This is an archived release.
High growth in mainland economy
According to preliminary figures, the strong growth in Gross Domestic Product (GDP) for mainland Norway continued in the fourth quarter of 2005. Growth in the fourth quarter was primarily driven by a major increase in investments.
GDP for mainland Norway increased by 1.1 per cent in the fourth quarter. For the year 2005 as a whole, GDP for mainland Norway rose by 3.7 per cent. The growth can primarily be attributed to increased activity in service activities, where business services contributed most. Electricity and construction also had strong growth.
In manufacturing, value added increased by 1.0 per cent in the fourth quarter and from 2004 to 2005 the growth was 2.6 per cent. Even though several of the manufacturing industries were doing well, more than 70 per cent of the increase can be attributed to the manufacture of machinery and equipment, and the building of ships, oil platforms and modules.
The total GDP for Norway increased by 2.3 per cent in 2005.
|Gross domestic product. 1. quarter-4. quarter 2005. Percentage change in volume from the previous period (seasonally adjusted)|
|Gross domestic product (GDP)||3.1||2.3||0.0||1.5||0.7||0.2|
|Petroleum activities and ocean transport||0.4||-3.4||-1.9||3.4||0.1||-3.6|
|Final domestic use of goods and services||6.1||4.5||-0.4||1.7||1.7||1.1|
|Final consumption exp. of households||4.7||3.6||0.3||1.8||1.0||-0.1|
|Final consumption exp. of general government||2.2||1.4||0.2||0.4||-0.2||0.4|
|Gross fixed capital formation||8.1||10.8||-9.3||4.9||2.7||12.3|
|Total man-hours worked||1.9||0.9||0.2||0.2||0.2||0.1|
|Revised figures of final expenditure and gross domestic product. Percentage change in volume|
|2004||1. quarter 2005||2. quarter 2005||3. quarter 2005|
|New result||Former result||Seasonally adjusted figures||Unadjusted figures||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||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||New result||Former result||New result||Former result|
|Gross domestic product||3.1||2.8||0.0||0.2||-1.3||-1.4||1.5||1.3||4.9||4.6||0.7||0.8||3.3||3.1|
|Household final consumtion expenditure||4.7||4.7||0.3||0.2||1.5||1.5||1.8||1.6||4.6||4.5||1.0||0.9||5.4||5.1|
|Final consumption of general government||2.2||2.2||0.2||0.0||-1.4||-1.6||0.4||0.4||6.0||5.8||-0.2||-0.2||0.7||0.4|
|Gross fixed capital formation||8.1||7.8||-9.3||-9.5||13.4||13.0||4.9||8.6||12.0||15.5||2.7||-3.3||8.9||6.0|
Strong growth in investments
Gross fixed capital formation had strong growth in the last three quarters of 2005. Investments in dwellings have increased since the third quarter of 2003. From 2004 to 2005 these investments have increased by 14.5 per cent.
Investments in manufacturing increased more than 30 per cent in the fourth quarter, and the investments in 2005 were 13.3 per cent higher than in 2004.
Gross fixed capital formation in oil and gas extraction had a yearly growth of nearly 12 per cent in 2005 and accounts for almost 25 per cent of total gross fixed capital formation in Norway.
Household expenditure unchanged
Household final consumption expenditure was more or less unchanged from the third to the fourth quarter. Consumption of goods decreased by 1.1 per cent. The reduction can primarily be explained by lower demand for food and electricity. Consumption of services rose by 0.9 per cent. This was mainly due to increased demand for hotel, restaurant and transport services. Direct purchases abroad had strong growth from the third to the fourth quarter of 2005, as has been the case for more than two years. The final consumption expenditure of households was 3.6 per cent higher in 2005 than in 2004.
In 2005, final consumption expenditure in general government grew by 1.4 per cent. Increased expenditures in health and social services in central and local government was the main factor behind this.
Continued strong growth in imports
Imports of traditional goods have had strong growth since the end of 2003, but in the fourth quarter of 2005 the increase was only 0.2 per cent. From 2004 to 2005 imports of traditional goods grew more than 8 per cent.
Total exports decreased more than 1 per cent in the fourth quarter. This was due to lower exports of oil and gas. In 2005, exports of traditional goods increased in the two last quarters following two quarters of decreases. The yearly growth in exports of traditional goods was nearly 6 per cent in 2005. Increased exports of machinery, equipment and electricity can explain most of this development.
Growth in employment
Employment rose by 0.3 per cent in the fourth quarter. From 2004 to 2005 employment grew by 0.7 per cent. This was mainly due to increased employment in business services, public health care, construction, wholesale and the retail trade.
Revised figures for 2004 and 2005
The growth in value added for manufacturing is adjusted upwards in 2004, due to new information. As a result of this, the annual growth in GDP for mainland Norway increased from 3.4 per cent to 3.8 per cent in 2004. The growth in total GDP is adjusted from 2.8 per cent to 3.1 per cent.
The unadjusted GDP growth for mainland Norway is adjusted upwards in the second and third quarter of 2005. This is mainly due to changes in the figures for construction and service activities.
GDP growth for some of Norway's trade partners.