National accounts

Updated: 13 June 2023

Next update: 7 July 2023

Seasonally adjusted volume growth for GDP mainland Norway
Seasonally adjusted volume growth for GDP mainland Norway
April 2023
-0.4
%
Final expenditure and gross domestic product. Seasonally adjusted. Percentage change in volume
Final expenditure and gross domestic product. Seasonally adjusted. Percentage change in volume1
202120221st quarter 2023February 2023March 2023April 2023
Gross domestic product3.93.30.20.00.3-0.3
Gross domestic product Mainland Norway4.23.80.2-0.10.2-0.4
Petroleum activities and ocean transport1.9-1.10.90.61.40.4
Final domestic use of goods and services2.64.4-0.21.1-1.3-0.8
Final consumption expenditure of households and NPISH4.46.9-5.11.81.3-1.8
Final consumption expenditure of general government5.00.10.50.40.00.4
Gross fixed capital formation (GFCF)-0.84.3-0.1-2.21.9-4.2
Total exports5.85.91.70.33.4-1.2
Total imports1.79.20.33.6-1.3-2.4
Employed persons1.23.90.5
Total hours worked2.43.90.6
1Figures from 2021 onwards are preliminary.
Explanation of symbols

Selected tables and figures from this statistics

  • Final expenditure and gross domestic product. Monthly. Seasonally adjusted figures. Percentage change in volume from the previous period
    Final expenditure and gross domestic product. Monthly. Seasonally adjusted figures. Percentage change in volume from the previous period1
    September 2022October 2022November 2022December 2022January 2023February 2023March 2023April 2023
    Final consumption expenditure of households and NPISHs0.80.80.86.3-10.91.81.3-1.8
    ¬ Household final consumption expenditure0.90.90.86.8-11.51.91.4-1.9
    ¬¬ Goods1.31.12.813.4-23.04.63.1-3.3
    ¬¬ Services0.30.20.20.3-0.1-0.2-0.1-0.4
    ¬¬ Direct purchases abroad by resident households0.83.1-6.34.61.00.8-0.4-3.3
    ¬¬ Direct purchases by non-residents-0.60.23.21.1-2.52.1-2.5-2.4
    ¬ Final consumption expenditure of NPISHs0.40.50.1-1.40.1-0.3-0.10.2
    Final consumption expenditure of general governmen0.41.0-0.30.20.30.40.00.4
    ¬ Final consumption expenditure of central government0.51.4-0.40.4-0.50.4-0.20.4
    ¬¬¬ Central government, civilian0.41.5-0.50.4-0.60.4-0.30.5
    ¬¬¬ Central government, defence0.80.80.40.10.40.30.40.4
    ¬ Final consumption expenditure of local government0.30.6-0.20.01.00.50.20.3
    Gross fixed capital formation (GFCF)-2.00.30.60.50.3-2.21.9-4.2
    ¬ Extraction and transport via pipelines (GFCF)-1.95.41.60.7-0.1-4.71.9-8.3
    ¬ Ocean transport (GFCF)................
    ¬ Mainland Norway (GFCF)-1.81.0-2.31.4-1.20.01.7-3.2
    ¬¬ Mainland Norway excluding general government (GFCF)1.70.3-3.01.6-1.00.22.0-4.4
    ¬¬¬ Industries (GFCF)1.60.4-3.81.60.00.73.5-3.3
    ¬¬¬¬ Services activities incidential to extraction (GFCF)1.272.8-0.70.3-8.4-7.1-4.5-37.0
    ¬¬¬¬ Other services (GFCF)3.0-0.8-6.41.8-3.01.12.6-2.1
    ¬¬¬¬ Manufacturing and mining (GFCF)-0.2-1.62.92.78.6-0.92.72.6
    ¬¬¬¬ Production of other goods (GFCF)-2.70.22.00.26.81.58.8-8.4
    ¬¬¬ Dwelling service (households) (GFCF)1.80.2-1.11.7-3.1-0.7-1.2-6.9
    ¬¬¬ General government (GFCF)-11.03.1-0.30.8-1.8-0.70.80.4
    Acquisitions less disposals of valuables-1.8-10.46.93.48.90.91.4-8.3
    Changes in stocks and statistical discrepancies-13.5-4.9-19.0....21.3-53.150.1
    Gross capital formation-3.4-0.3-1.4-12.119.20.6-6.1-0.2
    Final domestic use of goods and services-0.60.5-0.1-0.6-0.31.1-1.3-0.8
    Final demand from Mainland Norway (excl. changes in stocks)0.10.9-0.23.5-5.71.01.0-1.5
    Final demand from general government-1.91.4-0.30.3-0.10.20.10.4
    Total exports2.1-3.6-0.32.3-1.30.33.4-1.2
    ¬ Traditional goods (export)5.1-6.70.42.9-5.82.09.5-4.8
    ¬ Crude oil and natural gas (export)-1.2-1.4-2.22.60.3-2.72.64.0
    ¬ Ships, oil platforms and aircraft (export)131.2-51.9-13.4-14.352.640.912.8-32.2
    ¬ Services (export)1.4-1.80.61.71.51.2-1.5-1.6
    Total use of goods and services0.1-0.5-0.20.2-0.60.9-0.1-0.9
    Total imports-1.50.6-0.2-0.4-2.23.6-1.3-2.4
    ¬ Tradisjonelle varer (import)0.60.21.1-0.1-8.46.4-1.6-1.5
    ¬ Crude oil and natural gas (import)7.7-2.314.5-35.580.120.3-36.6-13.3
    ¬ Ships, oil platforms and aircraft (import)-73.074.4-35.7-16.8177.4-36.9-7.01.3
    ¬ Services (import)0.8-0.3-1.40.53.21.00.7-3.6
    Gross domestic product, market values2 0.6-0.9-0.20.40.00.00.3-0.3
    Gross domestic product Mainland Norway, market values2 0.40.00.00.3-0.1-0.10.2-0.4
    Petroleum activities and ocean transport3 2.5-7.9-1.41.30.40.61.40.4
    Gross domestic product Mainland Norway, basic values0.40.00.00.30.0-0.10.2-0.2
    ¬ Mainland Norway excluding general government (GDP)0.4-0.10.10.4-0.1-0.20.2-0.4
    ¬¬ Manufacturing and mining (GDP)0.71.0-1.40.20.90.2-1.2-0.1
