365503
/en/nasjonalregnskap-og-konjunkturer/statistikker/knr/maaned
365503
statistikk
2019-07-09T08:00:00.000Z
National accounts and business cycles
en
knr, National accounts, gross domestic product, GDP, value added, gross product by industry, gross investments, household consumption, consumption in non-profit organisations, public consumption, material production, service production, export, import, wage costs, employment, man-hours, oil investments, mainland NorwayNational accounts , National accounts and business cycles
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National accounts

Updated

Next update

Key figures

0.7 %

seasonally adjusted three-month volume growth for GDP mainland Norway

Final expenditure and gross domestic product. Rolling three-month sum. Seasonally adjusted. Percentage change in volume12
20172018November 2018 - January 2019December 2018 - February 2019January 2019 - March 2019February 2019 - April 2019March 2019 - May 2019
1Figures from 2017 onwards are preliminary.
2Volume change in rolling three months is calculated by comparing a three-month period with the previous three-month period, for example GDP in May to July compared with February to April. Furthermore, a quarter will be the sum of three months. For example, the January-March period will refer to the first quarter.
Gross domestic product2.01.40.50.30.00.10.4
Gross domestic product Mainland Norway2.02.21.00.70.40.40.7
Petroleum activities and ocean transport1.7-3.8-3.6-2.9-3.0-2.7-1.9
Final domestic use of goods and services2.61.91.00.10.10.50.8
Final consumption expenditure of households and NPISH2.22.00.20.30.60.80.8
Final consumption expenditure of general government2.51.20.50.70.90.40.1
Gross fixed capital formation (GFCF)3.61.00.1-2.3-2.21.26.8
Total exports-0.2-0.70.31.32.20.60.6
Total imports1.60.61.90.62.61.91.6
 
Employed persons1.11.50.5
Total hours worked0.31.60.5

See selected tables from this statistics

Table 1 
Final expenditure and gross domestic product. Monthly. Seasonally adjusted figures. Percentage change in volume from the previous period

Final expenditure and gross domestic product. Monthly. Seasonally adjusted figures. Percentage change in volume from the previous period1
October 2018November 2018December 2018January 2019February 2019March 2019April 2019May 2019
1Figures from 2017 onwards are preliminary
2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices
3Includes oil and gas extraction, transport via pipelines and ocean transport
Final consumption expenditure of households and NPISHs0.40.2-0.20.30.11.0-0.5-0.1
¬ Household final consumption expenditure0.40.2-0.20.30.11.0-0.5-0.1
¬¬ Goods-0.30.4-0.30.10.02.2-1.4-0.3
¬¬ Services0.30.00.30.30.10.60.10.0
¬¬ Direct purchases abroad by resident households4.9-0.5-1.12.00.3-2.01.3-0.3
¬¬ Direct purchases by non-residents0.70.24.00.9-0.42.70.6-0.1
¬ Final consumption expenditure of NPISHs0.60.10.6-0.10.60.60.1-0.1
Final consumption expenditure of general governmen-0.10.10.20.9-0.20.1-0.30.1
¬ Final consumption expenditure of central government-0.50.00.31.2-0.30.1-0.50.0
¬¬¬ Central government, civilian-0.4-0.10.21.2-0.30.2-0.50.0
¬¬¬ Central government, defence-1.20.80.40.90.4-0.5-0.30.0
¬ Final consumption expenditure of local government0.30.20.10.5-0.10.2-0.10.1
Gross fixed capital formation (GFCF)1.9-1.0-0.9-1.2-1.52.95.84.2
¬ Extraction and transport via pipelines (GFCF)7.3-0.60.1-5.00.51.29.40.5
¬ Ocean transport (GFCF)121.7-87.3-0.7965.9-90.70.1....
¬ Mainland Norway (GFCF)0.2-0.5-1.2-0.9-1.33.35.15.0
¬¬ Mainland Norway excluding general government (GFCF)1.8-1.3-1.60.6-1.94.24.23.9
¬¬¬ Industries (GFCF)1.9-2.3-1.8-0.3-2.97.55.65.4
¬¬¬¬ Services activities incidential to extraction (GFCF)-0.3-1.1-0.317.7-3.53.1-12.93.6
¬¬¬¬ Other services (GFCF)0.6-3.3-4.00.4-3.77.1-0.710.8
¬¬¬¬ Manufacturing and mining (GFCF)7.6-0.11.17.8-1.53.428.92.7
¬¬¬¬ Production of other goods (GFCF)2.0-1.21.8-7.8-1.511.76.9-4.6
¬¬¬ Dwelling service (households) (GFCF)1.60.6-1.12.2-0.2-0.91.71.3
¬¬¬ General government (GFCF)-3.81.3-0.3-4.80.20.97.67.8
Acquisitions less disposals of valuables15.9-5.9-10.011.8-2.12.3-3.56.1
Changes in stocks and statistical discrepancies5.616.2-7.7-0.218.2-16.7-27.1-50.5
Gross capital formation2.31.0-1.8-1.01.00.01.7-0.6
Final domestic use of goods and services0.80.4-0.60.00.30.50.2-0.2
Final demand from Mainland Norway (excl. changes in stocks)0.20.0-0.30.2-0.31.30.81.1
Final demand from general government-0.80.30.1-0.3-0.10.31.21.6
Total exports0.7-0.8-0.64.9-2.90.01.50.0
¬ Traditional goods (export)5.46.2-2.22.1-1.6-2.50.51.8
¬ Crude oil and natural gas (export)3.2-7.60.61.0-2.71.5-3.13.9
¬ Ships, oil platforms and aircraft (export)-75.2-18.3-22.8689.4-84.7111.5319.6-72.9
¬ Services (export)-2.7-1.00.36.11.00.30.00.9
Total use of goods and services0.80.1-0.61.3-0.50.40.5-0.2
Total imports-0.51.1-2.54.5-1.00.61.3-1.8
¬ Tradisjonelle varer (import)2.4-2.41.75.1-2.30.91.8-3.9
¬ Crude oil and natural gas (import)-9.623.3-43.2-0.518.1-2.36.0-76.4
¬ Ships, oil platforms and aircraft (import)-46.297.7-56.87.7-3.521.38.346.7
¬ Services (import)1.4-1.00.43.50.7-1.1-0.10.2
Gross domestic product, market values21.2-0.30.10.2-0.40.30.30.4
Gross domestic product Mainland Norway, market values21.30.00.10.3-0.20.40.40.3
Petroleum activities and ocean transport30.5-2.4-0.5-0.9-1.4-0.5-0.91.1
Gross domestic product Mainland Norway, basic values1.20.10.20.4-0.30.40.40.3
¬ Mainland Norway excluding general government (GDP)1.50.10.10.4-0.30.40.50.4
¬¬ Manufacturing and mining (GDP)1.70.21.7-0.70.3-0.52.00.3
¬¬ Production of other goods (GDP)6.7-1.4-1.11.0-2.00.51.31.4
¬¬ Service activities (GDP)0.20.50.20.50.10.50.10.2
¬ General government (GDP)0.30.10.30.2-0.20.20.10.1
Taxes and subsidies products2.1-0.60.00.0-0.10.70.60.1

Table 2 
Final expenditure and gross domestic product. Rolling three-month sum. Seasonally adjusted. Percentage change in volume

Final expenditure and gross domestic product. Rolling three-month sum. Seasonally adjusted. Percentage change in volume123
August 2018 - October 2018September 2018 - November 2018October 2018 - December 2018November 2018 - January 2019December 2018 - February 2019January 2019 - March 2019February 2019 - April 2019March 2019 - May 2019
1Volume change in rolling three months is calculated by comparing a three-month period with the previous three-month period, for example GDP in May to July compared with February to April. Furthermore, a quarter will be the sum of three months. For example, the January-March period will refer to the first quarter.
2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices.
3Includes oil and gas extraction, transport via pipelines and ocean transport.
Final consumption expenditure of households and NPISHs0.20.20.50.20.30.60.80.8
¬ Household final consumption expenditure0.20.20.40.20.30.60.70.8
¬¬ Goods-0.2-0.3-0.1-0.30.00.81.01.2
¬¬ Services0.60.60.60.60.60.70.80.8
¬¬ Direct purchases abroad by resident households-0.10.02.31.71.60.60.3-0.4
¬¬ Direct purchases by non-residents-0.20.51.73.34.94.43.63.2
¬ Final consumption expenditure of NPISHs0.61.11.51.21.00.91.21.0
Final consumption expenditure of general governmen-0.10.10.10.50.70.90.40.1
¬ Final consumption expenditure of central government-0.1-0.2-0.30.30.81.20.50.0
¬¬¬ Central government, civilian0.0-0.2-0.30.20.71.20.50.1
¬¬¬ Central government, defence-0.8-0.8-0.60.61.31.60.7-0.1
¬ Final consumption expenditure of local government0.00.30.50.70.60.60.30.2
Gross fixed capital formation (GFCF)2.94.82.50.1-2.3-2.21.26.8
¬ Extraction and transport via pipelines (GFCF)3.53.94.81.4-1.2-4.41.06.3
¬ Ocean transport (GFCF)......158.11.027.2-97.4-99.6
¬ Mainland Norway (GFCF)2.64.51.6-0.4-2.5-1.71.67.4
¬¬ Mainland Norway excluding general government (GFCF)1.63.01.3-0.4-2.0-0.72.27.4
¬¬¬ Industries (GFCF)2.14.71.9-1.3-3.9-1.83.111.3
¬¬¬¬ Services activities incidential to extraction (GFCF)12.05.60.04.29.215.44.6-2.0
¬¬¬¬ Other services (GFCF)1.96.31.1-3.2-6.8-3.6-0.57.8
¬¬¬¬ Manufacturing and mining (GFCF)5.45.77.67.88.38.716.626.3
¬¬¬¬ Production of other goods (GFCF)0.20.30.7-1.9-4.1-4.43.610.7
¬¬¬ Dwelling service (households) (GFCF)0.70.20.31.01.21.10.81.2
¬¬¬ General government (GFCF)5.48.52.2-0.4-3.8-4.2-0.17.1
Acquisitions less disposals of valuables3.74.25.0-1.0-2.91.32.14.2
Changes in stocks and statistical discrepancies-24.6-6.710.024.09.74.8-6.6-35.4
Gross capital formation-0.93.33.42.6-0.8-1.30.21.2
Final domestic use of goods and services-0.21.11.21.00.10.10.50.8
Final demand from Mainland Norway (excl. changes in stocks)0.71.10.60.2-0.20.20.92.1
Final demand from general government0.91.60.50.3-0.2-0.10.31.5
Total exports0.2-0.4-0.70.31.32.20.60.6
¬ Traditional goods (export)0.82.06.36.54.40.7-2.5-2.0
¬ Crude oil and natural gas (export)1.50.3-2.1-4.5-3.9-2.6-1.9-0.8
¬ Ships, oil platforms and aircraft (export)-17.7-14.4-67.6-10.49.0200.642.560.5
¬ Services (export)-1.0-3.1-4.2-1.13.16.85.43.3
Total use of goods and services-0.10.70.80.80.40.60.50.7
Total imports-0.92.71.11.90.62.61.91.6
¬ Tradisjonelle varer (import)0.01.11.22.53.64.22.80.9
¬ Crude oil and natural gas (import)-2.832.36.6-9.9-33.5-20.7-5.7-16.3
¬ Ships, oil platforms and aircraft (import)-17.274.58.15.7-44.9-24.7-16.548.6
¬ Services (import)-0.6-0.50.31.12.73.52.30.4
Gross domestic product, market values0.20.10.60.50.30.00.10.4
Gross domestic product Mainland Norway, market values0.20.61.21.00.70.40.40.7
Petroleum activities and ocean transport-0.1-3.7-3.0-3.6-2.9-3.0-2.7-1.9
Gross domestic product Mainland Norway, basic values0.20.71.21.20.80.50.40.7
¬ Mainland Norway excluding general government (GDP)0.10.81.41.40.90.50.50.8
¬¬ Manufacturing and mining (GDP)0.80.61.71.82.00.50.70.8
¬¬ Production of other goods (GDP)-1.61.84.13.00.1-1.4-1.00.8
¬¬ Service activities (GDP)0.40.60.80.90.90.90.80.8
¬ General government (GDP)0.50.50.50.60.60.40.30.3
Taxes and subsidies products0.40.00.80.20.2-0.10.51.1

