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Continued strong growth in mainland economy
statistikk
2006-09-05T10:00:00.000Z
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, June 2006

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Continued strong growth in mainland economy

According to preliminary seasonally adjusted figures Gross Domestic Product (GDP) for mainland Norway had strong growth in the second quarter of 2006. The growth in GDP was mainly driven by high production of wholesale and business services.

GDP for mainland Norway rose by 1.1 per cent in the second quarter.

 

Following strong growth for several periods gross value added for manufacturing increased by 0.2 per cent in the second quarter of 2006. Building of ships and manufacturing of machinery and other equipment increased while manufacturing of wood and wood products, pulp and paper products together with basic metals decreased.

Gross domestic product 2. quarter 2005 to 2. quarter 2006. Percentage change in volume from
the previous period (seasonally adjusted)
 
 200420052. quarter 20053. quarter 20054. quarter 20051. quarter 20062. quarter 2006
 
Gross domestic product (GDP)3.12.31.10.90.10.60.5
Mainland-Norway3.83.70.90.81.10.81.1
Petroleum activities and ocean transport0.4-3.41.81.5-4.1-0.3-2.5
Final domestic use of goods and services6.14.61.11.81.20.21.7
Final consumption exp. of households4.73.21.70.60.02.00.6
Final consumption exp. of general government2.21.50.30.00.70.30.7
Gross fixed capital formation8.110.93.31.911.0-8.45.4
Exports0.60.73.10.9-1.31.2-0.2
Imports8.97.44.13.61.50.43.4
        
Total employed0.40.70.10.60.50.80.6
Total man-hours worked1.90.80.20.20.40.50.6
 

Total GDP for Norway increased by 0.5 per cent in the second quarter as value added for oil and gas extraction decreased for the third quarter in a row.

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

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

Continued growth in number of employed persons

The number of employed persons rose by 0.6 per cent in the second quarter. Higher employment in business services, wholesale and construction can primarily explain the growth. Total hours worked rose by 0.6 per cent.

Compared with employment figures a year ago the number of employed persons has increased by around 57 000 persons.

Growth in consumption

Household final consumption expenditure increased by 0.6 per cent. Consumption of services rose over 1 per cent in the second quarter. This was mainly due to higher demand for recreation and culture services and hotels and restaurants services. Consumption of goods increased by 0.6 per cent.

Final consumption expenditure in general government was 2 per cent higher the first half of 2006 than the first half of 2005. Increased health and social services were the main factor behind this development.

Revised figures of final expenditure and gross domestic product. Percentage change in volume
 
 20051. quarter 2006
 New resultFormer resultSeasonally adjusted figuresUnadjusted figures
 Percentage change in volume from the previous periodPercentage change in volume from the same period in the previous year
 New resultFormer resultNew resultFormer result
 
Gross domestic product2.32.30.60.65.65.4
Mainland Norway3.73.70.80.67.37.1
Household final consumtion expenditure3.23.22.01.64.74.5
Final consumption of general government1.51.50.31.26.36.6
Gross fixed capital formation10.910.9-8.4-8.97.76.7
Exports0.70.71.21.15.85.6
Imports7.47.40.40.912.813.0
 

Increased investments

Following a decrease in the first quarter, gross fixed capital formation increased more than 5 percent in the second quarter.

Investments in dwellings were nearly the same level as in the first quarter. From the first half of 2005 to the first half of 2006 investments in dwellings rose by more than 7 per cent.

Gross fixed capital formation in oil and gas extraction increased by almost 6 per cent in the second quarter after a decrease in the beginning of 2006.

Strong growth in exports of traditional goods

Following a decrease in the first quarter exports of traditional goods increased over 2 per cent. Higher export of machinery and other equipment, basic chemicals and basic metals explains this development.

Total exports were nearly unchanged from the first quarter.

Total imports continued to rise in the second quarter of 2006. Over 40 per cent of the increase in total imports can be attributed to higher imports of services. Imports of traditional goods increased by 1.7 per cent.

For more information about foreign trade, click here

GDP figures. Seasonally adjusted
 
 Percentage change in volume from the previous quarter
 20052006
      1st quarter     2nd quarter     3rd quarter     4th quarter     1st quarter     2nd quarter
 
Sweden0.30.81.21.01.41.4
Denmark0.91.50.70.20.41.9
Finland0.90.31.20.71.3-
Germany     0.60.30.50.30.70.9
France0.10.00.70.20.51.1
UK0.30.50.50.60.80.7
USA0.80.81.00.41.40.7
 

Revised figures for 2006

The unadjusted GDP growth for mainland Norway and the growth in total GDP are revised up by 0.2 per cent in the first quarter of 2006. This is due new information about production of services. Growth in household final consumption expenditure is changed from 4.5 to 4.7 per cent in the first quarter. Of the other macroeconomic figures, only gross fixed capital formation has significant revisions.

Tables

Published tables