National accounts, September 1999

In the 2nd quarter of 1999 growth in the GDP was approximately zero. For mainland Norway the GDP in the 3rd quarter increased by 1.5 per cent.

The positive development in GDP in 3rd quarter was mainly affected by growth in the balance of trade and services. A growth in the export price of crude petroleum and natural gas of nearly 60 per cent from the 3rd quarter 1998 to the 3rd quarter 1999, contributed strongly to the increase in price and value of the GDP of 7.8 and 10.3 respectively. Gross fixed capital formation decreased by 5.9 per cent in volume in the same period.

Seasonally adjusted figures

Seasonally adjusted figures show a growth in the GDP in volume from the 2nd to the 3rd quarter of 1999 of 2.4 per cent. The growth in GDP in this period was influenced by an increase in gross fixed capital formation.

According to preliminary seasonally adjusted figures, there was an increase in gross fixed capital formation of 7.5 per cent in volume from the 2nd to the 3rd quarter this year. This growth follows a drop of 5.4 per cent from the first to the 2nd quarter. Investment in the manufacturing industry was approximately unchanged, while there was an increase in some service industries. <br/><br/>The seasonally adjusted figures for consumption expenditures in households and

Non-profit Institutions Serving Households (NPISHs) show an increase of 0.8 per cent from the 2nd to the 3rd quarter this year. In the same period consumption in general government was reduced by 0.6 per cent. Compared with the 2nd quarter this year, seasonally adjusted figures show lower export volumes and higher import volumes in the 3rd quarter.

Increased surplus on the current account

Growth in export of crude petroleum and natural gas in volume of 6.0 per cent in the 3rd quarter this year compared with to the same quarter last year, contributed strongly to the rise in total export. At the same time the import volume was reduced with 2.2 per cent. The rise in the export price of crude petroleum and natural gas, also strongly affected the surplus on the current account. Preliminary figures for 3rd quarter 1999 give a surplus on the balance of trade of 18.5 billion and a surplus on the current account of 13.1 billion.

Slight growth in consumption expenditure

Preliminary figures show a growth in volume in the consumption in households and NPISHs of 1.9 per cent from the 3rd quarter last year to the 3rd quarter 1999. The increase in the households' consumption of services was stronger than the increase in the households' consumption of goods; 2.8 and 0.7 per cent respectively. For general government consumption there was an increase of 1.5 per cent.

Decline in investments<br/>In the 3rd quarter it was, as in the 1st and 2nd quarter, a decline in gross fixed capital formation relative to the same quarter last year. The fall in gross fixed capital formation in volume amounted to 5.9 per cent in the 3rd quarter. The decline was particularly strong in the manufacture industry, with a reduction of 33.6 per cent. For general government it was a growth in fixed capital formation in volume of 1.2 per cent. Investment in central government increased by 3.8 per cent, while it was a slight reduction in the local government.

Value added reduced in the manufacturing industry

From the 3rd quarter 1998 to the 3rd quarter 1999, value added in the manufacturing industry was lowered by 3.2 per cent in volume. In construction it was a decline of 1.5 per cent in the same period. Value added in petroleum industries, including services, and in electricity and gas supply, increased by 6.6 and 9.4 per cent respectively. For service activities, excluding general government, value added increased by 1.6 per cent.

Figures for employment unchanged

Preliminary calculations show nearly the same level on total employment measured in employed persons in 3rd quarter as in 2nd quarter this year. Statistics Norway now also publishes for the first time estimates for hours worked as a part of the quarterly national account system. The calculations give a reduction of 0.7 per cent in the 3rd quarter compared with the 2nd quarter. The reduction in the third quarter is due to increased absence from work and that employees more often work part-time.