Table 3 
Final expenditure and gross domestic product. Quarter and year. At current prices. NOK million

Final expenditure and gross domestic product. Quarter and year. At current prices. NOK million1
201720181st quarter 20182nd quarter 20183rd quarter 20184th quarter 20181st quarter 2019
1Figures from 2017 onwards are prelimanry
2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices
3Includes oil and gas extraction, transport via pipelines and ocean transport.
Final consumption expenditure of households and NPISHs1 471 7641 532 940360 741387 756377 295407 148379 643
¬ Household final consumption expenditure1 391 5561 447 257339 831365 318358 442383 665357 129
¬¬ Goods634 565658 573152 081165 966160 917179 609157 912
¬¬ Services683 128713 766171 166180 269180 437181 894182 191
¬¬ Direct purchases abroad by resident households118 498121 05424 48831 32236 71528 52925 336
¬¬ Direct purchases by non-residents-44 634-46 135-7 903-12 239-19 627-6 366-8 309
¬ Final consumption expenditure of NPISHs80 20885 68320 91022 43818 85223 48322 514
Final consumption expenditure of general governmen797 402831 790203 380214 302206 068208 040212 168
¬ Final consumption expenditure of central government401 276416 638101 331106 618103 233105 456106 428
¬¬¬ Central government, civilian355 552368 63889 96694 32591 64092 70794 389
¬¬¬ Central government, defence45 72548 00011 36612 29211 59312 74912 038
¬ Final consumption expenditure of local government396 126415 152102 049107 684102 834102 585105 740
 
Gross fixed capital formation (GFCF)824 553853 215195 003212 396215 276230 539212 855
¬ Extraction and transport via pipelines (GFCF)150 949154 60331 90738 88340 18243 63038 400
¬ Ocean transport (GFCF)4 13689757466-199456604
¬ Mainland Norway (GFCF)669 467697 716162 522173 447175 293186 454173 851
¬¬ Industries (GFCF)295 781312 04869 01279 90377 71185 42375 686
¬¬¬ Services activities incidential to extraction (GFCF)2 4813 4568986339061 0191 346
¬¬¬ Other services (GFCF)188 393189 43543 94148 69746 67650 12146 762
¬¬¬ Manufacturing and mining (GFCF)37 23843 0218 70510 5989 91513 80312 087
¬¬¬ Production of other goods (GFCF)67 66976 13715 46819 97520 21420 48015 491
¬¬ welling service (households) (GFCF)198 590192 26548 43847 34547 43549 04748 712
¬¬ General government (GFCF)175 097193 40245 07246 19950 14851 98349 452
Acquisitions less disposals of valuables42446911512498132132
Changes in stocks and statistical discrepancies106 075122 58245 29229 11714 17334 00051 497
Gross capital formation931 052976 267240 410241 637229 548264 672264 484
 
Final domestic use of goods and services3 200 2183 340 997804 531843 695812 910879 860856 295
Final demand from Mainland Norway (excl. changes in stocks)2 938 6333 062 445726 643775 504758 656801 642765 661
Final demand from general government972 4991 025 192248 452260 501256 216260 024261 619
 
Total exports1 196 9401 345 339319 783327 053346 581351 922335 675
¬ Traditional goods (export)381 312410 98199 017103 49798 660109 807108 658
¬ Crude oil and natural gas (export)459 457569 384138 955130 254146 729153 446138 890
¬ Ships, oil platforms and aircraft (export)14 21511 4633 6593 6913 1001 0132 792
¬ Services (export)341 957353 51178 15289 61198 09287 65685 336
 
Total use of goods and services4 397 1584 686 3361 124 3141 170 7491 159 4911 231 7821 191 970
 
Total imports1 092 7201 150 723264 388294 755291 223300 357291 956
¬ Tradisjonelle varer (import)635 645687 013160 869175 302168 452182 390184 225
¬ Crude oil and natural gas (import)13 52924 3225 4516 7896 3595 7233 836
¬ Ships, oil platforms and aircraft (import)50 01937 7508 90610 7068 4629 6767 306
¬ Services (import)393 527401 63889 162101 958107 950102 56896 589
 
Gross domestic product, market values23 304 4393 535 612859 926875 993868 268931 425900 014
Gross domestic product Mainland Norway, market values22 798 1102 907 049707 503729 969707 473762 104747 551
 
Petroleum activities and ocean transport3506 328628 563152 423146 024160 796169 321152 463
Gross domestic product Mainland Norway, basic values2 422 9242 511 267614 760630 826607 833657 847651 479
¬ Mainland Norway excluding general government (GDP)1 808 1971 865 565459 001463 154448 329495 082488 113
¬¬ Manufacturing and mining (GDP)213 593207 15252 36751 59849 07854 10954 499
¬¬ Production of other goods (GDP)324 111355 71690 27779 87486 36299 20395 808
¬¬ Service activities (GDP)1 270 4941 302 697316 358331 681312 889341 770337 806
¬ General government (GDP)614 728645 702155 759167 672159 505162 765163 366
Taxes and subsidies products375 186395 78292 74399 14399 639104 25796 072

Table 4 
Final expenditure and gross domestic product. Quarter and year. At constant 2016-prices. NOK million

Final expenditure and gross domestic product. Quarter and year. At constant 2016-prices. NOK million1
201720181st quarter 20182nd quarter 20183rd quarter 20184th quarter 20181st quarter 2019
1Figures from 2017 onwards are preliminary
2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices
Final consumption expenditure of households and NPISHs1 443 4441 472 827350 198373 103362 603386 924358 795
¬ Household final consumption expenditure1 364 7401 390 845329 601351 989344 101365 153337 241
¬¬ Goods625 914631 126147 286160 345154 094169 402147 651
¬¬ Services669 032685 834166 191172 651172 758174 235173 139
¬¬ Direct purchases abroad by resident households113 236117 56323 76430 61235 68627 50024 262
¬¬ Direct purchases by non-residents-43 441-43 678-7 640-11 618-18 436-5 983-7 811
¬ Final consumption expenditure of NPISHs78 70481 98220 59721 11318 50121 77021 554
Final consumption expenditure of general governmen778 468787 731196 581198 126196 429196 595198 858
¬ Final consumption expenditure of central government391 089393 61798 39298 59298 55798 07699 526
¬¬¬ Central government, civilian346 231348 42387 10387 25387 24986 81888 083
¬¬¬ Central government, defence44 85845 19411 28811 33911 30911 25811 443
¬ Final consumption expenditure of local government387 379394 11498 19099 53497 87198 51999 333
 
Gross fixed capital formation (GFCF)818 871827 399190 747206 656209 142220 855205 877
¬ Extraction and transport via pipelines (GFCF)159 147163 40633 72541 45843 02645 19843 108
¬ Ocean transport (GFCF)3 90275049525-211442553
¬ Mainland Norway (GFCF)655 822663 244156 527165 174166 328175 215162 216
¬¬Næringer (bruttoinvestering)290 345297 75966 55976 35874 27280 57070 656
¬¬¬ Services activities incidential to extraction (GFCF)2 4363 3048686088689591 268
¬¬¬ Other services (GFCF)185 026180 99242 39446 53144 69847 36943 672
¬¬¬ Manufacturing and mining (GFCF)36 45040 9158 38410 1179 44412 97011 250
¬¬¬ Production of other goods (GFCF)66 43472 54914 91319 10219 26219 27214 466
¬¬ Dwelling service (households) (GFCF)194 017182 28246 65244 95344 68545 99345 555
¬¬ General government (GFCF)171 460183 20343 31643 86347 37048 65346 005
Acquisitions less disposals of valuables41444411011793124121
Changes in stocks and statistical discrepancies107 799120 70143 28827 19915 03935 17550 360
Gross capital formation927 084948 545234 144233 973224 274256 154256 358
 
Final domestic use of goods and services3 148 9963 209 102780 923805 201783 305839 673814 012
Final demand from Mainland Norway (excl. changes in stocks)2 877 7342 923 801703 306736 403725 359758 734719 869
Final demand from general government949 927970 933239 897241 989243 799245 248244 864
 
