and enterprises, statistics for wages and earnings, external trade statistics, household consumer surveys and employment statistics. Some parts of the national accounts are compiled more or less directly from the source statistics, while other parts are based on calculations and estimates.

Monthly information is used for compiling monthly national accounts, such as the production index of industrial production, the index for retail sales, consumer price index, building statistics, producer price indices and much more. For some service industries where we lack explicit production indicators, monthly information about jobs, working days and absence is obtained from the A-ordning. For investments where we only have quarterly information, such as oil investments, quarterly figures are conventionally distributed by month. In the months before we get the so-called oil census, the development is used in the planned investment figures reported together with those performed for a quarter. In connection with the work on the QNA, quarterly information is incorporated and an update of the previous months is made. Quarterly national accounts will appear as the sum of the three months in the quarter.

The source statistics used to calculate national accounts are with a few exceptions produced by Statistics Norway.

Having the reporting responsibility to Eurostat, the Division for National Accounts occasionally documents the calculations for the final annual national accounts, see Norwegian National Accounts - GNI Inventory for ESA95.

In addition, there are a number of reports giving more detailed documentation of calculation of figures for various specific industry groups or other parts of the national accounts (mostly in Norwegian only).

The documentation report for the Quarterly national accounts gives an overview of central sources and methods used for quarterly accounts compilation. This will be updated in the autumn of 2018 to include monthly national accounts.

Collection of data, editing and estimations

Compilation of the final annual real accounts

The annual national accounts are mainly based on statistics collected by other divisions in Statistics Norway. To some extent data produced by external suppliers are also used.

The process of compiling the final annual national accounts starts with the calculation of independent supply and use estimates for all goods and services at current prices. To some extent, source data are extracted directly from the databases and converted into national accounts codes and format. Other parts of the economy are based on more complex calculations, by means of different statistical sources and/or assessments.

The source data are critically evaluated and compared with alternative sources (for some parts of the economy). In some areas, the statistics have to be adjusted in order to satisfy the requirements of the national accounts. In areas where the statistics are incomplete, evaluations are essential. In the process of estimating national accounts data, estimated national accounts figures are critically evaluated and controlled in several steps.

Finally, supply and use for each of these goods and services are balanced using supplementary information and quality assessments of the various statistical sources. This results in integrated supply and use tables at current prices.

The figure below gives an outline of the calculation system for final annual national accounts figures. First, detailed figures are calculated and balanced in current prices. Then the system calculates figures in constant prices, based on the detailed current price figures and corresponding price indices. The deflation (current values being divided by price indices) takes place at the most detailed product level: A price index is allocated to each detailed product. The individual products are as price homogeneous as possible. Constant price figures in the annual national accounts are calculated using the price level of the previous year, which means that the base year is changed every
year.

The deflation approach has in fact two dimensions, (i) differentiated by main categories of supply and use (deflating output, imports, exports and implicitly for domestic use), and (ii) differentiated through valuation (deflating current values at basic prices by price indices and implicitly determining the other value components, including adjustments against values at purchaser prices). The method used to calculate constant figures is called double deflation, i.e. a separate deflation of output and intermediate consumption is carried out in order to arrive at value added at constant prices as a balancing item, based on a detailed input-output framework (supply and use tables).

Figure 1. The calculation system for final annual NA figures  (Click)

For a more detailed  documentation, see Norwegian National Accounts - GNI Inventory for ESA95.

Compilation of the MNA and QNA

The majority of the short-term statistics produced by Statistics Norway are transferred to the MNA system by use of a direct link to the relevant databases. The information in the data sources about growth is used more or less directly in the MNA system. Some other input data series in the MNA system, however, are based more or less on calculations and estimations, using various types of information from Statistics Norway and other sources. Quarterly figures are calculated as the sum of three months

The national accounts data for a specific month, quarter or year are revised in accordance with an ordinary publication and revision cycle. The quarterly figures within a specific year t become final 21 months later after the end of the year t. In addition, periodical main revisions generate revised figures.

In the process of calculating MNA or QNA figures for a specific month or quarter, the short-term statistics source data are critically evaluated and compared with alternative sources (for some parts of the economy). In some cases, the information in the source statistics must be adjusted in order to satisfy the requirements of the quarterly national accounts. In the process to estimate MNA data estimated MNA figures are critically evaluated and controlled in many steps.

Monthly process

The figure below gives an overview of the Norwegian MNA and QNA estimation process. The figure shows that the MNA system is based on two main pillars: a) The SUT for the (final) annual national accounts and b) short-term statistics.

