Slow growth in the mainland economy continues

The monthly figures are volatile. It is therefore advisable to assess the development over three-month periods. Extraction of oil and natural gas fell slightly in January, but grew again in February, such that the three-month growth ended at 8.4 per cent. Total GDP (i.e., including petroleum and overseas shipping) grew 1.1 per cent in the from the previous three-month period, according to new figures from National accounts.

Manufacturing grew 0.3 per cent, mainly driven up by construction of oil platforms and modules. The service industry contributed the most to the three-month growth in the gross domestic product for mainland Norway. Among the contributors were services incidental to oil and gas extraction, real estate activities and financial and insurance activities. The retail industry grew 0.8 per cent in February following two consecutive months of decline. Altogether, the service industry grew 0.3 per cent in the period December-February.

Production of other goods fell 1.7 per cent from September-November. The decline was in large driven by negative contributions from aquaculture, fishing and production of electricity in December. Construction is still experiencing growth, but at a slower pace than before the summer.

Consumption

Household consumption declined 0,4 per cent in December-February compared to September-November. Consumption of services grew 0,5 per cent during the same period, while consumption of goods fell 1,5 per cent. Electricity consumption, in particular, dampened the three-month growth in consumption of goods.

Foreigners’ purchases in Norway increased 4 per cent in the three-month period, whereas Norwegian households’ purchases abroad grew 1.6 per cent. Public consumption grew 1 per cent in the same period.

Investments

Gross investments declined 3 per cent from September-November to December-February and fell 0,7 per cent in February. Investment in dwellings fell 6.2 per cent over the three-month period and increased 1.2 per cent from January to February.

Monthly figures regarding petroleum, manufacturing, mining and power supply investments follows information on planned investments, as reported by firms in the industry.

Imports and exports

Total exports increased 2.4 per cent from September-November to December-February, while the exports of traditional goods fell 0.9 per cent. Exports of crude oil and natural gas grew 8.5 per cent in the three-month period. Both imports of traditional goods and total imports fell 0.1 per cent in the same period.

Revisions

With new monthly figures come revisions. The statistics used will not normally be subject to a revision, but seasonally adjusted series may, however, be changed. This is a consequence of new information being incorporated into the seasonal adjustment.