Total exports1 096 1041 088 560264 518272 103276 421275 517271 843
¬ Traditional goods (export)361 646371 48189 55493 29888 223100 40697 756
¬ Crude oil and natural gas (export)379 333361 40695 40985 79688 84891 35290 736
¬ Ships, oil platforms and aircraft (export)14 45911 4943 7223 7133 0659942 642
¬ Services (export)340 666344 17975 83489 29696 28682 76480 709
 
Total use of goods and services4 245 1004 297 6621 045 4421 077 3051 059 7261 115 1901 085 854
 
Total imports1 064 0251 070 592248 083276 657271 534274 318268 235
¬ Tradisjonelle varer (import)613 190628 702148 756161 746154 462163 739164 315
¬ Crude oil and natural gas (import)10 97415 4413 7584 2133 8263 6452 591
¬ Ships, oil platforms and aircraft (import)49 62435 3438 25710 3527 9508 7838 016
¬ Services (import)390 237391 10687 312100 347105 29698 15193 313
 
Gross domestic product, market values23 181 0713 227 070797 358800 648788 193840 872817 619
Gross domestic product Mainland Norway, market values22 767 6312 829 146694 030704 666690 583739 868719 871
 
Petroleum activities and ocean transport413 440397 924103 32895 98297 610101 00497 748
Gross domestic product Mainland Norway, basic values2 398 3342 454 976604 512610 740597 272642 452628 558
¬ Mainland Norway excluding general government (GDP)1 797 8701 840 870453 136457 229443 284487 222474 139
¬¬ Manufacturing and mining (GDP)208 289210 20151 57753 22950 02455 37054 821
¬¬ Production of other goods (GDP)316 784323 77583 21873 54077 56189 45684 166
¬¬ Service activities (GDP)1 272 7971 306 894318 341330 460315 699342 395335 152
¬ General government (GDP)600 464614 106151 376153 511153 988155 230154 419
Taxes and subsidies products369 297374 17089 51893 92593 31197 41691 313

Table 5 
Final expenditure and gross domestic product. Quarter and year. Percentage change in volume from the same period in the previous year

Final expenditure and gross domestic product. Quarter and year. Percentage change in volume from the same period in the previous year1
201720181st quarter 20182nd quarter 20183rd quarter 20184th quarter 20181st quarter 2019
1Figures from 2017 onwards are prelimanry
2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices.
3Includes oil and gas extraction, transport via pipelines and ocean transport.
Final consumption expenditure of households and NPISHs2.22.00.84.01.81.62.5
¬ Household final consumption expenditure2.21.90.93.71.71.42.3
¬¬ Goods1.60.81.42.7-0.2-0.40.2
¬¬ Services2.52.50.24.42.72.74.2
¬¬ Direct purchases abroad by resident households2.73.84.53.53.44.12.1
¬¬ Direct purchases by non-residents-0.60.58.80.5-2.40.22.2
¬ Final consumption expenditure of NPISHs2.74.2-0.59.03.64.94.6
Final consumption expenditure of general governmen2.51.22.31.71.0-0.21.2
¬ Final consumption expenditure of central government1.80.61.81.10.6-1.01.2
¬¬¬ Central government, civilian1.90.61.91.10.6-1.01.1
¬¬¬ Central government, defence1.00.71.71.60.7-1.01.4
¬ Final consumption expenditure of local government3.21.72.72.31.40.61.2
 
Gross fixed capital formation (GFCF)3.61.0-3.60.12.94.57.9
¬ Extraction and transport via pipelines (GFCF)-3.82.7-10.2-0.412.58.427.8
¬ Ocean transport (GFCF)-68.2-80.8-49.6-97.6..977.011.8
¬ Mainland Norway (GFCF)7.01.1-1.70.91.93.33.6
¬¬ Industries (GFCF)9.32.6-5.28.61.25.56.2
¬¬¬ Services activities incidential to extraction (GFCF)15.935.665.6133.412.59.146.0
¬¬¬ Other services (GFCF)12.3-2.2-9.71.9-2.11.33.0
¬¬¬ Manufacturing and mining (GFCF)-2.512.2-0.723.615.711.234.2
¬¬¬ Production of other goods (GFCF)8.19.24.017.82.612.7-3.0
¬¬ Dwelling service (households) (GFCF)7.0-6.0-4.0-7.9-8.6-3.6-2.4
¬¬ General government (GFCF)3.66.87.2-1.615.86.86.2
Acquisitions less disposals of valuables5.57.40.415.76.27.610.3
Changes in stocks and statistical discrepancies2.312.0-12.5251.4-5.01.216.3
Gross capital formation3.52.3-5.49.22.34.09.5
 
Final domestic use of goods and services2.61.9-0.84.91.71.94.2
Final demand from Mainland Norway (excl. changes in stocks)3.31.60.62.71.61.52.4
Final demand from general government2.72.23.11.13.61.12.1
 
Total exports-0.2-0.7-2.4-0.60.00.22.8
¬ Traditional goods (export)1.72.71.56.0-1.54.89.2
¬ Crude oil and natural gas (export)1.5-4.7-4.2-8.7-4.2-1.8-4.9
¬ Ships, oil platforms and aircraft (export)-16.1-20.5-50.226.662.7-54.3-29.0
¬ Services (export)-3.21.00.00.64.3-1.26.4
 
Total use of goods and services1.91.2-1.23.41.31.53.9
 
Total imports1.60.6-3.03.31.70.38.1
¬ Tradisjonelle varer (import)2.72.5-0.96.33.01.710.5
¬ Crude oil and natural gas (import)26.440.765.334.134.234.6-31.0
¬ Ships, oil platforms and aircraft (import)-2.2-28.8-49.4-21.7-18.6-14.9-2.9
¬ Services (import)-0.10.20.31.10.9-1.46.9
 
Gross domestic product, market values22.01.4-0.63.51.11.92.5
Gross domestic product Mainland Norway, market values22.02.2-0.24.81.82.63.7
 
Petroleum activities and ocean transport31.7-3.8-3.4-5.5-3.2-3.0-5.4
Gross domestic product Mainland Norway, basic values1.92.4-0.35.11.92.74.0
¬ Mainland Norway excluding general government (GDP)1.72.4-1.16.21.73.04.6
¬¬ Manufacturing and mining (GDP)0.00.9-4.64.01.62.96.3
¬¬ Production of other goods (GDP)3.02.21.06.4-1.12.91.1
¬¬ Service activities (GDP)1.72.7-1.16.52.43.05.3
¬ General government (GDP)2.32.32.42.22.52.12.0
Taxes and subsidies products2.91.30.12.90.91.42.0

Table 6 
Final expenditure and gross domestic product. Quarter and year. Percentage change in prices from the same period in the previous year

Final expenditure and gross domestic product. Quarter and year. Percentage change in prices from the same period in the previous year1
201720181st quarter 20182nd quarter 20183rd quarter 20184th quarter 20181st quarter 2019
1Figures from 2017 onwards are prelimanry
2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices.
3Includes oil and gas extraction, transport via pipelines and ocean transport.
Final consumption expenditure of households and NPISHs2.02.12.11.62.12.62.7
¬ Household final consumption expenditure2.02.12.01.62.02.52.7
¬¬ Goods1.42.92.22.13.34.03.6
¬¬ Services2.11.91.91.91.92.02.2
¬¬ Direct purchases abroad by resident households4.6-1.62.3-2.5-2.1-3.21.3
¬¬ Direct purchases by non-residents2.72.81.72.63.23.52.8
¬ Final consumption expenditure of NPISHs1.92.62.31.72.43.52.9
Final consumption expenditure of general governmen2.43.12.82.82.93.83.1
¬ Final consumption expenditure of central government2.63.22.42.53.24.53.8
¬¬¬ Central government, civilian2.73.02.32.63.14.13.7
¬¬¬ Central government, defence1.94.23.12.14.07.64.5
¬ Final consumption expenditure of local government2.33.03.23.12.73.12.4
 
Gross fixed capital formation (GFCF)0.72.42.11.52.93.01.1
¬ Extraction and transport via pipelines (GFCF)-5.2-0.2-1.8-2.31.02.1-5.8
¬ Ocean transport (GFCF)6.012.810.0138.8-7.8-8.9-5.8
¬ Mainland Norway (GFCF)2.13.12.92.43.63.33.2
¬¬ Industries (GFCF)1.92.92.91.93.53.13.3
¬¬¬ Services activities incidential to extraction (GFCF)1.82.72.11.53.63.22.7
¬¬¬ Other services (GFCF)1.82.82.91.83.43.03.3
¬¬¬ Manufacturing and mining (GFCF)2.22.92.72.23.63.13.5
¬¬¬ Production of other goods (GFCF)1.93.03.02.13.73.23.2
¬¬ Dwelling service (households) (GFCF)2.43.02.72.73.53.23.0
¬¬ General government (GFCF)2.13.43.02.83.93.83.3
Acquisitions less disposals of valuables2.63.02.52.63.23.63.8
Changes in stocks and statistical discrepancies-1.63.24.33.74.0-1.6-2.3
Gross capital formation0.42.52.51.93.02.40.5
 
Final domestic use of goods and services1.62.42.42.02.62.82.1
Final demand from Mainland Norway (excl. changes in stocks)2.12.62.42.12.63.12.9
Final demand from general government2.43.12.82.83.13.83.2
 
Total exports9.213.29.512.819.910.82.1
¬ Traditional goods (export)5.44.95.03.57.24.10.5
¬ Crude oil and natural gas (export)21.130.117.634.150.422.25.1
¬ Ships, oil platforms and aircraft (export)-1.71.40.3-0.75.52.97.5
¬ Services (export)0.42.33.01.22.13.22.6
 
Total use of goods and services3.65.34.34.77.24.92.1
 
Total imports2.74.75.53.65.74.02.1
¬ Tradisjonelle varer (import)3.75.45.94.66.74.73.7
¬ Crude oil and natural gas (import)23.327.822.636.441.212.72.1
¬ Ships, oil platforms and aircraft (import)0.86.08.00.18.68.3-15.5
¬ Services (import)0.81.83.40.52.21.41.4
 
