This is an archived release.
Continued strong growth in Norwegian economy
The growth in the Norwegian economy has been substantial during the past nine quarters. According to preliminary seasonally adjusted figures, Gross Domestic Product (GDP) for mainland Norway continued to grow significantly in the third quarter of 2005. Employment increased as well.
The development is mainly due to increased investment activity and household demand. However, in the third quarter of 2005, household consumption of goods was lower than in the second quarter. In the third quarter investments in dwellings decreased. According to preliminary seasonally adjusted figures employment rose by 0.4 per cent from the second to the third quarter of 2005. Employment rose primarily in business services and in health and social services.
GDP for mainland Norway rose by 0.8 per cent in the third quarter due to growth in several service industries, particularly business services, wholesale and retail trade. GDP for mainland Norway was 3.6 per cent higher in the accumulated first three quarters of 2005 compared to the same period in 2004.
Increase in manufacturing
Gross value added for manufacturing continued to increase in the third quarter of 2005. The growth was mainly due to an increase in refined petroleum products and basic metals. Accumulated figures for the three first quarters of 2005 increased by 2.4 per cent compared to the same period the previous year.
|Gross domestic product 1. quarter 2004 to 2. quarter 2005. Percentage change in volume from the previous period (seasonally adjusted])|
|2003||2004||1. quarter 2004||2. quarter 2004||3. quarter 2004||4. quarter 2004||1. quarter 2005||2. quarter 2005||3. quarter 2005|
|Gross domestic product (GDP)||1.1||2.8||2.0||0.9||-1.0||1.3||0.2||1.3||0.8|
|Petroleum activities and ocean transport||0.0||0.4||3.0||2.0||-8.5||0.2||-1.0||3.4||0.7|
|Final domestic use of goods and services||1.5||5.7||3.8||2.2||0.2||2.4||-0.1||2.5||0.7|
|Final consumption exp. of households||3.0||4.7||2.4||-0.1||0.7||1.8||0.2||1.6||0.9|
|Final consumption exp. of general government||1.3||2.2||1.3||1.3||0.4||0.5||0.0||0.4||-0.2|
|Gross fixed capital formation||0.2||7.8||0.2||6.4||4.8||11.7||-9.5||8.6||-3.3|
|Total man-hours worked||-1.6||1.9||0.8||1.2||1.5||-0.3||0.1||0.2||0.1|
|Revised figures of final expenditure and gross domestic product for 1st and 2nd quarter 2005. Percentage change in volume|
|1st quarter||2nd quarter|
|Seasonally adjusted figures||Unadjusted figures||Seasonally adjusted figures||Unadjusted figures|
|Percentage change in volume from the previous period||Percentage change in volume from the same period in the previous year||Percentage change in volume from the previous period||Percentage change in volume from the same period in the previous year|
|New result||Former result||New result||Former result||New result||Former result||New result||Former result|
|Gross domestic product||0.2||0.3||-1.4||-0.9||1.3||1.3||4.6||4.8|
|Household final consumtion expenditure||0.2||-0.3||1.5||0.7||1.6||2.5||4.5||4.4|
|Final consumption of general government||0.0||1.1||-1.6||-0.9||0.4||0.4||5.8||6.6|
|Gross fixed capital formation||-9.5||-9.3||13.0||8.3||8.6||10.9||15.5||17.5|
Weaker growth in consumption of goods
Following a strong growth in the second quarter household consumption expenditure of goods increased by 0.4 per cent in the third quarter of 2005. Consumption of clothing and footwear decreased for the first time in almost five years. Household consumption expenditure of goods rose by 2.9 per cent in the accumulated three first quarters of 2005 compared to the same period the previous year. Direct purchases abroad by resident households and consumption of services increased substantially from the second to the third quarter of 2005. All together this contributed to a growth in final consumption expenditure of households by 0.9 per cent from the second to the third quarter. Final consumption expenditure of households rose by 3.8 per cent from the accumulated first three quarters of 2004 to the first three quarters of 2005.
Still increase in investment activity
Gross fixed capital formation in oil and gas extraction was still on a high level in the third quarter of 2005. A comparison of the growth rate in the accumulated three first quarters this year with the same period the previous year shows a volume growth of more than 19 per cent. Gross fixed capital formation in oil and gas extraction accounts for more than 25 per cent of total gross fixed capital formation in Norway.
According to seasonally adjusted figures, the investments in mainland Norway excluding general government rose in the third quarter of 2005. Investments in manufacturing and mining increased by 2.3 per cent, while investments in dwellings fell by 1.9 per cent in the third quarter of 2005.
Strong growth in foreign trade
In the third quarter of 2005 the total volume of exports and imports rose by 2.5 and 2.8 per cent, respectively. The growth is due to higher exports of traditional goods and higher exports of services. The growth in imports is mainly attributable to higher imports of machinery and other equipments.
Revised figures for 2005
The unadjusted GDP growth for mainland Norway has been revised down by 0.5 per cent in the first quarter. This is mainly due to lower production of service activities and other goods. The GDP growth for mainland Norway in the second quarter is unchanged. Gross fixed capital formation is revised up in the first quarter and down in the second quarter by 4.7 and 2.0 per cent, respectively. Final consumption expenditure of households is revised up in the first quarter, primarily due to new information about consumption expenditure of goods. Both exports and imports had minor revisions.
Statistics Norway also publishes final national accounts for 2003 and preliminary national accounts for 2004 .
GDP figures for some of Norway's trade partners.