Quarterly national accounts, 4th quarter 1998:

Slight upward adjustment of GDP growth rate in 1998

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According to revised national accounts figures, Norway's gross domestic product (GDP) increased by 2.1 per cent in volume from 1997 to 1998. This is a small upward adjustment from two per cent, the previously projected growth rate. The growth rate for Mainland Norway was adjusted upwards from 2.9 to 3.3 per cent. The new calculations show that there was a current account deficit of NOK 16.3 billion in 1998. Previously published figures showed a deficit of NOK 9.2 billion.

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Total final domestic uses of goods and services grew 5.4 per cent in volume from 1997 to 1998, an upward adjustment of about one percentage point. Gross fixed capital formation increased by 8.1 per cent in volume while general government final consumption expenditure increased by 3.7 per cent. Both figures were adjusted upwards compared with previously published figures. Growth of final consumption expenditure for households and non-profit institutions was estimated at 3.1 per cent, about the same growth rate as previously calculated.

Service industries excluding general government had an overall increase in production measured by volume of 4.3 per cent in 1998, a slight upward revision of earlier estimates. The sharpest growth in output was seen in post and telecommunications and in business services. Both of these industries had an estimated volume growth of more than eight per cent.

The upward adjusted current account deficit is mainly due to new figures for imports of oil platforms and ships in 1998. Overall growth in imports measured by volume was revised upwards from 6.9 to 9.1 per cent. The revised figures show a volume growth in overall exports of 0.5 per cent from 1997 to 1998, the same as previously published.

New preliminary figures for 1997
As a result of the revision of the 1997 figures, the GDP has been revised upwards from 3.4 to 4.3 per cent, while the growth in Mainland Norway has been revised upwards from 3.7 to 4.4 per cent. Final consumption expenditure for households and non-profit institutions has been revised upwards from 3.4 to 3.7 per cent. The new figures show that the volume growth in gross fixed capital formation was about 15 per cent measured by volume, an upward adjustment of 2.5 percentage points. Exports and imports grew at about the same rate as previously projected.

Downward adjustment of GDP growth for 1996
The final national accounts for 1996 show a volume growth of 4.9 per cent in GDP, while earlier estimates showed 5.5 per cent. Overall growth in final consumption expenditure for households and non-profit institutions is now estimated at 5.3 per cent, an upward adjustment from 4.7 per cent. Final consumption expenditure in local government in 1996 was adjusted downwards from 3.2 to 2.6 per cent, while the revision of central government final consumption expenditure was insignificant.

Several industrial figures have been revised following the introduction of new structural statistics. In manufacturing volume growth in value added has been estimated at 1.1 per cent, while earlier estimates showed a growth of 2.3 per cent. In service industries value added growth was adjusted upwards from 4.4 to 4.7 per cent. In other goods-producing industries and general government activities the value added trend was revised downwards.

New Statistics
Quarterly national accounts, 4th quarter 1998.
The statistics are published annually in the Weekly Bulletin of Statistics and Official Statistics of Norway (NOS) National Accounts Statistics. For more information contact: Pia.Tonjum@ssb.no, tel. +47 21 09 48 34, Karin.Snesrud@ssb.no, tel. +47 21 09 48 81, or Kristian.Gimming@ssb.no, tel. +47 21 09 44 17.

Weekly Bulletin issue no. 17, 1999