Figure 2. The computing system in the Norwegian MNA/QNA

knr1-en

The main principle in the MNA system is that the national accounts figures for the current quarter are computed based on the development of short-term indicators and the current-price figures from the base year. The base year (t-2) is the latest calculated final version of the annual national accounts. The method is the same for most common variables: The value in the base year is given the same growth rate (percentage change) as in the appropriate indicator, or a grouping of different relevant indicators.

A simple projection method, based on the development in previous periods, is used if an indicator does not cover the whole period from the base year to the current quarter.

The indicator compilations are made in the indicator process (box 2 in the figure).

However, the indicator process alone does not give a complete harmonised account at current and constant prices. To calculate values for variables that are not calculated in the indicator compilations, and to harmonise the accounts, we use an input-output model (box 3 in the figure).

The input-output model includes a commodity-flow balance, a price input-output system and a set of equations for summaries and definitions. It now comprises over 12 000 equations in total. The input-output coefficients are calculated from the SUT in the base year. The variables calculated in the indicator compilations are transferred to the input-output model as exogenous variables. To calculate balanced accounts at current prices we need price indices on all supply and use categories. These are computed in the model by weighting together product price indices with the input-output coefficients as weights. Each product gets three different price indices, one for resident output delivered to the home market (to resident users), a second for import and a third for export.

The price index for an industry’s total output is then calculated as a weighted average of the price indices for the home and export market using the input-output coefficients as weights. The price indices of intermediate consumption, final consumption expenditure and gross fixed capital formation are calculated in a similar way, using the import and home market price indices and the input-output coefficients.

The model also calculates variables which are not covered by short-term statistics or other information and therefore not calculated in the indicator process. These calculations are based on simple assumptions. For instance, intermediate consumption for most industries at constant prices (the total except FISIM) is assumed to be a fixed proportion of total output for the relevant industry. The distribution of intermediate consumption (except FISIM) on different products at constant prices is also assumed to be the same as in the base year. The industries’ use of FISIM as intermediate consumption is supposed to equal the growth in total output of FISIM services. Output in the retail and wholesale trade activities in constant prices is assumed to follow the development of the use of the various goods in constant prices, such as household consumption, intermediate consumption and gross fixed capital formation of the various specific goods (that means supposed fixed margins).

Changes in stock of separate products are (for most products) calculated as the difference between the total supply and use of the product. As in the annual NA, the changes in stock may be adjusted if that seems reasonable after an evaluation of the figures.

The results are stored in the time series database (box 4 in the figure), which, among other things, provides the basis for different sets of tables (box 6). At the moment there are two different sets of tables (with seasonal unadjusted figures), sets for internal checks and analyses of data and more aggregated sets of data for publishing.

Process 1-4 describes how the quarterly seasonally unadjusted figures are estimated. The unadjusted figures are seasonally adjusted (box 5) using a seasonal adjustment program.

The method adopted to compile the MNA is highly mechanical. This applies to the update of variables in the national accounts based on short-term statistics as well as the balancing of commodities, the computation of indirect taxes and factor incomes and the overall balancing of the GDP and main aggregates. Technically, the data systems are programmed in FAME and TROLL (the latter is used for the input-output model only).

Checks and/or the evaluation of data are, however, performed in several steps. The MNA system offers a unique opportunity to compare different types of input data. The evaluation of the different sources is done in close contact with the relevant statistics divisions in Statistics Norway. A more thorough evaluation is being done when processing and publishing quarterly figures, while the monthly process is more automated and less profound. Therefore, only final expenditure and gross domestic product are published on a monthly basis while the quarterly accounts offer more details.

Quarterly figures are calculated as the total of three months at quarterly releases. Quarterly figures will be updated only when publishing the third month in the quarter. This means that there may be a mismatch between the monthly and quarterly figures in the interim months. This applies mainly to seasonally adjusted numbers. That is, when you get a new observation (new month), it will normally affect the seasonally adjusted figures back in time. We do not update the QNA numbers that have also been sent to international organizations before the next quarters release. At the same time, we show figures for three-month growth. This is calculated by comparing a three-month period with the previous three-month period. For example, the volume change in July is given by comparing the period May-July with February-April. Figures for March, June, September and December will correspond to growth for a quarter. This means that users may get a continuous update of the quarterly figures by looking at the monthly publication.

Annual process and alignment

The MNA system is updated with a new base year every year (i.e. the latest final version of the annual accounts). The database for the annual accounts (box 1a), as well as the base data and coefficients in the harmonisation model (box 3) are updated. At the same time, it is possible to implement new indicators, carry out changes in the input series and in the model, etc. Such changes are not carried out in an ordinary monthly or quarterly process.

