Annual national accounts, 1991-2001

GDP and household consumption expenditures are 1 to 3 per cent higher than figures previously published for the years 1991-2001 (scarcely 1 per cent in the first years). The current external balance was adjusted upwards as a result of new information on exports of services. Additionally, the introduction of new structural statistics has led to changes in the distribution of GDP and employment figures among industries.

Stronger GDP growth in the 1990s

The new National Accounts figures show stronger volume growth in the Gross Domestic Product than earlier calculated for all of the years between 1995 and 1999. The revisions are particularly large for 1999, where the earlier calculations were based upon Quarterly National Accounts and a less detailed database. The growth rate in GDP for Mainland-Norway was revised from 1.0 up to 2.7 per cent for 1999. Incorporation of figures from the structural statistics has resulted in stronger growth for business services and other service industries.

Higher GDP level

The annual GDP's measured in current prices have been adjusted upwards for all the years back to 1991. The adjustment added NOK 15 billion (1.4 per cent) to the GDP in 1997, the last year with a complete account before the revision. For 1999, the BNP is close to NOK 36 billion or 3 per cent higher than previously estimated. The most important contributors to a higher GDP level are the incorporation of new information on construction and service industries, new calculations of the consumption of fixed capital in the general government, and a new definition of production in the forestry industry.

Household consumption has been adjusted upwards for each of the revised years. A new classification based up a new international standard has been incorporated. There are three major classes where the consumption estimates have been considerably increased as measured in absolute figures: Recreation and culture, transport and hotel and restaurant services.

General government consumption figures were upwardly adjusted by 3-4 per cent. The main causes were definition changes and a strong upwards adjustment in the calculated capital consumption. The classification of consumption by purpose was revised according to a new international standard for expenses in the general government.

Revised figures for 2000 and 2001: Small revisions

There are new preliminary figures for 2000 and 2001 with revised level figures for 1999 used as the projection basis. The new figures show small revisions for the growth rates in GDP in constant prices for 2000 and 2001. For Mainland-Norway the volume growth has been calculated as 1.9 and 1.2 per cent respectively. This is a small upward adjustment of 0.1 and 0.2 percentage points to the previous figures. Household consumption expenditure estimates have also increased in both years, while the consumption expenditure growth in government has been adjusted downwards in 2000 and upwards in 2001.

New structural figures for the industries

The inclusion of figures from new structural statistics has led to an upwards adjustment of value added in the construction industry, wholesale and retail trade, post and telecommunications, hotels and restaurants and business services.

Within the forestry industry, production and value added estimates have significantly increased. In accordance with international guidelines, a change of definitions was established so that production also includes net growth in cultivated forest. The production of dwelling services was adjusted downward by 7 per cent for 1997 based on survey data on actual rents for 1998, 1999, and 2000.

Compensation of employees and employment

Total compensation of employees was revised with an increase of NOK 7 billion (1.4 per cent) for 1997 and 10 billion (1.7 per cent) for 1999. The compensation of employees estimates have increased the most for business services. In addition, construction, hotels and restaurants, some transport industries and central government have higher compensation of employees than previously calculated. New industry figures for employed persons, full-time equivalent persons, and hours worked have also been calculated. The total numbers of employed persons and hours worked have been slightly adjusted upwards to 0.6 per cent for the years 1991-2001.

Foreign economy

The most important change that affected the foreign economy results was the positive adjustment in figures for exports of services beginning in and continuing from 1995. In 1997, the export value of total services was revised with an increase of NOK 12 billion (12 per cent) of which NOK 7.5 billion were due to finance and business services. Imports of goods and services revisions have had an increase of NOK 2.5 billion. Current external balance has accordingly been revised upwards by 2.5 billion NOK for 1997.

Background for the revision

Statistics Norway has in the last years developed new structural statistics for many industries. For construction, wholesale and retail trade, business services etc. and transport, the changes were so extensive in relation to earlier statistics that this information could not be incorporated on a consistent basis as was done for manufacturing. Therefore in 1999, SSB decided to effect a revision of figures for the National Accounts. The purpose was to utilize the new structural statistics and other new statistics in a coordinated and concentrated effort to improve the quality of the Nation Accounts time series.

In addition to the structural statistics, new price indices have been incorporated into the National Accounts, including new indices for exports/imports and quality adjusted indices for individual capital goods

The new figures for 1991-1999 are new final figures. The figures from 2000 and 2001 use revised figures from 1999 as a projection basis and are extrapolated with the help of data from the Quarterly National Accounts. These figures are therefore preliminary.

For more information see Economic Survey 2/2002: Revised national accounts figures: Stronger growth in the 1990s [pdf].