National accounts, September 2004

According to preliminary figures, GDP growth for mainland Norway was 0.7 per cent from the second quarter to the third quarter of this year, following an increase of 1.0 per cent from the first to second quarter. The main driving forces behind this development were increased activity in services and manufacturing. GDP for Norway, including oil, fell by 0.9 per cent from the second to the third quarter.

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Growth in manufacturing

In manufacturing, the growth in value added has been moderate throughout 2003 and until the second quarter of 2004. The second quarter of 2004 saw a turnaround, however. The value added grew by 1.5 per cent in the third quarter of 2004. The development has been positive for food products, beverages and tobacco, machinery and other equipment and furniture. Chemicals and minerals have experienced lower growth.

Decreasing oil and gas extraction

Preliminary, seasonally adjusted figures for crude oil and natural gas extraction show a relatively strong reduction in production in the third quarter. The 8.3 per cent fall in value added in the third quarter can mainly be attributed to planned maintenance. A strike in the third quarter did not have serious effects on Norwegian oil production.

Increased final household consumption expenditure

According to preliminary, seasonally adjusted volume figures, there was a 0.8 per cent increase in final household consumption expenditure in the third quarter. If we compare the growth in volume in final household consumption expenditure so far this year with the same period last year, we see a growth of 4.4 per cent.

The increase in consumption of goods in the third quarter was somewhat lower than average. This weak development can primarily be attributed to a decrease in consumption of books, tobacco and recreational equipment. Direct purchases abroad by resident households remained virtually unchanged in the same period. If we compare the growth in volume of direct purchases abroad by resident households so far this year with the same period last year, the growth is more than 11 per cent.

Strong increase in investment activity

According to seasonally adjusted figures, investment activity in mainland Norway excluding general government has picked up, and third quarter growth was 3.9 per cent. This marks a break with the downward trend that has lasted for three years. The seasonally adjusted figures show that the turnaround came in the fourth quarter of 2003.

Dwelling services grew by 3.1 per cent in the third quarter following a growth of 2.9 per cent and 6.2 per cent in the first and second quarter of 2004, respectively.

Preliminary figures also show that investment activity in general government was 2.6 per cent lower in the first three quarters of 2004 than in the same period in 2003.

Gross capital formation within oil and gas extraction have shown an upward trend over the last three years, and the growth continued in the third quarter of 2004.

Strong growth in imports

The volume of total imports increased by 4.0 per cent in the third quarter, following a growth of 3.5 per cent and 2.2 per cent in the first quarter and the second quarter of 2004, respectively. The relatively strong growth in the third quarter is due to a rise in imports of goods related to oil extraction and production activity and due to an increase in imports of machinery and metal products.

The preliminary figures for the volume of exports of traditional goods grew by 5.4 per cent in the third quarter of this year. The increase can mainly be attributed to higher exports of refined oil products. Exports of traditional goods excluding refined petroleum products show an increase of 3.8 per cent.

Higher employment

Preliminary, seasonally adjusted employment figures show a relatively strong increase in employment in the second quarter, followed by a slight increase of 0.2 per cent in the third quarter.

Growth in wages and salaries per full-time equivalent has been estimated to be 4.0 per cent higher in the third quarter of 2004 than in third quarter of 2003 - a higher growth rate than the 3.7 per cent increase in the second quarter of 2004.

Revised figures for first and second quarter of 2004

On the basis of new information, some figures for the first two quarters of 2004 have been adjusted. GDP growth for mainland Norway, seasonally adjusted, remained unchanged in the first half of 2004. Investment activity growth for mainland Norway in the first quarter previously showed an increase of 0.1 per cent, but has now been adjusted down to a slight decrease from the fourth quarter of 2003. Total import growth figures have been adjusted up from an increase of 1.3 per cent to an increase of 2.2 per cent in the second quarter of 2004. The other macroeconomic figures have only been marginally adjusted.

Statistics Norway also publishes final national accounts for 2002 and preliminary national accounts for 2003 .

Tables

Published tables