Gross domestic product, market values23.95.53.95.17.75.22.1
Gross domestic product Mainland Norway, market values21.11.61.40.91.52.71.9
 
Petroleum activities and ocean transport322.529.018.134.047.620.45.7
Gross domestic product Mainland Norway, basic values1.01.31.00.51.02.41.9
¬ Mainland Norway excluding general government (GDP)0.60.80.4-0.20.72.01.6
¬¬ Manufacturing and mining (GDP)2.5-3.9-0.8-6.9-5.4-2.4-2.1
¬¬ Production of other goods (GDP)2.37.43.66.09.310.64.9
¬¬ Service activities (GDP)-0.2-0.1-0.2-0.4-0.50.51.4
¬ General government (GDP)2.42.72.62.71.93.62.8
Taxes and subsidies products1.64.14.03.24.94.41.6

Table 7 
Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. At current prices. NOK million

Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. At current prices. NOK million1
201720181st quarter 20182nd quarter 20183rd quarter 20184th quarter 20181st quarter 2019
1Figures from 2017 onwards are prelimanry
2Includes oil and gas extraction, transport via pipelines and ocean transport.
Final consumption expenditure of households and NPISHs1 471 7641 532 940376 042383 975387 494391 026393 759
¬ Household final consumption expenditure1 391 5561 447 257355 128362 685365 852368 870371 788
¬¬ Goods634 565658 573161 873166 369166 906167 786168 781
¬¬ Services683 128713 766174 995177 874180 193182 025184 250
¬¬ Direct purchases abroad by resident households118 498121 05429 90329 93730 23730 81431 022
¬¬ Direct purchases by non-residents-44 634-46 135-11 644-11 496-11 483-11 755-12 266
¬ Final consumption expenditure of NPISHs80 20885 68320 91421 29021 64122 15621 971
Final consumption expenditure of general governmen797 402831 790205 130206 842208 518211 358214 006
¬ Final consumption expenditure of central government401 276416 638102 467103 489104 846105 829107 589
¬¬¬ Central government, civilian355 552368 63890 70391 68792 84193 42695 134
¬¬¬ Central government, defence45 72548 00011 76411 80112 00512 40312 455
¬ Final consumption expenditure of local government396 126415 152102 663103 354103 671105 530106 417
 
Gross fixed capital formation (GFCF)824 553853 215201 229211 030216 932223 919219 161
¬ Extraction and transport via pipelines (GFCF)150 949154 60333 87938 22239 85542 58840 441
¬ Ocean transport (GFCF)4 13689759343-203464623
¬ Mainland Norway (GFCF)669 467697 716166 757172 764177 280180 867178 097
¬¬ Industries (GFCF)295 781312 04872 88778 51479 34781 20479 666
¬¬¬ Services activities incidential to extraction (GFCF)2 4813 4567167949589851 166
¬¬¬ Other services (GFCF)188 393189 43544 80147 77347 97448 82547 677
¬¬¬ Manufacturing and mining (GFCF)37 23843 0219 48010 70610 99611 82312 884
¬¬¬ Production of other goods (GFCF)67 66976 13717 89019 24119 41919 57017 939
¬¬ Dwelling service (households) (GFCF)198 590192 26548 73547 41847 80148 36848 929
¬¬ General government (GFCF)175 097193 40245 13646 83250 13251 29649 502
Acquisitions less disposals of valuables424469110118117124127
Changes in stocks and statistical discrepancies106 075122 58239 86530 96130 54225 27233 709
Gross capital formation931 052976 267241 204242 109247 592249 316252 997
 
Final domestic use of goods and services3 200 2183 340 997822 376832 926843 603851 701860 762
Final demand from Mainland Norway (excl. changes in stocks)2 938 6333 062 445747 929763 582773 292783 252785 862
Final demand from general government972 4991 025 192250 266253 675258 650262 654263 509
 
Total exports1 196 9401 345 339320 631335 630350 480344 654338 890
¬ Traditional goods (export)381 312410 98199 555102 776102 849108 385108 560
¬ Crude oil and natural gas (export)459 457569 384131 679140 837153 564146 528134 323
¬ Ships, oil platforms and aircraft (export)14 21511 4633 6593 6913 1001 0132 792
¬ Services (export)341 957353 51185 73888 32690 96788 72893 215
 
Total use of goods and services4 397 1584 686 3361 143 0071 168 5561 194 0831 196 3541 199 652
 
Total imports1 092 7201 150 723279 664288 324290 095295 442305 224
¬ Tradisjonelle varer (import)635 645687 013167 079171 106174 029177 821187 127
¬ Crude oil and natural gas (import)13 52924 3225 5986 6186 1386 0345 007
¬ Ships, oil platforms and aircraft (import)50 01937 7508 90610 7068 4629 6767 306
¬ Services (import)393 527401 63898 08099 894101 466101 911105 784
 
Gross domestic product, market values3 304 4393 535 612863 344880 231903 988900 912894 428
Gross domestic product Mainland Norway, market values2 798 1102 907 049717 720723 209732 237744 837748 616
 
Petroleum activities and ocean transport2506 328628 563145 623157 022171 751156 075145 812
Gross domestic product Mainland Norway, basic values2 422 9242 511 267620 402624 781632 332643 835647 741
¬ Mainland Norway excluding general government (GDP)1 808 1971 865 565461 797464 530470 641478 677481 374
¬¬ Manufacturing and mining (GDP)213 593207 15253 12251 02051 89954 06954 090
¬¬ Production of other goods (GDP)324 111355 71687 10688 33390 28692 00290 648
¬¬ Service activities (GDP)1 270 4941 302 697321 569325 178328 456332 606336 637
¬ General government (GDP)614 728645 702158 605160 251161 692165 158166 367
Taxes and subsidies products375 186395 78297 31898 42899 905101 002100 875

Table 8 
Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. At constant 2015-prices. NOK million

Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. At constant 2015-prices. NOK million1
201720181st quarter 20182nd quarter 20183rd quarter 20184th quarter 20181st quarter 2019
1Figures from 2017 onwards are preliminary
2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices.
3Includes oil and gas extraction, transport via pipelines and ocean transport.
Final consumption expenditure of households and NPISHs1 443 4441 472 827365 965370 480370 284371 976373 833
¬ Household final consumption expenditure1 364 7401 390 845345 668349 950349 668351 069353 132
¬¬ Goods625 914631 126158 023160 450158 580158 518159 850
¬¬ Services669 032685 834169 655171 315172 669173 657174 877
¬¬ Direct purchases abroad by resident households113 236117 56329 14729 10829 24429 88729 857
¬¬ Direct purchases by non-residents-43 441-43 678-11 156-10 923-10 825-10 993-11 452
¬ Final consumption expenditure of NPISHs78 70481 98220 29720 53020 61520 90720 701
Final consumption expenditure of general governmen778 468787 731196 858196 891196 844197 152199 131
¬ Final consumption expenditure of central government391 089393 61798 47498 45998 46098 23199 601
¬¬¬ Central government, civilian346 231348 42387 17587 11287 15486 98788 150
¬¬¬ Central government, defence44 85845 19411 30011 34711 30611 24411 450
¬ Final consumption expenditure of local government387 379394 11498 38398 43398 38498 92199 530
 
Gross fixed capital formation (GFCF)818 871827 399196 776205 946209 917214 657211 997
¬ Extraction and transport via pipelines (GFCF)159 147163 40635 83540 81642 29844 38345 317
¬ Ocean transport (GFCF)3 9027505133-217450572
¬ Mainland Norway (GFCF)655 822663 244160 427165 127167 836169 824166 109
¬¬ Industries (GFCF)290 345297 75970 38975 29675 43676 56174 568
¬¬¬ Services activities incidential to extraction (GFCF)2 4363 3046937669159261 095
¬¬¬ Other services (GFCF)185 026180 99243 19445 84745 69446 20644 514
¬¬¬ Manufacturing and mining (GFCF)36 45040 9159 17310 27910 42111 03012 058
¬¬¬ Production of other goods (GFCF)66 43472 54917 32918 40318 40618 40016 901
¬¬ Dwelling service (households) (GFCF)194 017182 28246 75645 15945 15745 26745 579
¬¬ General government (GFCF)171 460183 20343 28344 67247 24447 99645 962
Acquisitions less disposals of valuables414444106113110116117
Changes in stocks and statistical discrepancies107 799120 70135 84028 96327 64932 63131 468
Gross capital formation927 084948 545232 721235 022237 676247 403243 583
 
Final domestic use of goods and services3 148 9963 209 102795 544802 394804 804816 531816 546
Final demand from Mainland Norway (excl. changes in stocks)2 877 7342 923 801723 251732 498734 963738 952739 072
Final demand from general government949 927970 933240 141241 564244 087245 148245 092
 
Total exports1 096 1041 088 560270 139274 558274 677272 745278 747
¬ Traditional goods (export)361 646371 48190 82793 40191 92097 82298 636
¬ Crude oil and natural gas (export)379 333361 40690 54290 20991 71389 73887 418
¬ Ships, oil platforms and aircraft (export)14 45911 4943 7223 7133 0659942 642
¬ Services (export)340 666344 17985 04987 23587 97984 19190 051
 
Total use of goods and services4 245 1004 297 6621 065 6831 076 9511 079 4811 089 2771 095 293
 
Total imports1 064 0251 070 592261 927269 764268 538273 356279 971
¬ Tradisjonelle varer (import)613 190628 702155 078157 988158 496160 416168 080
¬ Crude oil and natural gas (import)10 97415 4413 8453 8373 5983 9362 978
¬ Ships, oil platforms and aircraft (import)49 62435 3436 6819 7618 45610 6456 337
¬ Services (import)390 237391 10696 32398 17897 98998 360102 575
 
Gross domestic product, market values23 181 0713 227 070803 756807 187810 942815 921815 323
Gross domestic product Mainland Norway, market values22 767 6312 829 146703 218708 246710 008717 948720 176
 
Petroleum activities and ocean transport3413 440397 924100 53898 941100 93497 97395 147
Gross domestic product Mainland Norway, basic values2 398 3342 454 976610 098614 802616 199623 399625 790
¬ Mainland Norway excluding general government (GDP)1 797 8701 840 870457 733461 759462 261468 655470 356
¬¬ Manufacturing and mining (GDP)208 289210 20152 35053 06253 41654 23454 299
¬¬ Production of other goods (GDP)316 784323 77581 65380 93679 67082 75981 478
¬¬ Service activities (GDP)1 272 7971 306 894323 729327 762329 175331 663334 579
¬ General government (GDP)600 464614 106152 365153 042153 938154 744155 434
Taxes and subsidies products369 297374 17093 12093 44493 80994 54994 386

Table 9 
Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. Percentage change in volume from the previous period.

Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. Percentage change in volume from the previous period.1
201720181st quarter 20182nd quarter 20183rd quarter 20184th quarter 20181st quarter 2019
1Figures from 2017 onwards are prelimanry
2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices.
3Includes oil and gas extraction, transport via pipelines and ocean transport.
Final consumption expenditure of households and NPISHs2.22.00.01.2-0.10.50.5
¬ Household final consumption expenditure2.21.9-0.11.2-0.10.40.6
¬¬ Goods1.60.8-1.11.5-1.20.00.8
¬¬ Services2.52.50.51.00.80.60.7
¬¬ Direct purchases abroad by resident households2.73.82.8-0.10.52.2-0.1
¬¬ Direct purchases by non-residents-0.60.51.5-2.1-0.91.54.2
¬ Final consumption expenditure of NPISHs2.74.21.91.10.41.4-1.0
Final consumption expenditure of general governmen2.51.2-0.40.00.00.21.0
¬ Final consumption expenditure of central government1.80.6-0.70.00.0-0.21.4
¬¬¬ Central government, civilian1.90.6-0.7-0.10.0-0.21.3
¬¬¬ Central government, defence1.00.7-0.40.4-0.4-0.51.8
¬ Final consumption expenditure of local government3.21.70.00.00.00.50.6
 
Gross fixed capital formation (GFCF)3.61.0-4.24.71.92.3-1.2
¬ Extraction and transport via pipelines (GFCF)-3.82.7-12.713.93.64.92.1
¬ Ocean transport (GFCF)-68.2-80.8945.1-99.4....27.1
¬ Mainland Norway (GFCF)7.01.1-2.42.91.61.2-2.2
¬¬ Industries (GFCF)9.32.6-2.97.00.21.5-2.6
¬¬¬ Services activities incidential to extraction (GFCF)15.935.6-18.710.619.41.218.2
¬¬¬ Other services (GFCF)12.3-2.2-5.46.1-0.31.1-3.7
¬¬¬ Manufacturing and mining (GFCF)-2.512.2-5.912.11.45.89.3
¬¬¬ Production of other goods (GFCF)8.19.26.76.20.00.0-8.1
¬¬ Dwelling service (households) (GFCF)7.0-6.0-0.3-3.40.00.20.7
¬¬ General government (GFCF)3.66.8-3.63.25.81.6-4.2
Acquisitions less disposals of valuables5.57.4-1.16.6-2.24.91.1
Changes in stocks and statistical discrepancies2.312.08.2-19.2-4.518.0-3.6
Gross capital formation3.52.3-2.51.01.14.1-1.5
 
Final domestic use of goods and services2.61.9-0.80.90.31.50.0
Final demand from Mainland Norway (excl. changes in stocks)3.31.6-0.61.30.30.50.0
Final demand from general government2.72.2-1.00.61.00.40.0
 
Total exports-0.2-0.7-0.31.60.0-0.72.2
¬ Traditional goods (export)1.72.7-2.32.8-1.66.40.8
¬ Crude oil and natural gas (export)1.5-4.7-0.2-0.41.7-2.2-2.6
¬ Ships, oil platforms and aircraft (export)-16.1-20.571.2-0.2-17.4-67.6165.7
¬ Services (export)-3.21.0-0.12.60.9-4.37.0
 
Total use of goods and services1.91.2-0.71.10.20.90.6
 
Total imports1.60.6-4.03.0-0.51.82.4
¬ Tradisjonelle varer (import)2.72.5-2.01.90.31.24.8
¬ Crude oil and natural gas (import)26.440.712.2-0.2-6.29.4-24.3
¬ Ships, oil platforms and aircraft (import)-2.2-28.8-44.446.1-13.425.9-40.5
¬ Services (import)-0.10.2-2.91.9-0.20.44.3
 
Gross domestic product, market values22.01.40.40.40.50.6-0.1
Gross domestic product Mainland Norway, market values22.02.20.60.70.21.10.3
 
Petroleum activities and ocean transport31.7-3.8-0.3-1.62.0-2.9-2.9
Gross domestic product Mainland Norway, basic values1.92.40.60.80.21.20.4
¬ Mainland Norway excluding general government (GDP)1.72.40.60.90.11.40.4
¬¬ Manufacturing and mining (GDP)0.00.9-0.41.40.71.50.1
¬¬ Production of other goods (GDP)3.02.21.3-0.9-1.63.9-1.5
¬¬ Service activities (GDP)1.72.70.61.20.40.80.9
¬ General government (GDP)2.32.30.50.40.60.50.4
Taxes and subsidies products2.91.30.30.30.40.8-0.2

About the statistics

The national accounts provide an overview of the state and development in the Norwegian economy. Key figures are gross domestic product (GDP), consumption, gross investment, exports and imports, employment and wages, profitability in industries and productivity. 1st to 3rd quarter is published with monthly national accounts in May, August and November. 4th quarter will be published February the following year, figures for t-2 in August.

Definitions

Definitions of the main concepts and variables

See Concepts and definitions in national accounts for explanations.

Valuation

Registration of values: A transaction may be registered at different values, depending on under which circumstances it is registered. Different concepts regarding valuation are also relevant for the general aspect of registration (cf. cash values or accruals values, and other principles for the recording of statistical data). The transactions of variables in the national accounts follow the accrual principle. Thus, taxes and subsidies on production should be registered as accrued values and not as cash values as recorded in the government accounts.

In the description of the transaction of goods and services several price concepts are used. Output is valued at basic prices. Basic price is the price the seller receives, after corresponding taxes on the product are deducted (and subsidies added). The use categories, both intermediate consumption and final use, are valued at purchaser prices, that is the price the purchaser must pay. Exports are valued at fob (free on board), while imports are valued at cif (cost-insurance-freight).

The value added of an industry is "valued" at basic prices (calculated as output at basic prices less intermediate consumption at purchaser prices). The total value added of all the industries is also "valued" at basic prices.

GDP is "valued" at market prices, which means that taxes on products, including VAT, less subsidies on products are added to the total value added of the industries at basic prices.

 

Standard classifications

The accounting system of the Norwegian national accounts is based on the international standards for national accounts, i.e. 2008 SNA and ESA 2010. The accounting system outlines the framework and contents for production of national accounts statistics. The level of detail in the classifications used for compilation of quarterly and preliminary annual national accounts are more aggregated than in that used for calculation of the annual national accounts.

In addition to accounting structure, the international standards give recommendations of groupings or classifications to be used in the national accounts:

Activity classification

The classification of Industries in the National Accounts follows the Norwegian Standard Industrial Classification (SN2007), which is based on NACE Rev.2. Several levels of aggregation have been introduced for publication and reporting purposes.

Classification of non-financial assets and gross fixed capital formation

Non-financial assets are classified by type of aggregates defined in 2008 SNA, such as fixed assets, inventories, valuables, and non-produced assets, including both tangible assets such as land, subsoil-assets, water resources etc., and intangible assets such as transferable contracts etc. Gross fixed capital formation is grouped by main type within building and construction, machinery and equipment and transportation equipment.

Product classification

The product classification used in the national accounts is based on the EU's standard product classification CPA - Statistical Classification of Products by Activity in the European Community. The CPA groups products by activities, i.e. it defines characteristic products within each activity and connects them to the activity classification NACE Rev.2. The annual accounts supply and use tables contain about 700 products, in addition to which some products are also incorporated purely for technical reasons. The system to elaborate preliminary annual and quarterly accounts contains about 90 products. The separation on products might to large extent be considered as a tool to balance the national account system and to undertake calculations in constants prices.

Classification of individual consumption by purpose

The classification of Consumption expenditure groups in the National Accounts is based on the international classification COICOP - Classification of Individual Consumption by Purpose, published by the UN.

Classification of the functions of government

The classification of the functions of government by purpose applies to all types of general government expenses, such as government final consumption expenditure, gross fixed capital formation, subsidies, property rents (i.e. expenses), capital transfers and other transfers for use in government financial accounts and in the national accounts. This classification is based on the international classification COFOG - Classification of the Functions of Government, published by the UN.

Classification of the purpose of non-profit institutions serving households (NPISH)

This is a minor purpose classification which applies to expenses of NPISHs. It is based on the international classification COPNI - Classification of the Purposes of the Non-Profit Institutions Serving Households, published by the UN.

Administrative information

Name and topic

Name: National accounts
Topic: National accounts and business cycles

Next release

Responsible division

Division for National Accounts

Regional level

National level.

Frequency and timeliness

The monthly national accounts (MNA) are published about 40 days after the end of the given month.

The quarterly national accounts (QNA) are published about 40 days after the end of the given quarter. Quarterly figures are calculated as the sum of three months (from monthly national accounts).

The first estimates of the preliminary year is published about 40 days after the end of the year.

 

International reporting

Published figures are reported to Eurostat, the International Monetary Fund (IMF) and the Organisation for Economic Co-operation and Development (OECD).

Microdata

Not relevant

Background

Background and purpose

The national accounts (NA) statistics are designed to provide a consistent and comprehensive survey of the overall national economy. The national accounts give both a summarised description of the economy as a whole and a detailed description of transactions between different parts of the Norwegian economy, and between Norway and the rest of the world. The national accounts also provide information on capital stocks and employment.

The first Norwegian national accounts based on modern principles were published by Statistics Norway in 1952. Annual series national accounts were calculated back to 1865 during the 1950th.

Final annual national accounts figures are based on all available final economic statistics and therefore take time to produce. The purpose of the quarterly national accounts is to provide updated information about short-term developments in the Norwegian economy based on an overall, consistent accounting system. Statistics Norway has produced and released quarterly national accounts (QNA) on a regular basis from 1953 but were not published at fixed intervals from the 1970s to the beginning of the 1980s. A new model for a QNA system was developed at the beginning of the 1980s and has been used since 1985, with some modifications.

