This is an archived release.
Still strong growth in Norwegian economy
The strong growth in the Norwegian economy continued into the third quarter of 2007. The growth in the first six months of 2007 is revised, but confirms the picture of a strong development in the economy. Also, the strong growth in number of employees continued in the third quarter.
The gross domestic product (GDP) for Mainland Norway grew by almost 2 per cent from the second to the third quarter. The electricity industry grew strongly, due to heavy rainfall in the third quarter which filled the water reservoirs used in the production of power. This contributed to almost one fourth to the total GDP growth.
The wholesale and retail trade rose by 2.7 per cent in the third quarter, and continued a long period of growth. Beyond that, it was growth in most service industries. The value added from the manufacturing industry rose by more than 1 per cent.
Decrease on the Norwegian Shelf
While most industries on the Mainland were up, the output in the extraction of oil and gas on the Norwegian Shelf was slightly down in the third quarter. Hence, the growth total GDP was lower than the growth in GDP for Mainland Norway.
|2005||2006||3rd quarter 2006||4th quarter 2006||1st quarter 2007||2nd quarter 2007||3rd quarter 2007|
|Gross domestic product (GDP)||2.7||2.2||1.1||0.5||0.6||1.0||1.4|
|Petroleum activities and ocean transport||-3.8||-4.1||1.4||-2.6||-1.9||-1.7||-0.3|
|Final domestic use of goods and services||5.5||5.1||1.3||0.9||-0.3||3.0||1.5|
|Final consumption exp. of households||4.1||4.1||1.4||1.1||3.1||1.6||0.7|
|Final consumption exp. of general government||0.7||3.0||0.8||0.7||0.7||0.9||1.1|
|Gross fixed capital formation||13.3||6.5||-1.2||1.9||-0.8||2.9||2.9|
|Total man-hours worked||1.4||2.4||0.8||0.9||1.0||1.3||0.7|
Household consumption continues to grow
The household consumption rose by 0.7 per cent in the third quarter, which is a slower growth that in the previous quarter. This is mainly because the Norwegian households’ purchase abroad was unchanged from the last quarter. This consumption is still on a high level, and was 13 per cent above the level in the third quarter 2006.
The domestic commodity consumption was up by 1 per cent, and the consumption of services was up by 0.7 per cent.
Public consumption rose by 1 per cent in the third quarter.
Gross fixed capital formation up
The gross fixed capital formation went up by almost 3 per cent from the second to the third quarter this year. It was strong growth in both gross fixed capital formation in the oil and gas extraction and in manufacturing industries.
From the last quarter, investments in dwellings increased by 1.2 per cent.
Strong growth in export
Export grew by 2.6 per cent in the third quarter. Increase in export of oil accounts for approximately half of the growth in exports. Export of traditional goods increased by 2.7 per cent, and especially increased export of metals contributed to the growth.
In the third quarter, the import increased by 3.5 per cent. It was mainly increase in import of services that contributed to the growth.
The number of employees was up by 0.8 per cent in the third quarter of 2007. This is the thirteenth consecutive quarter with employment growth. It was almost 90 000 more persons working in the third quarter of 2007 than in the same quarter in 2006.
|Percentage change in volume from the previous quarter|
|2nd quarter||3rd quarter||4th quarter||1st quarter||2nd quarter||3rd quarter||4th quarter||1st quarter||2nd quarter||3nd quarter|
Seasonally adjusted growth in GDP for Mainland Norway is revised down for the first quarter of 2007, but up for the second quarter.
For 2005 and 2006, the revision is explained here .
|2006||1st quarter 2007||2nd quarter 2007|
|New result||Former result||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||2.2||2.8||0.6||0.8||2.0||3.1||1.0||0.9||3.3||3.9|
|Household final consumtion expenditure||4.1||4.3||3.1||3.1||7.4||6.9||1.6||0.9||7.3||6.2|
|Final consumption of general government||3.0||3.3||0.7||0.6||2.2||1.7||0.9||0.1||3.7||2.6|
|Gross fixed capital formation||6.5||7.4||-0.8||-1.3||7.6||8.7||2.9||3.9||2.9||5.0|