The recalculation of the monthly accounts is carried out by distributing the annual figures between the months using the original monthly figures as keys. The recalculated monthly accounts will then add up to the annual accounts at constant and current prices.

The harmonisation is based on the principle that the differences between the monthly changes to the original and harmonised series shall be as small as possible. The monthly accounts should add up to the figures in the annual accounts.

When the base year is updated the MNA for that year is aligned automatically.

Reference year

All figures are published at current prices and (for most sizes) constant prices (i.e. the accounts also specify volume and price changes). Constant-price estimates in the national accounts are calculated based on the previous year's prices; i.e. the base year is changed every year. Subsequently, data on volume changes are constructed in terms of growth rates and corresponding implicit data on changes in prices. In parallel, time series of volume figures are constructed by using prices from a reference year. The constant-price estimates are consistent with the data on changes in volume in the series of growth rates. Since the chaining is carried out separately for all items, the table components do not, however, necessarily add up to the totals of the same table.

The publication Quarterly national accounts gives more information about sources, methods and the processes used to calculate quaterly NA figures. This will be updated in the autumn of 2018 to include monthly national accounts.

 

Seasonal adjustment

The methods and routines used to produce seasonally adjusted figures are described in the chapter About seasonal adjustment.

Confidentiality

§ 2-6 of the Statistics Act states that data under no circumstances shall be published in such a way that they may be traced back to the supplier. This means that the general rule is not to publish data if there are fewer than three enterprises in an industry. In practice, this means that for some detailed industry categories, figures must be aggregated up to a more aggregated industry group before they can be published.

Comparability over time and space

Consistent monthly time series will exist back to 2016. Consistent quarterly time series will exist back to 1978 and annual time series back to 1970. Annual NA figures for the years 1865-1970 are based on the previous standards used for the national accounts and are not compatible with the up to date figures after the latest main revision of the NA.

Quarterly figures are calculated as the sum of three months. Quarterly figures will be updated only when publishing the third month in the quarter. This means that there may be mismatch between the monthly and quarterly figures in the interim months, see the description of the monthly process above.

Monthly figures, and thus quarterly figures, are aligned with the final annual national accounts figures, both in fixed and current prices. The other parts of the national accounts, such as income and capital accounts, and foreign accounts are also consistent and consistent with MNA.

Accuracy and reliability

Sources of error and uncertainty

The national accounts are based on various statistical sources. The sources are either survey data from establishments, enterprises or households, or data from registers. National accounts statistics reflect the inaccuracy in the statistical sources and the methods of compilation. Weaknesses and inaccuracy in the statistical sources are normally described in the documentation of the relevant sources.

Since the national accounts are an integrated system with balancing methods and consistency checks, the national accounts may reduce some of the inaccuracies in the statistical sources. On the other hand, national accounts require the compilation of statistics in areas where the sources are unsatisfactory, and the inaccuracy in such areas may therefore be significant. Some of the figures in the national accounts are estimated as residuals, and the uncertainty may be substantial in these areas. Examples are the compilation of changes in inventories and operating surplus by activity.

The EU Commission and Eurostat have completed a quality evaluation of the national accounts in all EEA countries. The conclusion was that "The Norwegian national accounts are of a high quality, soundly based on reliable and exhaustive sources, integrated in a system with a detailed product breakdown". (Report on the sources and methods used in compiling GNP in Norway, Eurostat/B1/CPNB/237/EN, 9 December 1997, Luxembourg.)

The International Monetary Fund (IMF) completed an evaluation of central parts of Norwegian macroeconomic statistics in autumn 2002, including the Norwegian national accounts. In the report IMF (2003), the Norwegian macroeconomic statistics, including the national accounts, got positive reviews: "In summary, Norway's macroeconomic statistics are of generally high quality." About the national accounts, the IMF also expressed that: "The source data for both the annual and the quarterly national accounts are generally sound and timely, and sufficiently portray reality."

The production of several of the sources that are used in the national accounts takes a considerable amount of time. Consequently, preliminary figures are more inaccurate than final figures.

In 2003, Statistics Norway carried out a project to evaluate the quality of the Norwegian QNA. The task of the project was to describe and evaluate the different processes in the system, and set up a plan for further work to improve quality. A project report was released in April 2004 (in Norwegian only). The report lists a variety of measures to increase quality, such as changes in the organisation of the QNA process, technical changes in the data system, an increase and improvement of the documentation related to the QNA system etc.

