10126_not-searchable
/en/nasjonalregnskap-og-konjunkturer/statistikker/knr/arkiv
10126
High growth in consumption
statistikk
2006-06-06T10:00:00.000Z
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
false

National accounts, March 2006

Content

Published:

This is an archived release.

Go to latest release

High growth in consumption

Following a decrease in the fourth quarter of 2005, households demand for goods had strong growth in the first quarter of 2006. Employment had the highest growth rate in several years.

According to preliminary seasonally adjusted figures the Gross Domestic Product (GDP) for mainland Norway increased by 0.6 per cent in the first quarter of 2006. Increased activity in wholesale and retail trade and construction was the driving force behind the development in GDP. The growth in manufacturing continued in 2006. Value added in manufacturing increased by 0.9 per cent in the first quarter. This growth was mainly due to increases in the building of ships, oil platforms and modules and the production of basic metals.

Gross domestic product. 1. quarter 2005 to 1. quarter 2006. Percentage change in volume from the previous period (seasonally adjusted)
 
 200420051. quarter 20052. quarter 20053. quarter 20054. quarter 20051. quarter 2006
 
Gross domestic product (GDP)3.1     2.30.21.00.80.30.6
Mainland Norway3.83.70.60.90.61.30.6
Petroleum activities and ocean transport0.4-3.4-1.41.41.6-4.10.6
Final domestic use of goods and services6.14.6-0.11.21.71.20.5
Final consumption exp. of households4.73.20.11.90.6-0.11.6
Final consumption exp. of general government2.21.50.30.4-0.20.41.2
Gross fixed capital formation8.110.9-5.62.71.811.4-8.9
Exports0.60.7-0.42.90.9-1.11.1
Imports8.97.4-2.03.93.61.40.9
        
Total employed0.40.7-0.10.20.60.40.9
Total man-hours worked1.90.8-0.10.30.20.30.6
 

Total GDP for Norway increased by 0.6 per cent in the first quarter.

Increased demand for goods

Household final consumption expenditure had strong growth in the first quarter. Consumption of goods rose by more than 2 per cent. This was due to higher demand for most goods except cars. Consumption of services was nearly unchanged in the first quarter.

Final consumption expenditure in general government rose in the first quarter. Increased expenditures in health and social services were the main factor behind this development.

Strong increase in number of employed persons

The number of employed persons rose by nearly 1 per cent in the first quarter. The strong growth can primarily be explained by higher employment in business services, public health care and construction. Total hours worked rose by 0.6 per cent.

Decreased investments

Following a long period of high growth, gross fixed capital formation decreased almost 9 per cent in the first quarter.

The strong growth in investments in dwellings continued in 2006.

Revised figures of final expenditure and gross domestic product. Percentage change in volume
 
 20051. quarter 20052. quarter 20053. quarter 20054. quarter 2005
 New resultFormer resultSeasonally adjusted figuresUnadjusted figuresSeasonally adjusted figuresUnadjusted figuresSeasonally adjusted figuresUnadjusted figuresSeasonally adjusted figuresUnadjusted figures
 Percentage change in volume from the previous periodPercentage change in volume from the same period in the previous yearPercentage change in volume from the previous periodPercentage change in volume from the same period in the previous yearPercentage change in volume from the previous periodPercentage change in volume from the same period in the previous yearPercentage change in volume from the previous periodPercentage change in volume from the same period in the previous year
 New resultFormer resultNew resultFormer resultNew resultFormer resultNew resultFormer resultNew resultFormer resultNew resultFormer resultNew resultFormer resultNew resultFormer result
 
Gross domestic product2.32.30.20.0-1.1-1.31.01.54.94.90.80.73.13.30.30.22.32.5
GDP Mainland Norway3.73.70.60.50.50.30.91.07.77.70.60.83.13.41.31.13.53.6
Household final consumption expenditure3.23.60.10.31.41.51.91.84.34.60.61.04.55.4-0.1-0.12.52.9
Final consumption of general government1.51.40.30.2-1.4-1.40.40.46.16.0-0.2-0.20.70.70.40.40.70.6
Gross fixed capital formation10.910.8-5.6-9.314.113.42.74.912.312.01.82.78.68.911.412.39.49.3
Exports0.70.5-0.4-0.5-4.0-3.92.92.72.22.20.90.52.82.5-1.1-1.12.11.5
Imports7.46.7-2.0-2.23.02.43.93.610.39.63.63.68.88.11.41.47.16.5
 

Gross fixed capital formation in oil and gas extraction decreased in the first quarter after a strong growth at the end of 2005. The investments are still on a high level.

Strong growth in foreign trade

Total imports continued to rise in 2006. Imports of traditional goods increased by 3.0 per cent, following a moderate growth in the fourth quarter of 2005. Over 60 per cent of the increase in imports of traditional goods can be attributed to higher imports of basic metals and machinery and other equipment.

Gross fixed capital formation and consumption. Seasonally adjusted. Volume indices. 2003=100

Gross domestic product. Seasonally adjusted. Volume indices. 2003=100

Total exports increased by over 1 per cent in the first quarter. Higher exports were mainly due to more export of business services. Export of traditional goods decreased more than 1 per cent. A lower export of electricity and fish explains this development.

For more information about foreign trade, click here

Revised figures for 2005

Growth in total GDP and GDP for mainland Norway from 2004 to 2005 is unchanged. There are some changes in the underlying components. Growth from 2004 to 2005 in household final consumption expenditure is changed from 3.6 to 3.2 per cent.

 

GDP growth for some of Norway's trade partners.

Tables

Published tables