    ¬¬ Production of other goods (GDP)-0.3-2.00.90.90.3-1.51.4-0.2
    ¬¬ Service activities (GDP)0.50.20.10.3-0.40.00.2-0.5
    ¬ General government (GDP)0.50.2-0.3-0.10.20.2-0.10.3
    Taxes and subsidies products0.30.1-0.10.3-0.2-0.40.6-1.7
    1Figures from 2021 onwards are preliminary
    2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices
    3Includes oil and gas extraction, transport via pipelines and ocean transport
    Explanation of symbols
  • Final expenditure and gross domestic product. Rolling three-month sum. Seasonally adjusted. Percentage change in volume
    Final expenditure and gross domestic product. Rolling three-month sum. Seasonally adjusted. Percentage change in volume1 2
    July 2022 - September 2022August 2022 - October 2022September 2022 - November 2022October 2022 - December 2022November 2022 - January 2023December 2022 - February 2023January 2023 - March 2023February 2023 - April 2023
    Final consumption expenditure of households and NPISHs0.11.21.94.42.00.0-5.5-3.7
    ¬ Household final consumption expenditure0.01.22.04.62.10.0-5.7-3.8
    ¬¬ Goods-1.01.13.19.04.2-0.5-12.2-8.1
    ¬¬ Services0.30.80.90.90.70.40.0-0.4
    ¬¬ Direct purchases abroad by resident households6.36.12.11.8-0.92.12.21.6
    ¬¬ Direct purchases by non-residents4.24.52.72.83.12.3-0.2-1.7
    ¬ Final consumption expenditure of NPISHs1.51.31.00.4-0.4-1.2-1.1-0.7
    Final consumption expenditure of general governmen0.20.81.11.30.70.70.60.8
    ¬ Final consumption expenditure of central government0.71.31.51.80.80.4-0.10.2
    ¬¬¬ Central government, civilian0.81.41.61.80.70.3-0.30.1
    ¬¬¬ Central government, defence0.20.61.31.51.41.00.91.0
    ¬ Final consumption expenditure of local government-0.20.30.70.70.71.01.41.4
    Gross fixed capital formation (GFCF)0.02.01.11.20.50.4-0.1-2.0
    ¬ Extraction and transport via pipelines (GFCF)-2.5-0.91.85.25.01.8-1.6-6.0
    ¬ Ocean transport (GFCF)-44.9..............
    ¬ Mainland Norway (GFCF)0.53.31.30.8-1.7-0.6-0.5-0.3
    ¬¬ Mainland Norway excluding general government (GFCF)-1.02.42.41.3-1.5-0.9-0.10.0
    ¬¬¬ Industries (GFCF)0.15.24.11.9-2.0-0.61.42.5
    ¬¬¬¬ Services activities incidential to extraction (GFCF)-23.09.341.978.334.87.1-14.1-25.3
    ¬¬¬¬ Other services (GFCF)1.16.74.60.2-5.9-4.5-2.40.7
    ¬¬¬¬ Manufacturing and mining (GFCF)2.01.20.81.46.59.711.98.4
    ¬¬¬¬ Production of other goods (GFCF)-2.41.50.92.43.66.711.99.0
    ¬¬¬ Dwelling service (households) (GFCF)-3.1-3.0-1.00.2-0.3-1.3-3.2-5.2
    ¬¬¬ General government (GFCF)5.05.7-1.8-0.9-2.30.2-1.6-1.0
    Acquisitions less disposals of valuables-0.4-5.1-7.0-6.63.910.614.95.8
    Changes in stocks and statistical discrepancies10.7-6.7-21.5-59.7-50.0-21.0127.791.3
    Gross capital formation1.21.0-1.8-6.4-5.2-1.76.83.6
    Final domestic use of goods and services0.51.10.60.4-0.5-0.3-0.5-0.5
    Final demand from Mainland Norway (excl. changes in stocks)0.21.61.52.70.80.0-2.6-1.6
    Final demand from general government1.11.70.60.90.20.60.20.5
    Total exports4.94.32.2-0.7-1.00.11.52.1
    ¬ Traditional goods (export)5.36.33.9-0.9-2.6-2.50.53.4
    ¬ Crude oil and natural gas (export)4.02.60.5-1.3-1.8-0.20.31.4
    ¬ Ships, oil platforms and aircraft (export)13.04.114.2-37.8-31.2-12.073.768.5
    ¬ Services (export)5.33.81.80.31.52.93.11.2
    Total use of goods and services1.61.91.00.1-0.6-0.20.00.2
    Total imports2.63.01.40.7-1.3-0.6-0.70.2
    ¬ Tradisjonelle varer (import)2.42.52.11.8-1.4-2.9-4.7-1.3
    ¬ Crude oil and natural gas (import)-3.431.441.012.28.115.836.88.8
    ¬ Ships, oil platforms and aircraft (import)3.823.5-35.0-33.4-28.133.351.11.0
    ¬ Services (import)2.92.41.00.00.11.94.02.5
    Gross domestic product, market values3 1.21.50.9-0.1-0.4-0.10.20.2
    Gross domestic product Mainland Norway, market values0.40.80.70.50.20.10.1-0.1
    Petroleum activities and ocean transport4 8.07.12.4-4.9-5.1-2.11.62.3
    Gross domestic product Mainland Norway, basic values0.70.90.70.50.30.20.10.0
    ¬ Mainland Norway excluding general government (GDP)0.70.80.60.50.30.20.1-0.1
    ¬¬ Manufacturing and mining (GDP)0.8-0.2-0.3-0.60.00.30.30.0
    ¬¬ Production of other goods (GDP)0.2-0.1-0.8-0.80.10.60.7-0.1
    ¬¬ Service activities (GDP)0.81.21.10.90.40.1-0.1-0.2
    ¬ General government (GDP)0.51.01.00.50.00.00.20.4
    Taxes and subsidies products-1.10.30.50.80.20.0-0.1-0.6
    1Figures from 2021 onwards are prelimanry
    2Rolling three-month growth is calculated by comparing a three-month period with the previous three-month period, for example growth in May to July compared with February to April. Furthermore, March, June, September and December represent the quarters in a year. For example, March will represent the first quarter.
