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Unchanged picture of the Norwegian economy in 2006 and 2007
statistikk
2008-11-25T10:00:00.000Z
National accounts and business cycles
en
nr, Annual national accounts, gross domestic product, GDP, value added, GDP per capita, gross national income, export, import, wage costs, annual salary, man-labour years, man-hours, employees, capital stock, gross investments, household consumption, consumption in non-profit organisations, public consumption, material production, service production, input-output tables, oil investments, mainland NorwayNational accounts , National accounts and business cycles
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Annual national accounts, 2006-2007

As of 16 May 2017 the statistics will be published as Quarterly national accounts.

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Unchanged picture of the Norwegian economy in 2006 and 2007

Final annual national account numbers for 2006 and revised numbers for 2007 confirm the picture of strong growth in the Norwegian economy for those years. 2007 had the strongest growth in GDP Mainland Norway since 1971 and the increase was as much as 6.1 per cent.

The final annual national account numbers for 2006 show that GDP for Mainland Norway increased by 4.9 per cent, 0.1 percentage point higher than in earlier published figures. From 2006 to 2007 the revised preliminary national accounts show a growth of 6.1 per cent, 0.1 percentage point lower than earlier published figures. For total GDP the revised growth numbers has become 2.3 per cent for 2006 and 3.1 per cent for 2007, which is a downward revision of 0.2 and 0.6 percentage points respectively.

Volume growth rates of GDP 2000-2007. Percentage change from previous year. Total and Mainland Norway

The change of base year together with the incorporation of preliminary Structural Business Statistics for several industries is the cause of the revised numbers for 2007. Incorporation of new statistics for 2007 has only generated small changes in the figures for industries. It is the change of base year from 2005 to 2006 that has resulted in the downward revision of 0.6 percentage point of total GDP. Because of the strong growth in prices of oil and gas from 2005 to 2006, the extraction of oil and gas’ share of the total economy increased relatively much compared to the year before. This change the weight oil and gas extraction has on the economy as a whole explains almost all of the revision of GDP. The decline in oil and gas production itself was almost unchanged for 2007 compared to previous estimates.

The growth in the GDP for Mainland Norway was broadly based both in 2006 and in 2007. Especially service industries experienced strong growth. Wholesale and retail trade is revised up, while manufacturing industries are revised down. The explanation for the revision of wholesale and retail trade is found in the upward revision of consumption of goods (+0.9 percentage point), intermediate consumption (+2.6 percentage points) and gross fixed capital formation (+4.4 percentage points). The cause of the downward revision of the manufacturing industries is mainly connected to revisions of the price on intermediate consumption. For the year 2007 there are only small revisions of the growth rates of individual industries. GDP for Mainland Norway is almost unchanged.

Macroeconomic indicators. Volume growth from previous year. Per cent. Revicsed and earlier published numbers for 2006 and 2007
  2006 2007
  Revised Earlier Revisjon in
per cent point 		Revised Earlier Revisjon in
per cent point
Growth in gross domestic product (GDP) 2.3 2.5 -0.2 3.1 3.7 -0.6
Gross domestic produkt Mainland Norway 4.9 4.8 0.1 6.1 6.2 -0.1
Petroleum activities and ocean transport -5.3 -4.1 -1.2 -4.9 -4.6 -0.3
Mainland Norway (basic values) 4.3 4.8 -0.5 5.9 6.1 -0.2
Manufacturing and mining 3.1 7.1 -4.0 5.4 4.7 0.7
Production of other goods -2.1 -0.7 -1.4 7.2 9.3 -2.1
Service industries 7.5 6.5 1.0 6.9 7.0 -0.1
General government 1.0 2.2 -1.2 3.2 3.3 -0.1
             
Final domestic use of goods and services            
Household final consumption exp 5.0 4.6 0.4 6.1 6.4 -0.3
Final consumption exp. of general government 1.9 2.9 -1.0 3.4 3.6 -0.2
Gross fixed capital formation. 11.7 7.3 4.4 8.4 9.3 -0.9
Mainland Norway 11.9 7.6 4.3 9.3 9.4 -0.1
             
Total exports 0.0 0.4 -0.4 2.5 2.8 -0.3
Total imports 8.4 8.1 0.3 7.5 8.7 -1.2
             
             
Growth in employed persons and productivity            
Employed persons 3.6 3.4 0.2 4.1 4.0 0.1
Houers worked 3.1 2.6 0.5 4.4 4.2 0.2
Full-time equivalent 4.8 4.9 -0.1 5.6 5.6 0.0
GDP per houers worked -0.9 0.0 -0.9 -1.2 -0.6 -0.6
             
Growth in prices            
Price deflator for GDP 8.5 8.4 0.1 2.2 1.6 0.6
Price deflator for GDP Mainland Norway 3.9 3.6 0.3 2.8 2.4 0.4
Price deflator for Houshold final consumption exp. 1.8 2.1 -0.3 0.6 0.6 0.0

Statistic Norway's revised national accounts are available as of the 25th of November. Links include National Accounts :

National accounts, annual, final national accounts 2006 an preliminary national accounts 2007 , National accounts, Institutional Sector Accounts for 2006 and preliminary accounts 2007, quarterly national accounts for third quarter of 2008.

For more details see StatBank .