The solid growth in mainland GDP continues

Both the three-month growth and the monthly growth in mainland GDP was pulled up by the primary industries. The high three-month growth is still largely due to a weak autumn in agriculture following the summer’s drought, whereas the monthly growth is pulled up by strong figures for fishing in January. Retail contributed positively to both monthly and three-month growth, as did services incidental to oil and gas. The service industries overall grew 0.7 per cent in November to January compared to August to November, and 0.3 per cent from December to January.

Construction also contributed to the three-month growth, although the industry saw a decline from December to January.

Manufacturing declined slightly in January, but increased growth in the preceding months resulted in a 1.8 per cent growth from November to January compared to August to October.

Continued weak household consumption

Household consumption was somewhat stronger in November to January compared to August to October. The weak consumption growth is mainly due to a 0.3 per cent decline in the consumption of goods. The decline is primarily explained by reduced car purchases, as well as other goods such as furniture and appliances. Food and beverage consumption rose and somewhat dampened weak growth in consumption of goods. Three-month growth in service consumption is estimated at 0.5 per cent, which is about the same rate as the previous periods.

Final consumption expenditure in general government also shows steady growth and increased by 0.5 per cent in the period November to January.

Slight growth in investments in dwellings

Investments fell 1.3 per cent in November to January compared to August to October. This must be seen in connection with registered investments in military aircrafts in September. Investments grew 2 per cent from December to January.

Investment in dwellings fell somewhat through 2018 but picked up slightly after the summer and now shows an increase of 1.8 per cent from December to January and 0.7 per cent in the three months to January.

Good monthly information for other investments is lacking. This means that information on planned investments, as reported by firms in the industry, is used for petroleum, manufacturing, mining and power supply investments. Planned investments in petrol activities displays a 5.2 per cent growth over the last three-month period.

Imports and exports

Exports of traditional goods grew 4.7 per cent in November to January. Refined and chemical products especially, contributed to the growth. Exports of traditional goods grew 1.2 per cent in January. Imports of traditional goods grew 2.4 per cent over the three-month period. January experienced a 5.6 per cent growth.

Revisions of previously published figures

With new monthly figures, comes 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. As additional months are included in the data, the effect of new observations will become ever smaller.

Quarterly growth for mainland GDP in Q4 published on February 8th has not been revised.