    3Gross domestic product is measured at market prices, while value added by industry is measured at basic prices.
    4Includes oil and gas extraction, transport via pipelines and ocean transport.
    Explanation of symbols
  • Final expenditure and gross domestic product. Quarter and year. At current prices. NOK million
    Final expenditure and gross domestic product. Quarter and year. At current prices. NOK million1
    202120221st quarter 20222nd quarter 20223rd quarter 20224th quarter 20221st quarter 2023
    Final consumption expenditure of households and NPISHs1 616 8591 806 351412 248453 822441 085499 197456 432
    ¬ Household final consumption expenditure1 527 9161 703 792387 037428 135417 568471 052428 121
    ¬¬ Goods808 283827 842184 540205 546197 860239 895193 025
    ¬¬ Services706 120809 945194 301203 375203 883208 386215 880
    ¬¬ Direct purchases abroad by resident households30 158118 61415 05032 81940 09430 65128 792
    ¬¬ Direct purchases by non-residents-16 644-52 609-6 854-13 606-24 269-7 880-9 575
    ¬ Final consumption expenditure of NPISHs88 943102 55925 21125 68723 51728 14528 311
    Final consumption expenditure of general governmen972 1851 037 179251 002265 525256 905263 747267 568
    ¬ Final consumption expenditure of central government483 031521 361124 707132 480128 314135 861134 640
    ¬¬¬ Central government, civilian425 242456 718109 798115 768112 491118 660118 173
    ¬¬¬ Central government, defence57 78964 64314 90816 71115 82317 20016 467
    ¬ Final consumption expenditure of local government489 153515 819126 296133 045128 591127 886132 927
    Gross fixed capital formation (GFCF)977 2401 095 480244 640271 434273 401306 005266 120
    ¬ Extraction and transport via pipelines (GFCF)176 939176 04140 61044 04843 93147 45246 190
    ¬ Ocean transport (GFCF)-4127561 486-51-52-628886
    ¬ Mainland Norway (GFCF)800 712918 683202 544227 437229 521259 181219 043
    ¬¬ Industries (GFCF)364 005448 800100 788112 575114 199121 238114 313
    ¬¬¬ Services activities incidential to extraction (GFCF)6 1328 9291 7142 4971 5213 1973 024
    ¬¬¬ Other services (GFCF)230 624307 17471 08077 11779 55679 42177 363
    ¬¬¬ Manufacturing and mining (GFCF)48 08058 15411 66114 21414 06518 21416 110
    ¬¬¬ Production of other goods (GFCF)79 17074 54416 33418 74719 05620 40717 816
    ¬¬ welling service (households) (GFCF)218 634232 06657 60358 00357 24359 21756 421
    ¬¬ General government (GFCF)218 073237 81744 15356 85858 08078 72648 309
    Acquisitions less disposals of valuables1653126980719298
    Changes in stocks and statistical discrepancies100 65152 21541 792-8 87512 2407 05856 603
    Gross capital formation1 078 0561 148 007286 501262 638285 711313 156322 821
    Final domestic use of goods and services3 667 0993 991 537949 751981 985983 7021 076 0991 046 820
    Final demand from Mainland Norway (excl. changes in stocks)3 389 7563 762 213865 794946 784927 5111 022 125943 042
    Final demand from general government1 190 2571 274 996295 155322 383314 985342 473315 877
    Total exports1 757 8203 100 601700 673701 889958 824739 215625 556
    ¬ Traditional goods (export)486 185625 969143 825149 708163 819168 618165 666
    ¬ Crude oil and natural gas (export)890 5081 972 917451 552427 480652 766441 119332 358
    ¬ Ships, oil platforms and aircraft (export)19 3373 6011 617698764522737
    ¬ Services (export)361 790498 114103 679124 003141 475128 957126 796
    Total use of goods and services5 424 9197 092 1381 650 4241 683 8741 942 5261 815 3151 672 376
    Total imports1 213 2981 521 475328 589374 136404 552414 198388 344
    ¬ Tradisjonelle varer (import)820 196991 696220 153241 087256 184274 272247 899
    ¬ Crude oil and natural gas (import)19 71220 3304 3694 7355 6225 6046 644
    ¬ Ships, oil platforms and aircraft (import)36 52722 2948 1165 0755 3653 7385 152
    ¬ Services (import)336 864487 15595 951123 239137 381130 584128 649
    Gross domestic product, market values2 4 211 6205 570 6641 321 8351 309 7381 537 9741 401 1161 284 032
    Gross domestic product Mainland Norway, market values2 3 288 4363 570 858867 603880 882871 378950 996942 836
    Petroleum activities and ocean transport3 923 1841 999 805454 232428 856666 596450 121341 197
    Gross domestic product Mainland Norway, basic values2 859 0393 147 868770 757773 640768 172835 299839 320
    ¬ Mainland Norway excluding general government (GDP)2 122 3822 362 498581 141570 179573 615637 563639 344
    ¬¬ Manufacturing and mining (GDP)243 321275 38865 53568 75864 80576 28978 057
    ¬¬ Production of other goods (GDP)412 282527 556127 941113 939139 923145 753135 724
    ¬¬ Service activities (GDP)1 466 7791 559 554387 665387 482368 886415 521425 563
    ¬ General government (GDP)736 657785 371189 616203 461194 558197 736199 976
    Taxes and subsidies products429 397422 99096 846107 242103 205115 697103 515
    1Figures from 2021 onwards are prelimanry
    2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices
    3Includes oil and gas extraction, transport via pipelines and ocean transport.
