National accounts, June 2000

The growth rate of the overall GDP 1st quarter this year has been revised upwards from 1.0 to 1.1 per cent, while the Mainland GDP has been revised from 0.5 to 0.7 per cent.

The time of Easter gives higher uncertainty in the estimated seasonally adjusted figures for the 1st and the 2nd quarter.

Growth in final consumption of services

The final consumption expenditure among households and Non-profit Institutions Serving Households (NPIHs) increased by 0.5 from the 1st to the 2nd quarter, following a stronger growth the previous quarter. In the 2nd quarter consumption of services increased at a higher rate compared to goods, while the opposite took place in the 1st quarter. General government consumption expenditure increased from the 4th to the 1st quarter, followed by a drop from the 1st to the 2nd one.

Slowdown in total investment activities

An increase in the total gross fixed capital formation of 2.8 per cent in constant prices from the 4th to the 1st quarter this year, was followed by a decrease of 0.2 per cent from the 1st to the 2nd quarter. The investments in Mainland Norway was however, slightly higher in the 2nd quarter compared to the previous quarter. The growth was strongest in the manufacturing industries and in general government, while investments in other Mainland industries and dwellings decreased. In the petroleum industries investments increased from the 1st to the 2nd quarter, while investments in the shipping industry decreased.

Reduction of exports and increase of imports

The overall exports declined by 0.8 per cent from the 1st to the 2nd quarter, following a reduction in the previous quarter as well. Both exports of crude oil and natural gas and services experienced a reduction in volume. Total imports increased from the 1st to the 2nd quarter by 3.5 per cent. While there was an increase in imports of traditional goods, the imports of other goods and services decreased.

Value added increased in the service industries

In the 2nd quarter value added continued to grow in many service industries. Also in electricity supply and some primary industries value added increased. In both manufacturing industries and construction however, the value added decreased.

Growth in employment since 2nd quarter of 1999

For employment and man-hours only non-seasonally adjusted figures are available. These show a growth in employed persons from the second quarter of 1999 to the second quarter of this year of 0.8 per cent. There was a reduction in goods producing industries while employment in services industries and general government increased.