National accounts are used as a tool to compare the economic situation in different countries, and therefore it is important that the national accounts in various countries are based on a common template. Staff involved in elaborating national accounts in Statistics Norway participated actively in developing international recommendations and concepts regarding national accounts. The first international standard for national accounts, 1953 System of National Accounts (1953 SNA), was published by UN in 1953.

 From time to time adaptations or changes are made to the common international recommendations for national accounts. This requires corresponding changes in the construction of the Norwegian national accounts. At different time intervals, new source statistics are produced and indicate that parts of the national accounts figures need to be revised. Since one objective of the national accounts is to provide a picture of the development over time which is as correct as possible, it is not possible to introduce such changes from one year to another. With different time intervals, it will therefore be necessary to carry out major revisions of the national accounts figures, so-called main revisions, in order to introduce adaptations due to new international recommendations or introduce new levels based on new statistical sources. As part of these main revisions the time series are also revised so that the revised national accounts can give a consistent picture of the economic development over time.

In recent decades, Statistics Norway has carried out main revisions published in 1995, 2002, 2006, 2011 and 2014. The main purpose of main revision published in November 2014, was to incorporate updated international recommendations in 2008 SNA and ESA 2010. Changes due to this main revision are described, among else, in the article Main revision 2014. Planned changes in the national accounts statistics. See About the statistics for the annual national accounts for more information about main revisions. The publication History of national accounts in Norway. From free research to statistics regulated by law also provides more information about the history of national accounts in Norway, including main revisions. In the future main revisions of the national accounts normally will be carried out every five years.

Since the QNA are completely harmonised with the annual national accounts, it is also necessary to revise the QNA figures once the annual national accounts figures have been revised.

Users and applications

The quarterly figures are mostly used for observation and analysis of the current economic cycle. The QNA figures also serve as a basis for making forecasts of the future economic development, the government’s work with the national budget and other economic planning. In addition, the QNA contribute with material for research and development. Annual and quarterly national accounts are a useful tool for analyses of the economic development and structures in Norway. The national accounts are also used to compare the economy in different countries.

The annual and quarterly national accounts therefore have a wide group of users, from school pupils and students to public and private institutions that actively use the statistics in their analyses and investigation of economic structure and development. Active users include the Research Department in Statistics Norway, the Ministry of Finance, Norges Bank, international organisations such as the IMF, the OECD, the World Bank, the UN and Eurostat, resident and non-resident financial sector analysts, and the media.

Equal treatment of users

No external users have access to the statistics and analyses before they are published and accessible simultaneously for all users on ssb.no at 08.00 am. Prior to this, a minimum of three months' advance notice is given in the Statistics Release Calendar. This is one of Statistics Norway’s key principles for ensuring that all users are treated equally.

Coherence with other statistics

The monthly figures are the basis for quarterly figures, quarterly figures are calculated as the sum of three months. Quarterly figures will be updated when publishing the third month in the quarter. This means that there may be deviations between the monthly and quarterly figures in the two months before the new quarter is calculated. The deviations will mainly apply to seasonally adjusted figures. In addition, the monthly publication includes a table showing rolling numbers for three and three months. The three-month growth is calculated by comparing a three-month period with the previous three-month period. For example, the volume change in the rolling table for July is given by comparing the period May-July with February-April. Figures for March, June, September and December will correspond to growth for a quarter.


All historical figures are consistent with both preliminary and final annual national accounts figures in fixed and current prices

The Norwegian Balance of Payments (BOP) is an integrated part of the Norwegian system of national accounts, and the BOP figures are fully consistent with other preliminary and final quarterly and annual national accounts figures. Furthermore, quarterly and annual national accounts figures are fully consistent and compatible with the institutional sector accounts. The regional national accounts, and various satellite accounts (environment, tourism, health,non-profit institutions) are consistent with the above mentioned national accounts statistics. Previous published figures from the regional accounts and various satellite accounts are, however, not revised as a part of main revision of the national accounts, so figures for previous years may not necessarily be compatible with updated NA time series.

As mentioned in the chapter "Production: Data sources and sampling", the national accounts are based on various statistical sources. The source statistics may not use the same definitions or groupings as used in the national accounts. As a result, figures in the source statistics may be adapted or corrected before being used in the national accounts. Published figures in the source statistics of certain industries may therefore not correspond to published figures in the national accounts.

 

Legal authority

Not relevant

EEA reference

  • Regulation (EU) No 549/2013 (ESA 2010).
  • The European Parliament and of the council of 21 May 2013 on the European system of national and regional accounts in the European Union (text with EEA relevance).

Production

Population

The coverage of the national accounts is defined by international guidelines in the 2008 System of National Accounts (2008 SNA), published by the UN, the OECD, the IMF, the World Bank, and the Commission of the European Communities, and the European System of National and Regional Accounts (ESA 2010).

The total national economy, and the distinction between the national economy and foreign countries, is defined in terms of resident units. A unit is defined as a resident unit of the country when it has a centre of economic interest in the economic territory of the country - i.e. when it is involved in economic activities on this territory for an extended period of time (one year or more).

Two basic types of information are recorded in the national accounts: flows and stocks. Flows refer to actions and effects of events that take place within a given period of time, for example the output of an industry in one year. Stocks refer to positions at a certain point of time, for example the value of capital stock or the number of employed persons.

The national accounts consist of two main sets of tables; supply and use tables (SUT), also described as the real accounts, and the institutional sector accounts. The real accounts are based on local kind-of-activity units (KAUs), while the institutional sector accounts are based on institutional units. Institutional units are economic entities that are capable of owning goods and assets, of incurring liabilities and of engaging in economic activities and transactions with other units in their own right. An institutional unit contains one or more local kind-of-activity units (local KAUs). The local KAUs are classified by type of activity. An activity is characterised by an input of products, a production process and an output of products. All local KAUs engaged in the same or similar kind-of-activity constitute an industry.

The SUT at current and constant prices gives a structured overview of the supply (output and import) and use (final consumption, gross fixed capital formation, changes in inventories, export and intermediate consumption) of products (goods and services) in the economy. For each industry the value added is calculated as the difference between output and intermediate consumption. The value added in an industry can also be decomposed into compensation of employees, consumption of fixed capital, other taxes on production (net of subsidies) and operating surplus. The real accounts also give information on fixed assets, as well as wages, hours worked, full-time equivalent persons and employed persons by industry. Monthly national accounts does not include figures for employment etc..

Furthermore, the real accounts provide the basis for the calculation of the Gross Domestic Product (GDP) and other central macroeconomic measures. The annual growth in volume and price are calculated for most variables.

The non-financial sector accounts are based on institutional units. Institutional units are capable of providing a full set of accounts. The non-financial sector accounts describe all economic transactions in the various sectors. The accounts also provide information on the stocks financial and non-financial capital. Financial sector accounts are also based on institutional units. The institutional units are grouped in institutional sectors on the basis of their principal economic functions, behavior and objectives. The non-financial sector accounts are consistent with the real accounts. The further description of the national accounts covers the part of the national accounts that is based on the annual SUT (the real accounts).

The coverage of the preliminary annual and quarterly real accounts is the same as the final annual SUT

The accounting structure in the system that produces monthly, quarterly and preliminary annual figures (MNA) is, however, more aggregated than in the system that produces the final annual SUT. While the SUT in the annual accounts consists of about 130 industry groups and 700 product groups, the SUT in the MNA consists of about 80 industry groups and 120 product groups. The MNA and QNA system produces tables with seasonal adjusted figures for industries' value added, household consumption for aggregated consumption groups and for central macroeconomic measures. However, only tables for final expenditure and gross domestic product are published on a monthly basis, while the QNA contain more details.

Data sources and sampling

The calculations of the annual real accounts are based on statistics from several different sources, such as the structural business statistics for manufacturing and other industries, accounting statistics for general government and enterprises, statistics for wages and earnings, external trade statistics, household consumer surveys and employment statistics. Some parts of the national accounts are compiled more or less directly from the source statistics, while other parts are based on calculations and estimates.

Monthly information is used for compiling monthly national accounts, such as the production index of industrial production, the index for retail sales, consumer price index, building statistics, producer price indices and much more. For some service industries where we lack explicit production indicators, monthly information about jobs, working days and absence is obtained from the A-ordning. For investments where we only have quarterly information, such as oil investments, quarterly figures are conventionally distributed by month. In the months before we get the so-called oil census, the development is used in the planned investment figures reported together with those performed for a quarter. In connection with the work on the QNA, quarterly information is incorporated and an update of the previous months is made. Quarterly national accounts will appear as the sum of the three months in the quarter.

The source statistics used to calculate national accounts are with a few exceptions produced by Statistics Norway.

Having the reporting responsibility to Eurostat, the Division for National Accounts occasionally documents the calculations for the final annual national accounts, see Norwegian National Accounts - GNI Inventory for ESA95.

In addition, there are a number of reports giving more detailed documentation of calculation of figures for various specific industry groups or other parts of the national accounts (mostly in Norwegian only).

The documentation report for the Quarterly national accounts gives an overview of central sources and methods used for quarterly accounts compilation. This will be updated in the autumn of 2018 to include monthly national accounts.

Collection of data, editing and estimations

Compilation of the final annual real accounts

The annual national accounts are mainly based on statistics collected by other divisions in Statistics Norway. To some extent data produced by external suppliers are also used.

The process of compiling the final annual national accounts starts with the calculation of independent supply and use estimates for all goods and services at current prices. To some extent, source data are extracted directly from the databases and converted into national accounts codes and format. Other parts of the economy are based on more complex calculations, by means of different statistical sources and/or assessments.

The source data are critically evaluated and compared with alternative sources (for some parts of the economy). In some areas, the statistics have to be adjusted in order to satisfy the requirements of the national accounts. In areas where the statistics are incomplete, evaluations are essential. In the process of estimating national accounts data, estimated national accounts figures are critically evaluated and controlled in several steps.

Finally, supply and use for each of these goods and services are balanced using supplementary information and quality assessments of the various statistical sources. This results in integrated supply and use tables at current prices.