    Explanation of symbols
  • Makroøkonomiske hovedstørrelser. Kvartal og år. Faste 2019-priser. Millioner kroner
    Makroøkonomiske hovedstørrelser. Kvartal og år. Faste 2019-priser. Millioner kroner1
    202120221. kvartal 20222. kvartal 20223. kvartal 20224. kvartal 20221. kvartal 2023
    Konsum i husholdninger og ideelle organisasjoner1 570 5471 678 656389 337425 823411 938451 557401 635
    ¬ Konsum i husholdninger1 484 9091 582 492364 910401 851389 795425 936375 682
    ¬¬ Varekonsum773 703745 782171 385188 625177 273208 499165 409
    ¬¬ Tjenestekonsum696 978772 249184 794194 108196 359196 988194 148
    ¬¬ Husholdningenes kjøp i utlandet30 449111 11815 15431 23237 36627 36724 474
    ¬¬ Utlendingers kjøp i Norge-16 220-46 657-6 423-12 114-21 203-6 917-8 349
    ¬ Konsum i ideelle organisasjoner85 63896 16424 42823 97222 14325 62125 954
    Konsum i offentlig forvaltning950 044950 897235 986237 135236 890240 887241 527
    ¬ Konsum i statsforvaltningen473 666477 149117 800119 211118 416121 722121 542
    ¬¬¬ Konsum i statsforvaltningen, sivilt418 699420 633103 646105 175104 391107 421106 942
    ¬¬¬ Konsum i statsforvaltningen, forsvar54 96756 51514 15414 03714 02414 30014 601
    ¬ Konsum i kommuneforvaltningen476 378473 749118 186117 924118 474119 165119 984
    Bruttoinvestering i fast realkapital941 857982 511227 119244 457243 367267 568231 046
    ¬ Utvinning og rørtransport (bruttoinvestering)176 326164 84039 47541 06741 55942 74041 524
    ¬ Utenriks sjøfart (bruttoinvestering)-4607381 434-15-9-672812
    ¬ Fastlands-Norge (bruttoinvestering)765 991816 932186 210203 405201 817225 501188 709
    ¬¬Næringer (bruttoinvestering)353 301404 58593 778102 106101 704106 99899 254
    ¬¬¬ Tjenester tilknyttet utvinning (bruttoinvestering)6 0108 0611 6222 2831 3792 7772 612
    ¬¬¬ Andre tjenester (bruttoinvestering)224 072278 06066 21370 11971 09270 63567 567
    ¬¬¬ Industri og bergverk (bruttoinvestering)46 68052 17710 85512 88112 51615 92413 914
    ¬¬¬ Annen vareproduksjon (bruttoinvestering)76 53966 28815 08816 82216 71717 66115 161
    ¬¬ Boliger (husholdninger) (bruttoinvestering)205 137202 36752 02250 76549 12150 45947 963
    ¬¬ Offentlig forvaltning (bruttoinvestering)207 554209 98040 41150 53450 99168 04441 492
    Anskaffelser minus avhendelse av verdigjenstander1612926776668385
    Lagerendring og statistiske avvik121 157127 74761 85917 92425 53522 42967 333
    Bruttoinvestering i alt1 063 1751 110 550289 046262 456268 967290 081298 463
    Innenlandsk sluttanvendelse3 583 7663 740 103914 369925 414917 796982 524941 625
    Etterspørsel fra Fastlands-Norge (ekskl. lagerendring)3 286 5823 446 486811 533866 363850 645917 945831 871
    Etterspørsel fra offentlig forvaltning1 157 5981 160 877276 397287 669287 881308 931283 018
    Eksport i alt1 179 7191 249 187294 416303 088328 753322 931317 383
    ¬ Tradisjonelle varer (eksport)429 579428 417103 376100 419109 742114 880110 238
    ¬ Råolje og naturgass (eksport)379 606380 61696 73090 17694 14999 56198 418
    ¬ Skip, plattformer og fly (eksport)20 3683 3861 642615696433578
    ¬ Tjenester (eksport)350 165436 76892 667111 877124 166108 057108 149
    Samlet sluttanvendelse4 763 4854 989 2891 208 7841 228 5021 246 5481 305 4551 259 008
    Import i alt1 166 9651 274 898290 386321 267329 956333 289313 091
    ¬ Tradisjonelle varer (import)779 268798 509189 963196 668197 334214 543193 137
    ¬ Råolje og naturgass (import)15 21810 3292 2672 5862 8032 6733 234
    ¬ Skip, plattformer og fly (import)36 80721 3868 1224 8595 0463 3604 915
    ¬ Tjenester (import)335 672444 67490 034117 154124 773112 714111 804
    Bruttonasjonalprodukt, markedsverdi2 3 596 5203 714 392918 399907 235916 592972 166945 917
    Bruttonasjonalprodukt Fastlands-Norge, markedsverdi2 3 194 8513 317 147818 785812 850816 502869 009842 578
    Oljevirksomhet og utenriks sjøfart401 670397 24599 61394 385100 090103 156103 339
    Bruttoprodukt Fastlands-Norge, basisverdi2 775 8502 894 246718 749705 675713 586756 236741 382
    ¬ Fastlands-Norge utenom offentlig forvaltning (bruttoprodukt)2 047 3062 149 781535 920519 632526 374567 856554 559
    ¬¬ Industri og bergverk (bruttoprodukt)243 407245 15162 49760 60958 95363 09263 323
