90384
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90384
Continued cyclical upturn in mainland economy
statistikk
2012-11-20T10:00:00.000Z
National accounts and business cycles
en
knr, National accounts, gross domestic product, GDP, value added, gross product by industry, gross investments, household consumption, consumption in non-profit organisations, public consumption, material production, service production, export, import, wage costs, employment, man-hours, oil investments, mainland NorwayNational accounts , National accounts and business cycles
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National accountsSeptember 2012

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Continued cyclical upturn in mainland economy

GDP for mainland Norway grew by 0.7 per cent in the 3rd quarter of 2012. A fall in the production of electricity had a negative impact of 0.2 percentage points. Marked growth was seen in service-producing industries as well as in manufacturing industries geared towards petroleum activities.

Gross fixed capital formation and consumption. Seasonally adjusted. Volume indices. 2010=100

Gross domestic product. Seasonally adjusted. Volume indices. 2010=100

In manufacturing, growth was especially evident in production of machinery and equipment and ships and oil platforms, whereas traditional export-oriented industries such as the manufacture of basic metals and metal products and paper and paper products showed a decline from the 2nd to the 3rd quarter, according to preliminary seasonal and calendar-adjusted constant price figures. Manufacture and mining grew in total by 2.7 per cent.

Negative contribution from electricity production

Other goods-producing industries made a negative contribution to the growth in GDP of mainland Norway in the 3rd quarter, in particular the fall in production and distribution of electricity, as well as traditional fisheries. Construction was about at the same level as in the 2nd quarter of 2012, after continued growth since the 1st quarter of 2011.

Dichotomy also in service-producing industries

In service-producing industries excluding general government, marked growth was seen in technical services and administrative and support service activities. Services linked to petroleum activities were on the rise. Wholesale and retail trade also showed a marked increase in the 3rd quarter. Service-producing industries excluding general government grew in total by 0.8 per cent.

Value added in general government grew by 0.4 per cent, up from the stagnation seen in the 2nd quarter, in which activity was affected by strikes. Value added in local and central government increased by 0.5 per cent and 0.3 per cent respectively.

Extraction of crude oil and natural gas fell by 7.7 per cent in the 3rd quarter; partly due to planned maintenance, technical problems and strikes, which contributed to a decline in total GDP of 0.8 per cent.

Gross domestic product 3rd quarter 2011-3rd quarter 2012. Percentage change in volume from the previous period (seasonally adjusted)
 
 2010     20113rd quarter 20114th quarter 20111st quarter 20122nd quarter 20123rd quarter 2012
 
Gross domestic product (GDP)0.51.22.1-0.11.41.0-0.8
GDP Mainland-Norway1.72.51.00.50.90.80.7
Petroleum activities and ocean transport-4.0-3.36.5-2.43.21.8-6.3
Final domestic use of goods and services3.23.41.23.1-0.51.30.8
Final consumption exp. of households4.02.50.51.00.80.80.9
Final consumption exp. of general government1.31.81.00.0-0.11.20.2
Gross fixed capital formation-8.07.67.11.71.31.00.9
Exports0.4-1.84.3-3.33.80.5-3.1
Imports9.03.82.15.4-1.31.41.1
        
Total employed-0.51.30.70.20.80.70.5
Total man-hours worked0.11.81.00.50.60.40.5
 

Marked growth in household consumption of services

Households' consumption of services was up 1 per cent from the 2nd to the 3rd quarter of 2012, in which the strongest contributions were from the consumption of recreation and transport services. Consumption of goods grew by 0.2 per cent, after a rise of 1.1 per cent in the 2nd quarter. Lower consumption of food, beverages and electricity and increased consumption of transportation, clothing and footwear were seen in the figures for the 3rd quarter.

Households' consumption abroad was up by 3.1 per cent and contributed in isolation to a rise in the final consumption expenditure of households of 0.2 percentage points.

Higher imports and lower exports

Exports fell by 3.1 per cent in the 3rd quarter, mainly due to the decline in exports of oil and gas. Exports of traditional goods were slightly up in the 3rd quarter; the export of machinery and equipment increased while electricity fell.

Imports of traditional goods rose by 1.9 per cent. Imports of services were also on the rise. Repair and installation of machinery and equipment contributed strongly to the total increase of services of 3.6 per cent. Total imports grew by 1.1 per cent.

Increased investments in household dwellings

Household gross fixed capital formation (GFCF) in dwellings grew by 6.8 per cent in the 3rd quarter, up from 3.7 per cent in the 2nd quarter. In 2011, preliminary figures show an increase of 22 per cent in investment in dwellings, after a steady decline from the 2nd half of 2007.

GFCF in general government also rose slightly from the 2nd to the 3rd quarter, while GFCF in industries was lower than in the previous quarter. Investments in petroleum activities remained at a high level.

Higher employment

There has been marked growth in employed persons throughout the quarters of 2012. In the 3rd quarter, employment grew by 0.5 per cent. In particular, employment in manufacturing industries, construction and petroleum activities was on the rise.

Revisions

When compiling figures for the 3rd quarter, final annual figures for 2010 from annual national accounts have been incorporated into the quarterly national accounts. For an overview of the main revisions in the yearly figures, please see separate article . The quarters from 2010 and onwards have been open for revision, both due to the incorporation of annual national accounts for 2010 and newly available information. For an overview of the revisions in the main aggregates in the quarters of 2012, please see the table below.

 

Revised figures of final expenditure and gross domestic product. Percentage change in volume
 
 1st quarter 20122nd 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)1.41.54.44.61.01.24.75.0
GDP Mainland Norway0.91.24.94.90.81.03.33.7
Household final consumtion expenditure0.81.14.34.60.81.12.32.7
Final consumption of general government-0.1-0.33.02.71.21.02.21.8
Gross fixed capital formation1.3-0.24.85.51.02.711.513.4
Exports3.82.04.03.60.51.34.84.2
Imports-1.3-2.1-2.6-2.41.4-0.18.15.6
 
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 quarter3rd quarter
 
Sweden2.52.11.51.80.50.91.0-1.10.70.7..
Denmark0.41.11.3-0.70.20.5-0.3-0.30.4-0.4..
Finland0.73.3-0.82.2-0.20.61.0-0.70.9-1.1..
Germany0.72.20.70.61.20.50.4-0.10.50.30.2
France0.30.70.40.40.90.10.20.00.0-0.10.2
UK0.60.70.6-0.40.50.10.5-0.4-0.3-0.41.0
USA0.60.60.60.60.00.60.31.00.50.30.5
Norway1.1-0.9-1.72.0-0.50.52.1-0.11.41.0-0.8
 
 

Tables

Published tables