The figure below gives an outline of the calculation system for final annual national accounts figures. First, detailed figures are calculated and balanced in current prices. Then the system calculates figures in constant prices, based on the detailed current price figures and corresponding price indices. The deflation (current values being divided by price indices) takes place at the most detailed product level: A price index is allocated to each detailed product. The individual products are as price homogeneous as possible. Constant price figures in the annual national accounts are calculated using the price level of the previous year, which means that the base year is changed every
year.

The deflation approach has in fact two dimensions, (i) differentiated by main categories of supply and use (deflating output, imports, exports and implicitly for domestic use), and (ii) differentiated through valuation (deflating current values at basic prices by price indices and implicitly determining the other value components, including adjustments against values at purchaser prices). The method used to calculate constant figures is called double deflation, i.e. a separate deflation of output and intermediate consumption is carried out in order to arrive at value added at constant prices as a balancing item, based on a detailed input-output framework (supply and use tables).

Figure 1. The calculation system for final annual NA figures  (Click)

For a more detailed  documentation, see Norwegian National Accounts - GNI Inventory for ESA95.

Compilation of the MNA and QNA

The majority of the short-term statistics produced by Statistics Norway are transferred to the MNA system by use of a direct link to the relevant databases. The information in the data sources about growth is used more or less directly in the MNA system. Some other input data series in the MNA system, however, are based more or less on calculations and estimations, using various types of information from Statistics Norway and other sources. Quarterly figures are calculated as the sum of three months

The national accounts data for a specific month, quarter or year are revised in accordance with an ordinary publication and revision cycle. The quarterly figures within a specific year t become final 21 months later after the end of the year t. In addition, periodical main revisions generate revised figures.

In the process of calculating MNA or QNA figures for a specific month or quarter, the short-term statistics source data are critically evaluated and compared with alternative sources (for some parts of the economy). In some cases, the information in the source statistics must be adjusted in order to satisfy the requirements of the quarterly national accounts. In the process to estimate MNA data estimated MNA figures are critically evaluated and controlled in many steps.

Monthly process

The figure below gives an overview of the Norwegian MNA and QNA estimation process. The figure shows that the MNA system is based on two main pillars: a) The SUT for the (final) annual national accounts and b) short-term statistics.

Figure 2. The computing system in the Norwegian MNA/QNA

knr1-en

The main principle in the MNA system is that the national accounts figures for the current quarter are computed based on the development of short-term indicators and the current-price figures from the base year. The base year (t-2) is the latest calculated final version of the annual national accounts. The method is the same for most common variables: The value in the base year is given the same growth rate (percentage change) as in the appropriate indicator, or a grouping of different relevant indicators.

A simple projection method, based on the development in previous periods, is used if an indicator does not cover the whole period from the base year to the current quarter.

The indicator compilations are made in the indicator process (box 2 in the figure).

However, the indicator process alone does not give a complete harmonised account at current and constant prices. To calculate values for variables that are not calculated in the indicator compilations, and to harmonise the accounts, we use an input-output model (box 3 in the figure).

The input-output model includes a commodity-flow balance, a price input-output system and a set of equations for summaries and definitions. It now comprises over 12 000 equations in total. The input-output coefficients are calculated from the SUT in the base year. The variables calculated in the indicator compilations are transferred to the input-output model as exogenous variables. To calculate balanced accounts at current prices we need price indices on all supply and use categories. These are computed in the model by weighting together product price indices with the input-output coefficients as weights. Each product gets three different price indices, one for resident output delivered to the home market (to resident users), a second for import and a third for export.

The price index for an industry’s total output is then calculated as a weighted average of the price indices for the home and export market using the input-output coefficients as weights. The price indices of intermediate consumption, final consumption expenditure and gross fixed capital formation are calculated in a similar way, using the import and home market price indices and the input-output coefficients.

The model also calculates variables which are not covered by short-term statistics or other information and therefore not calculated in the indicator process. These calculations are based on simple assumptions. For instance, intermediate consumption for most industries at constant prices (the total except FISIM) is assumed to be a fixed proportion of total output for the relevant industry. The distribution of intermediate consumption (except FISIM) on different products at constant prices is also assumed to be the same as in the base year. The industries’ use of FISIM as intermediate consumption is supposed to equal the growth in total output of FISIM services. Output in the retail and wholesale trade activities in constant prices is assumed to follow the development of the use of the various goods in constant prices, such as household consumption, intermediate consumption and gross fixed capital formation of the various specific goods (that means supposed fixed margins).

Changes in stock of separate products are (for most products) calculated as the difference between the total supply and use of the product. As in the annual NA, the changes in stock may be adjusted if that seems reasonable after an evaluation of the figures.

The results are stored in the time series database (box 4 in the figure), which, among other things, provides the basis for different sets of tables (box 6). At the moment there are two different sets of tables (with seasonal unadjusted figures), sets for internal checks and analyses of data and more aggregated sets of data for publishing.

Process 1-4 describes how the quarterly seasonally unadjusted figures are estimated. The unadjusted figures are seasonally adjusted (box 5) using a seasonal adjustment program.

The method adopted to compile the MNA is highly mechanical. This applies to the update of variables in the national accounts based on short-term statistics as well as the balancing of commodities, the computation of indirect taxes and factor incomes and the overall balancing of the GDP and main aggregates. Technically, the data systems are programmed in FAME and TROLL (the latter is used for the input-output model only).

Checks and/or the evaluation of data are, however, performed in several steps. The MNA system offers a unique opportunity to compare different types of input data. The evaluation of the different sources is done in close contact with the relevant statistics divisions in Statistics Norway. A more thorough evaluation is being done when processing and publishing quarterly figures, while the monthly process is more automated and less profound. Therefore, only final expenditure and gross domestic product are published on a monthly basis while the quarterly accounts offer more details.

Quarterly figures are calculated as the total of three months at quarterly releases. Quarterly figures will be updated only when publishing the third month in the quarter. This means that there may be a mismatch between the monthly and quarterly figures in the interim months. This applies mainly to seasonally adjusted numbers. That is, when you get a new observation (new month), it will normally affect the seasonally adjusted figures back in time. We do not update the QNA numbers that have also been sent to international organizations before the next quarters release. At the same time, we show figures for three-month growth. This is calculated by comparing a three-month period with the previous three-month period. For example, the volume change in July is given by comparing the period May-July with February-April. Figures for March, June, September and December will correspond to growth for a quarter. This means that users may get a continuous update of the quarterly figures by looking at the monthly publication.

Annual process and alignment

The MNA system is updated with a new base year every year (i.e. the latest final version of the annual accounts). The database for the annual accounts (box 1a), as well as the base data and coefficients in the harmonisation model (box 3) are updated. At the same time, it is possible to implement new indicators, carry out changes in the input series and in the model, etc. Such changes are not carried out in an ordinary monthly or quarterly process.

The recalculation of the monthly accounts is carried out by distributing the annual figures between the months using the original monthly figures as keys. The recalculated monthly accounts will then add up to the annual accounts at constant and current prices.

The harmonisation is based on the principle that the differences between the monthly changes to the original and harmonised series shall be as small as possible. The monthly accounts should add up to the figures in the annual accounts.

When the base year is updated the MNA for that year is aligned automatically.

Reference year

All figures are published at current prices and (for most sizes) constant prices (i.e. the accounts also specify volume and price changes). Constant-price estimates in the national accounts are calculated based on the previous year's prices; i.e. the base year is changed every year. Subsequently, data on volume changes are constructed in terms of growth rates and corresponding implicit data on changes in prices. In parallel, time series of volume figures are constructed by using prices from a reference year. The constant-price estimates are consistent with the data on changes in volume in the series of growth rates. Since the chaining is carried out separately for all items, the table components do not, however, necessarily add up to the totals of the same table.

The publication Quarterly national accounts gives more information about sources, methods and the processes used to calculate quaterly NA figures. This will be updated in the autumn of 2018 to include monthly national accounts.

 

Seasonal adjustment

The methods and routines used to produce seasonally adjusted figures are described in the chapter About seasonal adjustment.

Confidentiality

§ 2-6 of the Statistics Act states that data under no circumstances shall be published in such a way that they may be traced back to the supplier. This means that the general rule is not to publish data if there are fewer than three enterprises in an industry. In practice, this means that for some detailed industry categories, figures must be aggregated up to a more aggregated industry group before they can be published.

Comparability over time and space

Consistent monthly time series will exist back to 2016. Consistent quarterly time series will exist back to 1978 and annual time series back to 1970. Annual NA figures for the years 1865-1970 are based on the previous standards used for the national accounts and are not compatible with the up to date figures after the latest main revision of the NA.

Quarterly figures are calculated as the sum of three months. Quarterly figures will be updated only when publishing the third month in the quarter. This means that there may be mismatch between the monthly and quarterly figures in the interim months, see the description of the monthly process above.

Monthly figures, and thus quarterly figures, are aligned with the final annual national accounts figures, both in fixed and current prices. The other parts of the national accounts, such as income and capital accounts, and foreign accounts are also consistent and consistent with MNA.

Accuracy and reliability

Sources of error and uncertainty

The national accounts are based on various statistical sources. The sources are either survey data from establishments, enterprises or households, or data from registers. National accounts statistics reflect the inaccuracy in the statistical sources and the methods of compilation. Weaknesses and inaccuracy in the statistical sources are normally described in the documentation of the relevant sources.

Since the national accounts are an integrated system with balancing methods and consistency checks, the national accounts may reduce some of the inaccuracies in the statistical sources. On the other hand, national accounts require the compilation of statistics in areas where the sources are unsatisfactory, and the inaccuracy in such areas may therefore be significant. Some of the figures in the national accounts are estimated as residuals, and the uncertainty may be substantial in these areas. Examples are the compilation of changes in inventories and operating surplus by activity.

The EU Commission and Eurostat have completed a quality evaluation of the national accounts in all EEA countries. The conclusion was that "The Norwegian national accounts are of a high quality, soundly based on reliable and exhaustive sources, integrated in a system with a detailed product breakdown". (Report on the sources and methods used in compiling GNP in Norway, Eurostat/B1/CPNB/237/EN, 9 December 1997, Luxembourg.)