    ¬¬ Annen vareproduksjon (bruttoprodukt)342 760351 87290 85077 35289 76293 90890 730
    ¬¬ Tjenester inkl. boligtjenester (bruttoprodukt)1 461 1381 552 758382 572381 671377 660410 855400 506
    ¬ Offentlig forvaltning (bruttoprodukt)728 544744 465182 829186 043187 212188 380186 823
    Produktavgifter og -subsidier419 002422 901100 037107 175102 916112 773101 196
    1Tall fra og med 2021 er foreløpige
    2Bruttonasjonalprodukt er målt i markedsverdi, mens bruttoprodukt i næringer er målt i basisverdi.
    Explanation of symbols
  • Final expenditure and gross domestic product. Quarter and year. Percentage change in volume from the same period in the previous year
    Final expenditure and gross domestic product. Quarter and year. Percentage change in volume from the same period in the previous year1
    202120221st quarter 20222nd quarter 20223rd quarter 20224th quarter 20221st quarter 2023
    Final consumption expenditure of households and NPISHs4.46.99.611.83.03.93.2
    ¬ Household final consumption expenditure4.76.68.511.42.94.13.0
    ¬¬ Goods5.8-3.6-3.0-3.4-8.2-0.1-3.5
    ¬¬ Services3.810.815.217.08.24.15.1
    ¬¬ Direct purchases abroad by resident households-8.0264.9935.21 573.3233.272.161.5
    ¬¬ Direct purchases by non-residents-5.3187.6209.5418.3202.144.430.0
    ¬ Final consumption expenditure of NPISHs0.612.329.020.04.20.66.2
    Final consumption expenditure of general governmen5.00.11.90.3-1.70.02.3
    ¬ Final consumption expenditure of central government5.30.72.01.2-0.70.53.2
    ¬¬¬ Central government, civilian5.60.51.81.0-1.00.23.2
    ¬¬¬ Central government, defence2.92.83.53.12.02.83.2
    ¬ Final consumption expenditure of local government4.7-0.61.8-0.7-2.6-0.61.5
    Gross fixed capital formation (GFCF)-0.84.35.04.55.42.61.7
    ¬ Extraction and transport via pipelines (GFCF)-2.1-6.5-4.9-7.0-7.7-6.45.2
    ¬ Ocean transport (GFCF)....-7.2......-43.3
    ¬ Mainland Norway (GFCF)1.76.77.47.18.24.31.3
    ¬¬ Industries (GFCF)5.014.515.415.517.99.95.8
    ¬¬¬ Services activities incidential to extraction (GFCF)-5.034.132.957.84.437.361.1
    ¬¬¬ Other services (GFCF)8.924.127.128.426.715.32.0
    ¬¬¬ Manufacturing and mining (GFCF)6.111.84.915.226.34.528.2
    ¬¬¬ Production of other goods (GFCF)-5.0-13.4-14.2-20.6-11.6-6.30.5
    ¬¬ Dwelling service (households) (GFCF)3.0-1.43.3-3.4-1.7-3.4-7.8
    ¬¬ General government (GFCF)-4.51.2-3.23.21.22.42.7
    Acquisitions less disposals of valuables-3.081.11 268.8174.323.310.826.5
    Changes in stocks and statistical discrepancies-10.55.426.2-22.514.8-16.28.8
    Gross capital formation-2.04.58.92.16.30.93.3
    Final domestic use of goods and services2.64.47.35.82.72.03.0
    Final demand from Mainland Norway (excl. changes in stocks)4.04.96.77.32.82.92.5
    Final demand from general government3.20.31.10.8-1.20.52.4
    Total exports5.85.94.67.88.92.57.8
    ¬ Traditional goods (export)4.6-0.3-3.0-4.33.92.16.6
    ¬ Crude oil and natural gas (export)2.90.31.31.5-1.90.31.7
    ¬ Ships, oil platforms and aircraft (export)112.1-83.4-7.9-82.2-92.0-93.2-64.8
    ¬ Services (export)7.524.719.233.235.811.516.7
    Total use of goods and services3.44.76.66.34.32.14.2
    Total imports1.79.210.312.69.94.87.8
    ¬ Tradisjonelle varer (import)5.72.54.8-1.20.65.91.7
    ¬ Crude oil and natural gas (import)-11.5-32.1-48.5-49.10.4-9.142.7
    ¬ Ships, oil platforms and aircraft (import)-16.6-41.919.0-32.8-55.2-70.8-39.5
    ¬ Services (import)-3.832.527.158.838.611.524.2
    Gross domestic product, market values2 3.93.35.54.22.41.23.0
    Gross domestic product Mainland Norway, market values2 4.23.86.54.72.81.62.9
    Petroleum activities and ocean transport3 1.9-1.1-2.10.1-0.8-1.63.7
    Gross domestic product Mainland Norway, basic values4.24.36.94.93.52.03.1
    ¬ Mainland Norway excluding general government (GDP)3.95.08.25.64.32.33.5
    ¬¬ Manufacturing and mining (GDP)3.80.73.2-1.00.80.01.3
    ¬¬ Production of other goods (GDP)3.12.75.92.52.6-0.2-0.1
    ¬¬ Service activities (GDP)4.16.39.67.55.23.24.7
    ¬ General government (GDP)5.12.23.43.01.31.12.2
    Taxes and subsidies products3.70.93.33.4-1.8-0.91.2
    1Figures from 2021 onwards are prelimanry
    2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices.
