National accounts, June 2009

The GDP for Mainland Norway was up by 0.3 per cent in the 2 ^{n d} quarter after falling in the previous two quarters, according to seasonally-adjusted figures. Increased household and government final consumption expenditure contributed significantly to the growth, while gross fixed capital formation in extraction of oil and gas had a particularly negative impact on the GDP. The economic downturn in the past year has contributed to a drop in the GDP for Mainland Norway by 2.2 per cent in the first half of 2009 compared to the same period in 2008.

Increased activity services, drop in production of goods

Increased activity in service industries, particularly in business services, wholesale and retail trade, post and telecommunications - as well as in general government - contributed to the growth in GDP for Mainland Norway.

For the fourth quarter in a row, value added in manufacturing fell. The reduction in the 2 ^{n d} quarter was 1.4 per cent. However, compared with the two previous quarters, the decrease was less pronounced. Large parts of manufacturing have been hit by the lower international activity during the latter quarters. From the 1 ^{s t} to the 2 ^{n d} quarter, units producing chemical and mineral products and machinery and other equipment particularly reduced their activity. Value added in production of wood and wood products, however, was up after several quarters of reductions.

The drop in production of electricity had a negative impact of approximately 0.2 percentage points on the GDP for Mainland Norway. Value added in construction was down by 0.8 per cent, but the drop was less pronounced than in the previous two quarters.

However, the total GDP was down by 1.3 per cent in the 2 ^{n d} quarter as a result of reduced value added in extraction of oil and gas.

Growth in household final consumption expenditure

Household consumption was up by 0.6 per cent in the 2 ^{n d} quarter. Increased consumption of cars accounted for nearly 60 per cent of the rise in household consumption of goods. The growth in household consumption of services was up by 0.4 per cent. Reduced direct purchases abroad by resident households and lower consumption of electricity made a negative contribution to the total.

Final consumption expenditure of general government was up by 2.0 per cent due to growth in both central and local government.

Increased gross fixed capital formation in Mainland Norway

Gross fixed capital formation in Mainland Norway rose by 0.9 per cent in the 2 ^{n d} quarter. The increase was among other things due to a growth in gross fixed capital formation in general government. For the eighth consecutive quarter, household investments in dwellings were down in the 2 ^{n d} quarter. The decrease in the 2 ^{n d} quarter was about the same as in the previous two quarters.

The investments in extraction of oil and gas were down in the 2 ^{n d} quarter from a very high level in the 1 ^{s t} quarter. The gross fixed capital formation in oil and gas extraction accounts for more than a quarter of the total gross fixed capital formation in Norway.

Increased imports of traditional goods

After four quarters in a row of reductions, imports of traditional goods increased by 1.2 per cent in the 2 ^{n d} quarter. Increased imports of cars contributed to the growth.

Exports were down by 2.9 per cent, mainly due to a strong decline in exports of oil and gas. Exports of traditional goods were down by 0.2 per cent in the 2 ^{n d} quarter.

Unchanged employment

The employment was approximately unchanged in the 2 ^{n d} quarter of 2009. Increased employment in local government health and social services and business services made a positive contribution, while employment in manufacturing fell by 0.9 per cent. This is the third consecutive quarter with reduced employment in manufacturing.

Revisions of 2009

As part of the regular revision routines, figures for the 1 ^{s t} quarter are revised as the 2 ^{n d} quarter is published. There is no new information for the 4 ^{t h} quarter. However, revisions of the 1 ^{s t} quarter figures and figures for the 2 ^{n d} quarter have altered the estimation of the seasonal variations. This incorporation of new information has led to a downward revision of the seasonally-adjusted GDP for Mainland Norway of 0.2 percentage points in the 4 ^{t h} quarter, and of 0.3 percentage points in the 1 ^{s t} quarter.

Tables

Published tables