National accounts, September 2010

Seasonally-adjusted figures for the total GDP show a drop of 1.6 per cent. The drop stems from a substantial slowdown in oil and gas extraction due to planned maintenance on several oil fields in the 3rd quarter.

Increased production of goods and services

Both goods and service producing industries grew in the 3rd quarter of 2010. Manufacturing rose by 1.9 per cent, due in part to growth in the machinery and other equipment n.e.c. industry as well as in basic chemicals. The construction industry advanced by 1.7 per cent.

Production of electricity and gas supply grew by 3.7 per cent from the 2nd to the 3rd quarter according to seasonally-adjusted figures, and contributed in isolation to 0.1 per cent of the growth in GDP of mainland Norway. This compares to the slowdown of output in this industry during the first half of 2010.

The activity in the private service producing industries rose by 0.7 per cent from the 2nd to the 3rd quarter. Increased wholesale and retail trade contributed the most, but positive growth rates were seen in most of the service producing areas. General government activity rose by 0.3 per cent for the second consecutive quarter.

Growth in households’ final consumption expenditures

Final consumption expenditures of households increased by 1.3 per cent, with growth in the consumption of both goods and services. Direct purchases abroad by resident households rose by 4.9 per cent, compared to a significant drop in the previous quarter, which was influenced by the reduced aviation activity following the volcano eruption in Iceland.

Final consumption expenditures of general government rose by 0.7 per cent, mainly due to growth of final consumption expenditures of health services in both local and central government.

Reduced investments in oil and gas extraction

Gross fixed capital formation in oil-related activity combined fell by almost 13 per cent in the 3rd quarter.

Households’ investments in dwellings grew by 2.2 per cent in the 3rd quarter, which is somewhat stronger than the two previous quarters.

Investments in the private sector of mainland Norway fell by 2.1 per cent. Gross fixed capital formation in manufacturing and mining and quarrying fell by 8.2 per cent. The largest drops in investment levels were seen in refined petroleum, chemical and mineral products as well as in machinery and other equipment n.e.c.

Exports of traditional goods expands

Exports of traditional goods increased by 2.2 per cent in the 3rd quarter, with the strongest contributors being fish and fish products and chemical and mineral products.

The fall in export volumes of crude oil and natural gas contributed to a drop in total exports of 1.3 per cent from the 2nd to the 3rd quarter. Imports of traditional goods fell by 1.7 per cent.

Modest increase in employment

Employment grew by 0.2 per cent in the 3rd quarter. The positive growth rate stems from increased employment in local government, wholesale and retail trade and construction. For other industries, the employment levels were relatively stable with the exception of business services, which had a fall in employment. Total hours worked increased by 0.3 per cent, following a reduction in sick leave.

Revisions of 2009 and 2010

Gross fixed capital formation in the oil-related industries is revised upwards with 7.5 percentage points in 2009 due to the incorporation of new information. This led the growth rate of GDP for mainland Norway to increase by 0.1 percentage points from 2008 to 2009.

For 2010 new information has been incorporated for the first two quarters. The unadjusted figures for GDP mainland Norway have been revised downwards by 0.1 percentage points in the 1st quarter, while the 2nd quarter has been revised upwards by 0.2 percentage points. This is mainly due to new information on the service producing industries. The seasonally-adjusted figures are revised upwards by 0.3 percentage points in the 1st quarter, while remaining the same for quarter two. The incorporation of new information on direct purchases abroad by resident households led to an upward revision of households’ final consumption expenditures.

Tables

Published tables