    3Includes oil and gas extraction, transport via pipelines and ocean transport.
    Explanation of symbols
  • Final expenditure and gross domestic product. Quarter and year. Percentage change in prices from the same period in the previous year
    Final expenditure and gross domestic product. Quarter and year. Percentage change in prices from the same period in the previous year1
    202120221st quarter 20222nd quarter 20223rd quarter 20224th quarter 20221st quarter 2023
    Final consumption expenditure of households and NPISHs2.94.52.04.05.46.37.3
    ¬ Household final consumption expenditure2.94.62.34.25.36.47.4
    ¬¬ Goods4.56.33.36.17.67.58.4
    ¬¬ Services1.33.51.93.04.14.85.8
    ¬¬ Direct purchases abroad by resident households-1.07.82.78.07.313.318.5
    ¬¬ Direct purchases by non-residents2.69.96.010.611.49.87.5
    ¬ Final consumption expenditure of NPISHs3.92.7-1.60.67.24.65.7
    Final consumption expenditure of general governmen2.36.65.36.48.66.24.2
    ¬ Final consumption expenditure of central government2.07.15.56.59.37.44.6
    ¬¬¬ Central government, civilian1.66.95.65.89.17.24.3
    ¬¬¬ Central government, defence5.18.84.611.310.58.67.1
    ¬ Final consumption expenditure of local government2.76.05.16.38.04.83.7
    Gross fixed capital formation (GFCF)3.87.56.47.97.77.86.9
    ¬ Extraction and transport via pipelines (GFCF)0.36.43.96.56.28.98.1
    ¬ Ocean transport (GFCF)-10.414.28.0256.2499.83.85.3
    ¬ Mainland Norway (GFCF)4.57.66.98.17.87.56.7
    ¬¬ Industries (GFCF)3.07.76.17.88.68.17.2
    ¬¬¬ Services activities incidential to extraction (GFCF)2.08.65.07.78.511.49.6
    ¬¬¬ Other services (GFCF)2.97.35.97.58.57.56.7
    ¬¬¬ Manufacturing and mining (GFCF)3.08.26.18.18.89.27.8
    ¬¬¬ Production of other goods (GFCF)3.48.77.09.09.09.48.6
    ¬¬ Dwelling service (households) (GFCF)6.67.68.18.77.26.66.2
    ¬¬ General government (GFCF)5.17.87.38.47.77.76.6
    Acquisitions less disposals of valuables2.74.3-3.41.05.68.511.5
    Changes in stocks and statistical discrepancies-16.9-50.8-28.6..-39.5-47.624.4
    Gross capital formation1.41.9-0.8-1.64.06.09.1
    Final domestic use of goods and services2.34.32.03.05.86.27.0
    Final demand from Mainland Norway (excl. changes in stocks)3.15.84.15.67.06.66.3
    Final demand from general government2.86.85.56.78.56.54.5
    Total exports49.066.6101.080.894.318.1-17.2
    ¬ Traditional goods (export)13.229.134.034.830.519.08.0
    ¬ Crude oil and natural gas (export)134.6121.0211.8167.3189.622.1-27.7
    ¬ Ships, oil platforms and aircraft (export)-5.112.05.425.416.322.529.5
    ¬ Services (export)3.310.411.311.410.69.34.8
    Total use of goods and services13.924.828.825.637.210.8-2.7
    Total imports4.014.812.614.117.614.89.6
    ¬ Tradisjonelle varer (import)5.318.014.819.521.915.710.8
    ¬ Crude oil and natural gas (import)29.552.065.145.248.740.36.6
    ¬ Ships, oil platforms and aircraft (import)-0.85.02.06.85.911.54.9
    ¬ Services (import)0.49.28.15.811.311.98.0
    Gross domestic product, market values2 17.128.133.729.643.89.8-5.7
    Gross domestic product Mainland Norway, market values2 2.94.63.74.35.35.05.6
    Petroleum activities and ocean transport3 129.8119.0206.1162.4179.924.1-27.6
    Gross domestic product Mainland Norway, basic values3.05.64.85.26.46.05.6
    ¬ Mainland Norway excluding general government (GDP)3.76.05.25.76.56.66.3
    ¬¬ Manufacturing and mining (GDP)0.012.48.811.98.020.617.6
    ¬¬ Production of other goods (GDP)20.324.625.831.031.014.66.2
    ¬¬ Service activities (GDP)0.40.1-0.7-0.8-0.62.14.9
    ¬ General government (GDP)1.14.33.43.95.84.23.2
    Taxes and subsidies products2.5-2.4-3.9-2.0-2.0-1.85.7
    1Figures from 2021 onwards are prelimanry
    2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices.