Another way of measuring the general quality of the QNA figures is to compare the preliminary annual figures from the first version of the annual accounts (by adding up the quarters in the QNA) with the final version. This was done in 2004. The article (in Norwegian only) looks at the growth rates of the main aggregates: GDP, GDP for mainland Norway, household consumption, government consumption, gross fixed capital formation, exports, imports and compensation of employees. For most variables, the study covers the years 1972-2002, while for some variables it covers the years 1993-2002. The study concludes that the preliminary figures generally had underestimated the growth rate in relation to the final figures, but that the overall picture did not differ too much.

 

Revision

The national accounts data for a specific month, quarter or year are revised in accordance with an ordinary publication and revision cycle. The monthly and quarterly figures within a specific year t have the status final 21 months after the end of the year. See Administrative information, Frequency and timeliness. In addition, periodical main revisions give revised figures. See Background and purpose. The table below shows the publication cycle for yearly and quarterly national accounts figures. In addition to what is stated in the table, monthly data will be published about 40 days after the end of the month. In May, year t (which coincides with the QNR for the first quarter), all months, also in year t-1, can be revised. After May year t, only the monthly figures for the current year are subject to revision.

Publication cycle for quarterly and yearly national accounts figures

Release date in:

 1st quarter year t

2nd quarter year t

3rd quarter year t

4th quarter year t

May, year t

First preliminary version

Revised 3 for year t-1

Revised 2 for year t-1

Revised 1 for year t-1

August, year t

Revised 1

Revised 5 for year t-1

Final for year t-2

First preliminary version

Revised 4 for year t-1

Final for year t-2

Revised 3 for year t-1

Final for year t-2

Revised 2 for year t-1

Final for year t-2

November, year t

Revised 2

Revised 1

First preliminary version

Revised 3 for year t-1

February, year t

Revised 3 for year t-1

Revised 2 for year t-1

Revised 1

First preliminary version for year t-1

About seasonal adjustment

General information on seasonal adjustment

What is seasonal adjustment?

Monthly and quarterly time series are often characterised by considerable seasonal variations, which might complicate inter-period comparability. Such time series are therefore subjected to a process of seasonal adjustment in order to remove the effects of seasonal fluctuations. Once data have been adjusted for seasonal effects by X-12-ARIMA or some other seasonal adjustment tool, a clearer picture of the time series emerge.

For more information on seasonal adjustment, please refer to Statistics Norway’s: metadata on methods: seasonal adjustment .

Why seasonally adjust these statistics?

Because of climatic conditions, public holidays and holidays in July and December, the intensity of the production varies throughout the year. The same applies to household consumption and other parts of the economy.

This makes a direct comparison of two consecutive months or quarters difficult. In order to adjust for these conditions, the quarterly national accounts are seasonally adjusted which makes it possible to conduct an analysis of the underlying change in economic activity between periods.

It is important to mention some factors of the seasonally adjustment of the MNA which has to be given specific attention compared to other short time economic indicators:

·        The series for the main aggregates in the MNA is a result of aggregation of many components. Statistics Norway has chosen that consistency between the components and the main aggregates also applies to the seasonally adjusted series to make it easy to identify which series contribute the most to the results.

·        Data may be exposed to some revisions each month as well as major revisions when the the preliminary national accounts are reconciled with final national accounts

Background information

·        To seasonally adjust the GDP (and all other aggregates) we use an indirect method. This is done in order to be able to explain the contributions to GDP-growth, and consensus is that this is the preferred method for this kind of data. Please see chapter below for more details on the direct vs. indirect approach to seasonal adjustment.

·          This method has given us some challenges related to the seasonally adjusted historical series. The reason is that series older than the base year are not additive. When a new base year is established, and the time series are updated, we use identical seasonal adjustment factors as before. This means that changes in seasonally adjusted data are only due to changes in the unadjusted data.

·          We use information from the entire period of the time series to estimate seasonal adjustment factors, but we use this information only from the year before the base year to the present.

The method chosen is in accordance with the ESS-Guidelines on seasonal adjustment .

Seasonally adjusted series

Over a thousand series are seasonally adjusted every month. The series are adjusted at a disaggregated level and then summed up to the main aggregates.

The series for gross value added at industry level are adjusted directly, as opposed to being calculated as the difference between production and intermediate consumption.

For final consumption expenditure of households, the series are seasonally adjusted by applying the seasonal factors that are estimated for the index of household consumption of goods (see the documentation for seasonal adjustment of the index of household consumption of goods).

 

Pre-treatment

Pre-treatment routines/schemes

Pre-treatment is an adjustment for variations caused by calendar effects and outliers.

  • We run a pre-treatment of some series/main series.

Calendar adjustment

Calendar adjustment involves adjusting for the effects of working days/trading days and for moving holidays. Working days/trading days adjustments are made for both the number of working days/trading days and for the varying composition of days from one month to another.