The International Monetary Fund (IMF) completed an evaluation of central parts of Norwegian macroeconomic statistics in autumn 2002, including the Norwegian national accounts. In the report IMF (2003), the Norwegian macroeconomic statistics, including the national accounts, got positive reviews: "In summary, Norway's macroeconomic statistics are of generally high quality." About the national accounts, the IMF also expressed that: "The source data for both the annual and the quarterly national accounts are generally sound and timely, and sufficiently portray reality."

The production of several of the sources that are used in the national accounts takes a considerable amount of time. Consequently, preliminary figures are more inaccurate than final figures.

In 2003, Statistics Norway carried out a project to evaluate the quality of the Norwegian QNA. The task of the project was to describe and evaluate the different processes in the system, and set up a plan for further work to improve quality. A project report was released in April 2004 (in Norwegian only). The report lists a variety of measures to increase quality, such as changes in the organisation of the QNA process, technical changes in the data system, an increase and improvement of the documentation related to the QNA system etc.

Another way of measuring the general quality of the QNA figures is to compare the preliminary annual figures from the first version of the annual accounts (by adding up the quarters in the QNA) with the final version. This was done in 2004. The article (in Norwegian only) looks at the growth rates of the main aggregates: GDP, GDP for mainland Norway, household consumption, government consumption, gross fixed capital formation, exports, imports and compensation of employees. For most variables, the study covers the years 1972-2002, while for some variables it covers the years 1993-2002. The study concludes that the preliminary figures generally had underestimated the growth rate in relation to the final figures, but that the overall picture did not differ too much.

 

Revision

The national accounts data for a specific month, quarter or year are revised in accordance with an ordinary publication and revision cycle. The monthly and quarterly figures within a specific year t have the status final 21 months after the end of the year. See Administrative information, Frequency and timeliness. In addition, periodical main revisions give revised figures. See Background and purpose. The table below shows the publication cycle for yearly and quarterly national accounts figures. In addition to what is stated in the table, monthly data will be published about 40 days after the end of the month. In May, year t (which coincides with the QNR for the first quarter), all months, also in year t-1, can be revised. After May year t, only the monthly figures for the current year are subject to revision.

Publication cycle for quarterly and yearly national accounts figures

Release date in:

 1st quarter year t

2nd quarter year t

3rd quarter year t

4th quarter year t

May, year t

First preliminary version

Revised 3 for year t-1

Revised 2 for year t-1

Revised 1 for year t-1

August, year t

Revised 1

Revised 5 for year t-1

Final for year t-2

First preliminary version

Revised 4 for year t-1

Final for year t-2

Revised 3 for year t-1

Final for year t-2

Revised 2 for year t-1

Final for year t-2

November, year t

Revised 2

Revised 1

First preliminary version

Revised 3 for year t-1

February, year t

Revised 3 for year t-1

Revised 2 for year t-1

Revised 1

First preliminary version for year t-1

About seasonal adjustment

General information on seasonal adjustment

What is seasonal adjustment?

Monthly and quarterly time series are often characterised by considerable seasonal variations, which might complicate inter-period comparability. Such time series are therefore subjected to a process of seasonal adjustment in order to remove the effects of seasonal fluctuations. Once data have been adjusted for seasonal effects by X-12-ARIMA or some other seasonal adjustment tool, a clearer picture of the time series emerge.

For more information on seasonal adjustment, please refer to Statistics Norway’s: metadata on methods: seasonal adjustment .

Why seasonally adjust these statistics?

Because of climatic conditions, public holidays and holidays in July and December, the intensity of the production varies throughout the year. The same applies to household consumption and other parts of the economy.

This makes a direct comparison of two consecutive months or quarters difficult. In order to adjust for these conditions, the quarterly national accounts are seasonally adjusted which makes it possible to conduct an analysis of the underlying change in economic activity between periods.

It is important to mention some factors of the seasonally adjustment of the MNA which has to be given specific attention compared to other short time economic indicators:

·        The series for the main aggregates in the MNA is a result of aggregation of many components. Statistics Norway has chosen that consistency between the components and the main aggregates also applies to the seasonally adjusted series to make it easy to identify which series contribute the most to the results.

·        Data may be exposed to some revisions each month as well as major revisions when the the preliminary national accounts are reconciled with final national accounts

Background information

·        To seasonally adjust the GDP (and all other aggregates) we use an indirect method. This is done in order to be able to explain the contributions to GDP-growth, and consensus is that this is the preferred method for this kind of data. Please see chapter below for more details on the direct vs. indirect approach to seasonal adjustment.

·          This method has given us some challenges related to the seasonally adjusted historical series. The reason is that series older than the base year are not additive. When a new base year is established, and the time series are updated, we use identical seasonal adjustment factors as before. This means that changes in seasonally adjusted data are only due to changes in the unadjusted data.

·          We use information from the entire period of the time series to estimate seasonal adjustment factors, but we use this information only from the year before the base year to the present.

The method chosen is in accordance with the ESS-Guidelines on seasonal adjustment .

Seasonally adjusted series

Over a thousand series are seasonally adjusted every month. The series are adjusted at a disaggregated level and then summed up to the main aggregates.

The series for gross value added at industry level are adjusted directly, as opposed to being calculated as the difference between production and intermediate consumption.

For final consumption expenditure of households, the series are seasonally adjusted by applying the seasonal factors that are estimated for the index of household consumption of goods (see the documentation for seasonal adjustment of the index of household consumption of goods).

 

Pre-treatment

Pre-treatment routines/schemes

Pre-treatment is an adjustment for variations caused by calendar effects and outliers.

  • We run a pre-treatment of some series/main series.

Calendar adjustment

Calendar adjustment involves adjusting for the effects of working days/trading days and for moving holidays. Working days/trading days adjustments are made for both the number of working days/trading days and for the varying composition of days from one month to another.

  • It is performed calendar adjustments on all series showing significant and plausible calendar effects within a statistically robust approach, such as regression or RegARIMA (a regression model with an ARIMA structure for the residuals).

Methods for trading/working day adjustment

  • RegARIMA correction – in this case, the effect of trading days is estimated in a RegArima framework. The effect of trading days can be estimated by using a correction for the length of the month or leap year, regressing the series on the number of working days, etc. In this case, the residuals will have an ARIMA structure.

Correction for moving holidays

  • We run an automati correction with X-12-ARIMA. The utomatic correction of raw data will be based on Norwegian holidays.

National and EU/euro area calendars

  • Use of the Norwegian calendar with X-12-ARIMA.

Treatment of outliers

Outliers, or extreme values, are abnormal values of the series

  • Outliers are detected automatically by the seasonal adjustment tool. The outliers are removed before seasonal adjustment is carried out, and then reintroduced into the seasonally adjusted data.

Model selection

Pre-treatment requires choosing an ARIMA model, as well as deciding whether the data should be log-transformed or not.

Decomposition scheme

The decomposition scheme specifies how the various components – basically trend-cycle, seasonal and irregular – combine to form the original series. The most frequently used decomposition schemes are the multiplicative and additive.

  • Manual selection of decomposition scheme after graphical inspection of the properties to the specific series.

Comments : Additive decomposition is used for series with (potential) negative values or values equal zero, otherwise multiplicative decomposition is used.

Seasonal adjustment

Choice of seasonal adjustment approach

  • X-12-ARIMA

Consistency between raw and seasonally adjusted data

In some series, consistency between raw and seasonally adjusted series is imposed.

  • No constraints are applied.

 

Consistency between aggregate/definition of seasonally adjusted data

In some series, consistency between seasonally adjusted aggregates and its components is imposed. For some series there is also a special relationship between the different series, e.g. GDP which equals production minus intermediate consumption.

  • Definitions and relationships that hold for unadjusted figures also apply for seasonally adjusted figures.

Comments : The supply side equals the use side also for seasonally adjusted figures. This implies that changes in stocks/statistical discrepancies are treated as a residual in the seasonally adjusted figures (balancing item). The series for gross value added are adjusted directly (see chapter 1.3) and are not required to match the difference between seasonally adjusted series for production and intermediate consumption (thus, vertical – not horizontal – consistency is imposed).

Direct versus indirect approach

Direct seasonal adjustment is performed if all time series, including aggregates, are seasonally adjusted on an individual basis. Indirect seasonal adjustment is performed if the seasonally adjusted estimate for a time series is derived by combining the estimates for two or more directly adjusted series.

  • Mixed indirect approach is applied

Comments : MNA uses aggregation routines outside X-12-ARIMA.

Horizon for estimating the model and the correction factors

When performing seasonal adjustment of a time series, it is possible to choose the period to be used in estimating the model and the correction factors. Correction factors are the factors used in the pre-treatment and seasonal adjustment of the series.

  • The whole time series is used to estimate the model and the correction factors

 

Audit procedures

General revision policy

Seasonally adjusted data may change due to a revision of the unadjusted (raw) data or the addition of new data. Such changes are called revisions, and there are several ways to deal with the problem of revisions when publishing the seasonally adjusted statistics.

  • Seasonally adjusted numbers are revised in accordance with a well-defined and publicly available revision policy and release calendar.

 

Concurrent versus current adjustment

  • The model, filters, outliers and regression parameters are re-identified and re-estimated as new or revised data become available.

Horizon for published revisions

  • The individual series will be revised when seasonal factors are re-estimated. Concerning the main aggregates the period of revisions is limited from the base year to the present.

Comments : This applies as long as the unadjusted figures before the base year remains unchanged. When a new base year is established, and the time series are updated, we use identical seasonal adjustment factors as before. This means that changes in seasonally adjusted data are only due to changes in the unadjusted data.

Quality of seasonal adjustment

Evaluation of seasonally adjustment data

  • Continuous/periodical evaluation using standard measures proposed by different seasonal adjustment tools.

 

Special cases

All series are sufficiently long to perform a seasonal adjustment.

 

Posting procedures

Data availability

  • Both unadjusted (raw), seasonally adjusted and sum rolling three months data are available.

Press releases

  • In addition to raw data, at least one of the following series is released: pre-treated, seasonally adjusted, seasonally plus working day adjusted trend-cycle series.
  • Both levels and growth rates are presented.
  • Empirical values are presented to evaluate revisions of data in earlier press releases.

References