This is an archived release.
Slight increase in the mainland economy
Preliminary figures from the quarterly national accounts indicate a rise in the level of activity in the mainland economy in the 1st quarter after a slight growth in the previous two quarters. On the demand side increases in both the households consumption expenditure and in the exports of traditional goods have been registered. Nevertheless a decline in the level of production within the oil producing industries resulted in only a slight increase in the overall GDP.
According to seasonally adjusted figures the final consumption expenditure among households and Non-profit Institutions Serving Households (NPISHs) increased by 2.0 per cent from the 4th quarter last year to the 1st quarter this year, after a decline was registered for the previous two quarters. Due to the abnormal development in the average temperature and the well-announced reduction in the taxes for gasoline from January 1st, the growth rate in the 1st quarter might be somewhat misleading. When adjusting for this the drop in consumption at the end of last year as well as the rise in the 1st quarter would be less evident. For consumption expenditure in general government a slight increase was observed in the 1st quarter.
Small change in investment activities
According to figures there was a slight decrease in investments in the mainland industries from the 4th quarter last year to the 1st quarter this year, after a moderate growth was registered from the 3rd to the 4th quarter last year. The reduced investments were primarily seen within the service industries, while there was an increase for the manufacturing industries as well as for the activity related to building of dwellings. The seasonally adjusted figures now indicate an upturn in investments in the oil producing industries, after a fall throughout the last three quarters in 2000.
Increased exports of traditional goods
The seasonally adjusted figures from the national accounts indicate a rise in the volume of exports of 1.5 per cent since the 4th quarter last year after a positive growth rate was recorded for the previous two quarters as well. Higher exports of among other things metals and refined wood products contributed to a rise in the exports of traditional goods of 5 per cent in the 1st quarter. The high level of exports partly resulted in a drop in investments for inventories. Exports of crude oil and natural gas increased by 2 per cent, while exports of services increased somewhat less.
The volume of total imports increased by 0.9 per cent from the 4th quarter last year to the 1st quarter this year. Imports of traditional goods increased by 1.4 per cent in the 1st quarter after having shown a downward trend the two previous quarters.
Slight increase in the value added in the manufacturing industries
The preliminary figures indicate a rise in the value added for the mainland industries from the 4th quarter last year to the 1st quarter this year after a slow growth was observed in the second half of last year. While the value added for the manufacturing industries decreased throughout 2000, an increase was recorded for the 1st quarter. The figures for the 1st quarter indicate a tendency of accelerating growth in the service industries.
Continued growth in the number of employed persons
The figures for the 1st quarter show an increase in the number of employed persons of 0.6 per cent compared with the same quarter last year. According to figures a reduction in employment in most of the goods producing industries was recorded while there was an increase in the service industries as well as in the general government. For employed persons no seasonally adjusted figures from the national accounts are published at present.
|Gross domestic product 1. 2000 to 1. quarter 2001. Percentage|
change in volume from the previous period (seasonally adjusted)
|Gross domestic product (GDP)||1,1||2,3||0,8||0,1||0,2|
|Petroleum activities and ocean transport||1,4||4,4||4,2||1,9||-0,8|
|Final domestic use of goods and services||-0,7||2,2||-0,6||-2,2||-0,1|
|Final consumption exp. of households and NPISHs||2,2||2,4||-0,1||-0,5||2,0|
|Final consumption exp of general government||3,3||1,4||0,5||0,5||0,1|
|Gross fixed capital formation||-8,2||-1,1||-5,7||-0,7||1,9|
|Total employed, employees and self-employed||0,6||0,5||0,5||0,3||0,6|