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20539
Downward revision of growth rate for GDP
statistikk
2009-11-24T10:00:00.000Z
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, 2007-2008

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

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Downward revision of growth rate for GDP

The final national account for 2007 confirms historical growth in GDP Mainland Norway at 5.6 per cent in 2007, despite a downward revision of 0.5 percentage points. The preliminary national account for 2008 estimates the growth for GDP Mainland Norway at 2.2 per cent.

Volume growth rates of GDP 2000-2008. Percentage change from previous year. Total and Mainland Norway.

Also for 2008, GDP Mainland Norway is adjusted from a growth of 2.8 to 2.2 per cent. The preliminary national account shows that the gross domestic product (GDP) increased by 1.8 per cent in 2008. This is a downward adjustment of 0.3 percentage points compared to earlier published figures. GDP for 2007 shows a growth of 2.7 per cent, which is 0.4 percentage points down from earlier published figures.

The cause of the revision for 2007 can be found in the adjustment of value added for manufacturing industries. Even though the production shows increased growth and is revised up by more than 4 percentage points, intermediate consumption is adjusted even more. This has resulted in a reduction of the growth rate of value added by 2.0 percentage points to a growth of 3.3 per cent. Additionally, the growth of industries in production of other goods is adjusted down in 2007 and contributes to the downward revision of the growth rate for GDP Mainland Norway. For 2008, the change is due to a downward revision of manufacturing industries together with post and telecommunication and business services.

Macroeconomic indicators. Volume growth from previous year. Per cent. Revised and earlier published numbers for 2007 and 2008
  2007 2008
  Revised Earlier Revision in
per cent point 		Revised Earlier Revision in
per cent point
Growth in gross domestic product (GDP) 2.7 3.1 -0.4 1.8 2.1 -0.3
Gross domestic produkt Mainland Norway 5.6 6.1 -0.5 2.2 2.6 -0.4
Petroleum activities and ocean transport -5.0 -4.9 -0.1 0.6 0.8 -0.2
Mainland Norway (basic values) 4.9 4.8 0.1 2.7 3.1 -0.4
Manufacturing and mining 3.2 5.4 -2.2 2.3 2.9 -0.6
Production of other goods 5.3 7.2 -1.9 3.4 2.1 1.3
Service industries 6.1 6.9 -0.8 2.4 3.3 -0.9
General government 3.0 3.2 -0.2 3.5 3.4 0.1
             
Final domestic use of goods and services            
Household final consumption exp 5.6 6.1 -0.5 1.2 1.3 -0.1
Final consumption exp. of general government 3.0 3.4 -0.4 4.1 3.8 0.3
Gross fixed capital formation. 12.5 8.4 4.1 1.4 3.9 -2.5
Mainland Norway 15.7 9.3 6.4 1.0 2.4 -1.4
             
Total exports 2.3 2.5 -0.2 0.9 1.4 -0.5
Total imports 8.6 7.5 1.1 2.2 4.4 -2.2
             
Growth in employed persons and productivity            
Employed persons 4.1 4.1 0.0 3.1 3.1 0.0
Hours worked 4.5 4.4 0.1 3.4 3.4 0.0
Full-time equivalent 5.5 5.6 -0.1 6.0 5.8 0.2
GDP per hours worked -1.6 -1.2 -0.4 -1.5 -1.2 -0.3
             
Growth in prices            
Price deflator for GDP 2.4 2.2 0.2 10.0 9.6 0.4
Price deflator for GDP Mainland Norway 3.3 2.8 0.5 3.2 3.5 -0.3
Price deflator for Houshold final consumption exp. 1.0 0.6 0.4 3.7 3.8 -0.1

Statistic Norway's revised national accounts are available as of 24 November. Links include National Accounts :

National accounts, annual, final national accounts 2007 and preliminary national accounts 2008 , National accounts, Institutional Sector Accounts for 2007 and preliminary accounts 2008 , quarterly national accounts.

For more details see StatBank .