    3Includes oil and gas extraction, transport via pipelines and ocean transport.
    Explanation of symbols
  • Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. At current prices. NOK million
    Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. At current prices. NOK million1
    202120221st quarter 20222nd quarter 20223rd quarter 20224th quarter 20221st quarter 2023
    Final consumption expenditure of households and NPISHs1 616 8591 806 351422 537443 195454 532486 711466 130
    ¬ Household final consumption expenditure1 527 9161 703 792398 313418 074428 580460 352439 318
    ¬¬ Goods808 283827 842196 549201 665206 346229 152201 143
    ¬¬ Services706 120809 945192 578200 768204 371209 389214 255
    ¬¬ Direct purchases abroad by resident households30 158118 61420 18028 52931 53736 15139 680
    ¬¬ Direct purchases by non-residents-16 644-52 609-10 994-12 888-13 674-14 340-15 761
    ¬ Final consumption expenditure of NPISHs88 943102 55924 22425 12125 95226 35926 812
    Final consumption expenditure of general governmen972 1851 037 179253 875257 207260 605265 501270 515
    ¬ Final consumption expenditure of central government483 031521 361126 240128 846131 430134 732136 321
    ¬¬¬ Central government, civilian425 242456 718110 822112 714115 042118 051119 287
    ¬¬¬ Central government, defence57 78964 64315 41916 13216 38716 68017 034
    ¬ Final consumption expenditure of local government489 153515 819127 634128 360129 176130 770134 194
    Gross fixed capital formation (GFCF)977 2401 095 480263 374271 449275 438285 120285 095
    ¬ Extraction and transport via pipelines (GFCF)176 939176 04141 37544 33343 34047 17846 744
    ¬ Ocean transport (GFCF)-4127561 506-74-57-618906
    ¬ Mainland Norway (GFCF)800 712918 683220 492227 190232 155238 561237 445
    ¬¬ Industries (GFCF)364 005448 800105 705111 893113 772117 434119 321
    ¬¬¬ Services activities incidential to extraction (GFCF)6 1328 9291 6682 2091 7613 2932 983
    ¬¬¬ Other services (GFCF)230 624307 17472 30676 71978 68079 42978 759
    ¬¬¬ Manufacturing and mining (GFCF)48 08058 15412 95514 42914 97215 79317 416
    ¬¬¬ Production of other goods (GFCF)79 17074 54418 77718 53618 35918 91820 162
    ¬¬ Dwelling service (households) (GFCF)218 634232 06658 85957 75157 16858 24657 735
    ¬¬ General government (GFCF)218 073237 81755 92857 54661 21462 88160 389
    Acquisitions less disposals of valuables1653126878838396
    Changes in stocks and statistical discrepancies100 65152 2157 50419 25632 679-32 8868 293
    Gross capital formation1 078 0561 148 007270 945290 782308 201252 317293 484
    Final domestic use of goods and services3 667 0993 991 537947 358991 1841 023 3381 004 5301 030 129
    Final demand from Mainland Norway (excl. changes in stocks)3 389 7563 762 213896 905927 591947 291990 773974 090
    Final demand from general government1 190 2571 274 996309 803314 753321 819328 382330 904
    Total exports1 757 8203 100 601763 503745 893851 739730 401700 169
    ¬ Traditional goods (export)486 185625 969144 743152 381162 806163 690165 943
    ¬ Crude oil and natural gas (export)890 5081 972 917503 867471 073559 238432 813394 770
    ¬ Ships, oil platforms and aircraft (export)19 3373 6011 617698764522737
    ¬ Services (export)361 790498 114113 277121 741128 931133 376138 719
    Total use of goods and services5 424 9197 092 1381 710 8611 737 0761 875 0761 734 9311 730 297
    Total imports1 213 2981 521 475346 709369 022394 190405 640413 119
    ¬ Tradisjonelle varer (import)820 196991 696228 781240 826256 653261 455256 414
    ¬ Crude oil and natural gas (import)19 71220 3305 0934 4505 0926 0367 540
    ¬ Ships, oil platforms and aircraft (import)36 52722 2948 1165 0755 3653 7385 152
    ¬ Services (import)336 864487 155104 718118 670127 080134 411144 013
    Gross domestic product, market values4 211 6205 570 6641 364 1521 368 0551 480 8861 329 2911 317 178
    Gross domestic product Mainland Norway, market values3 288 4363 570 858864 905883 138898 191912 189932 347
    Petroleum activities and ocean transport2 923 1841 999 805499 247484 917582 695417 102384 831
    Gross domestic product Mainland Norway, basic values2 859 0393 147 868762 400777 639792 780804 108823 551
    ¬ Mainland Norway excluding general government (GDP)2 122 3822 362 498569 547582 526595 421604 017620 269
    ¬¬ Manufacturing and mining (GDP)243 321275 38864 86368 81368 62873 81176 311
    ¬¬ Production of other goods (GDP)412 282527 556129 175128 487137 203128 848136 658
    ¬¬ Service activities (GDP)1 466 7791 559 554375 508385 226389 589401 358407 300
    ¬ General government (GDP)736 657785 371192 853195 112197 359200 091203 282
    Taxes and subsidies products429 397422 990102 506105 499105 412108 081108 796
    1Figures from 2021 onwards are prelimanry
    2Includes oil and gas extraction, transport via pipelines and ocean transport.
