National accounts, September 2000

The growth rate of the overall GDP in the 1st quarter this year has been adjusted upwards from 1.1 to 1.2 per cent, while the decrease in the GDP in the 2nd quarter has been revised down from -0.2 to -0.8 per cent.

Decrease in final consumption of households

The final consumption expenditures among households and Non-profit Institutions Serving Households (NPISHs) went down by 0.2 per cent from the 2nd to the 3rd quarter, following a growth in the two previous quarters. The drop in the 3rd quarter resulted from lower consumption of goods, while consumption of services continued to increase. General government consumption expenditures increased by 0.8 per cent in the 3rd quarter compared with the previous one. The general government data are more uncertain than usual due to transition to a new reporting system.

Continued slowdown in investment activities

An increase in total gross fixed capital formation of 9.3 per cent in constant prices from the 4th quarter last year to the 1st one this year, was followed by a decrease of 4.9 and 7.2 per cent in the 2nd and 3rd quarters respectively. A drop in investments in the last quarter has been estimated for oil and shipping industries as well as manufacturing, other goods producing industries and general government. In other service industries, including dwelling services, the fixed capital formation increased.

In the 1st quarter the investment in oil activities has been revised upwards quite substantially by 2.5 billion kroner, offset by a corresponding revision in imports of ships and platforms, and thereby neutralising the effects on the GDP. This revision also had an impact on the development from the 1st to the 2nd quarter in the seasonally adjusted figures.

Increase in exports and decrease in imports

The overall exports at constant prices rose by 1.4 per cent from the 2nd to the 3rd quarter, following a reduction in the two previous quarters. Both exports of crude oil and natural gas, and ships and platforms had an increase in volume, while exports of traditional goods and services were lower in the 3rd quarter compared with the 2nd one.

Less imports of various products among both goods and services, led to a decrease in total imports at constant prices by 2.5 per cent from the 2nd to the last quarter.

Value added slightly down in the Mainland industries

The production activity in the Mainland industries, measuerd through value added, showed a slight decrease in the 3rd quarter, following an unchanged 2nd quarter compared with the previous one. In the 1st quarter, an increase of 1 per cent has been estimated. Most goods producing industries experienced a drop in value added in the 3rd quarter, in contrast to service industries where a slight increase in value added has been estimated.

In general government value added increased by 0.9 per cent in the 3rd quarter compared with the 2nd one.

In both total offshore oil and gas activities and the ocean shipping industry the value added increased from the 2nd to the 3rd quarter.

Growth in employed persons since the 3rd quarter of 1999

For employment and man-hours only non-seasonally adjusted figures are available. These reveal a growth in the number of employed persons from the 3rd quarter of 1999 to the 3rd quarter this year of 0.5 per cent. There was a reduction in goods producing industries while employment in service industries and general government increased. Total hours worked decreased by 2 per cent from the 3rd quarter last year to the 3rd quarter this year, mainly due to fewer working days and a rise in absence.