Economic Survey 2-2003

Over the past year, output growth in the Norwegian economy appears to have come to halt. According to the quarterly national accounts (QNA), mainland GDP fell both in the fourth quarter of last year and the first quarter of this year, and the fall followed an underlying decline also during the preceding half-year. Low electricity production through the winter this year owing to low water reservoir levels is part of the explanation. Excluding electricity production, growth was still negative for total mainland output. The decline in output also applied to manufacturing, other goods producing industries and the public sector. Only the private service sector exhibited growth.