  • It is performed calendar adjustments on all series showing significant and plausible calendar effects within a statistically robust approach, such as regression or RegARIMA (a regression model with an ARIMA structure for the residuals).

Methods for trading/working day adjustment

  • RegARIMA correction – in this case, the effect of trading days is estimated in a RegArima framework. The effect of trading days can be estimated by using a correction for the length of the month or leap year, regressing the series on the number of working days, etc. In this case, the residuals will have an ARIMA structure.

Correction for moving holidays

  • We run an automati correction with X-12-ARIMA. The utomatic correction of raw data will be based on Norwegian holidays.

National and EU/euro area calendars

  • Use of the Norwegian calendar with X-12-ARIMA.

Treatment of outliers

Outliers, or extreme values, are abnormal values of the series

  • Outliers are detected automatically by the seasonal adjustment tool. The outliers are removed before seasonal adjustment is carried out, and then reintroduced into the seasonally adjusted data.

Model selection

Pre-treatment requires choosing an ARIMA model, as well as deciding whether the data should be log-transformed or not.

Decomposition scheme

The decomposition scheme specifies how the various components – basically trend-cycle, seasonal and irregular – combine to form the original series. The most frequently used decomposition schemes are the multiplicative and additive.

  • Manual selection of decomposition scheme after graphical inspection of the properties to the specific series.

Comments : Additive decomposition is used for series with (potential) negative values or values equal zero, otherwise multiplicative decomposition is used.

Seasonal adjustment

Choice of seasonal adjustment approach

  • X-12-ARIMA

Consistency between raw and seasonally adjusted data

In some series, consistency between raw and seasonally adjusted series is imposed.

  • No constraints are applied.

 

Consistency between aggregate/definition of seasonally adjusted data

In some series, consistency between seasonally adjusted aggregates and its components is imposed. For some series there is also a special relationship between the different series, e.g. GDP which equals production minus intermediate consumption.

  • Definitions and relationships that hold for unadjusted figures also apply for seasonally adjusted figures.

Comments : The supply side equals the use side also for seasonally adjusted figures. This implies that changes in stocks/statistical discrepancies are treated as a residual in the seasonally adjusted figures (balancing item). The series for gross value added are adjusted directly (see chapter 1.3) and are not required to match the difference between seasonally adjusted series for production and intermediate consumption (thus, vertical – not horizontal – consistency is imposed).

Direct versus indirect approach

Direct seasonal adjustment is performed if all time series, including aggregates, are seasonally adjusted on an individual basis. Indirect seasonal adjustment is performed if the seasonally adjusted estimate for a time series is derived by combining the estimates for two or more directly adjusted series.

  • Mixed indirect approach is applied

Comments : MNA uses aggregation routines outside X-12-ARIMA.

Horizon for estimating the model and the correction factors

When performing seasonal adjustment of a time series, it is possible to choose the period to be used in estimating the model and the correction factors. Correction factors are the factors used in the pre-treatment and seasonal adjustment of the series.

  • The whole time series is used to estimate the model and the correction factors

 

Audit procedures

General revision policy

Seasonally adjusted data may change due to a revision of the unadjusted (raw) data or the addition of new data. Such changes are called revisions, and there are several ways to deal with the problem of revisions when publishing the seasonally adjusted statistics.

  • Seasonally adjusted numbers are revised in accordance with a well-defined and publicly available revision policy and release calendar.

 

Concurrent versus current adjustment

  • The model, filters, outliers and regression parameters are re-identified and re-estimated as new or revised data become available.

Horizon for published revisions

  • The individual series will be revised when seasonal factors are re-estimated. Concerning the main aggregates the period of revisions is limited from the base year to the present.

Comments : This applies as long as the unadjusted figures before the base year remains unchanged. When a new base year is established, and the time series are updated, we use identical seasonal adjustment factors as before. This means that changes in seasonally adjusted data are only due to changes in the unadjusted data.

Quality of seasonal adjustment

Evaluation of seasonally adjustment data

  • Continuous/periodical evaluation using standard measures proposed by different seasonal adjustment tools.

 

Special cases

All series are sufficiently long to perform a seasonal adjustment.

 

Posting procedures

Data availability

  • Both unadjusted (raw), seasonally adjusted and sum rolling three months data are available.

Press releases

  • In addition to raw data, at least one of the following series is released: pre-treated, seasonally adjusted, seasonally plus working day adjusted trend-cycle series.
  • Both levels and growth rates are presented.
  • Empirical values are presented to evaluate revisions of data in earlier press releases.

References