    Explanation of symbols
  • Makroøkonomiske hovedstørrelser. Kvartal og år. Sesongjustert. Faste 2018-priser. Millioner kroner
    Makroøkonomiske hovedstørrelser. Kvartal og år. Sesongjustert. Faste 2018-priser. Millioner kroner1
    202120221. kvartal 20222. kvartal 20223. kvartal 20224. kvartal 20221. kvartal 2023
    Konsum i husholdninger og ideelle organisasjoner1 570 5471 678 656406 319416 148417 972439 819417 228
    ¬ Konsum i husholdninger1 484 9091 582 492383 346392 268393 722415 457393 108
    ¬¬ Varekonsum773 703745 782185 099184 016182 920199 968175 421
    ¬¬ Tjenestekonsum696 978772 249187 953192 723193 428195 372197 206
    ¬¬ Husholdningenes kjøp i utlandet30 449111 11820 41327 09329 40932 54633 938
    ¬¬ Utlendingers kjøp i Norge-16 220-46 657-10 118-11 564-12 035-12 429-13 458
    ¬ Konsum i ideelle organisasjoner85 63896 16422 97323 88024 25024 36224 120
    Konsum i offentlig forvaltning950 044950 897236 028236 993237 461240 348241 523
    ¬ Konsum i statsforvaltningen473 666477 149117 444118 652119 458121 534121 235
    ¬¬¬ Konsum i statsforvaltningen, sivilt418 699420 633103 422104 571105 358107 215106 780
    ¬¬¬ Konsum i statsforvaltningen, forsvar54 96756 51514 02214 08114 10014 31914 455
    ¬ Konsum i kommuneforvaltningen476 378473 749118 584118 342118 003118 814120 288
    Bruttoinvestering i fast realkapital941 857982 511244 050244 864245 266248 373248 013
    ¬ Utvinning og rørtransport (bruttoinvestering)176 326164 84040 08141 66240 55042 65841 996
    ¬ Utenriks sjøfart (bruttoinvestering)-4607381 456-29-17-670833
    ¬ Fastlands-Norge (bruttoinvestering)765 991816 932202 513203 231204 733206 385205 184
    ¬¬Næringer (bruttoinvestering)353 301404 58598 488101 349101 561103 254103 961
    ¬¬¬ Tjenester tilknyttet utvinning (bruttoinvestering)6 0108 0611 5842 0211 5992 8602 577
    ¬¬¬ Andre tjenester (bruttoinvestering)224 072278 06067 15169 71370 58970 56668 653
    ¬¬¬ Industri og bergverk (bruttoinvestering)46 68052 17712 24613 02713 36513 57315 280
    ¬¬¬ Annen vareproduksjon (bruttoinvestering)76 53966 28817 50716 58716 00916 25417 450
    ¬¬ Boliger (husholdninger) (bruttoinvestering)205 137202 36752 67950 66549 29149 72248 630
    ¬¬ Offentlig forvaltning (bruttoinvestering)207 554209 98051 34651 21753 88153 40952 594
    Anskaffelser minus avhendelse av verdigjenstander1612926876767285
    Lagerendring og statistiske avvik121 157127 74730 85331 29835 13915 43534 999
    Bruttoinvestering i alt1 063 1751 110 550274 971276 238280 482263 880283 097
    Innenlandsk sluttanvendelse3 583 7663 740 103917 317929 379935 915944 047941 848
    Etterspørsel fra Fastlands-Norge (ekskl. lagerendring)3 286 5823 446 486844 859856 372860 166886 552863 935
    Etterspørsel fra offentlig forvaltning1 157 5981 160 877287 374288 211291 342293 757294 117
    Eksport i alt1 179 7191 249 187300 291306 922321 188318 605324 133
    ¬ Tradisjonelle varer (eksport)429 579428 417103 292104 459109 886108 713109 302
    ¬ Råolje og naturgass (eksport)379 606380 61693 86294 09697 27095 72295 804
    ¬ Skip, plattformer og fly (eksport)20 3683 3861 642615696433578
    ¬ Tjenester (eksport)350 165436 768101 495107 752113 336113 737118 449
    Samlet sluttanvendelse4 763 4854 989 2891 217 6081 236 3011 257 1021 262 6531 265 982
    Import i alt1 166 9651 274 898303 536313 531323 207328 960330 041
    ¬ Tradisjonelle varer (import)779 268798 509193 400195 238200 912205 134195 398
    ¬ Råolje og naturgass (import)15 21810 3292 6022 5072 5472 9203 665
    ¬ Skip, plattformer og fly (import)36 80721 3868 1224 8595 0463 3604 915
    ¬ Tjenester (import)335 672444 67499 413110 927114 702117 546126 063
    Bruttonasjonalprodukt, markedsverdi2 3 596 5203 714 392914 072922 770933 896933 693935 941
    Bruttonasjonalprodukt Fastlands-Norge, markedsverdi2 3 194 8513 317 147817 509825 554829 176834 256835 583
    Oljevirksomhet og utenriks sjøfart3 401 670397 24596 56397 216104 72099 437100 358
    Bruttoprodukt Fastlands-Norge, basisverdi2 775 8502 894 246712 445719 704724 257728 365729 868
    ¬ Fastlands-Norge utenom offentlig forvaltning (bruttoprodukt)2 047 3062 149 781528 381533 903537 496540 608541 715
    ¬¬ Industri og bergverk (bruttoprodukt)243 407245 15161 66961 25061 83361 53661 823
    ¬¬ Annen vareproduksjon (bruttoprodukt)342 760351 87288 20287 49987 32186 91387 425
    ¬¬ Tjenester inkl. boligtjenester (bruttoprodukt)1 461 1381 552 758378 510385 155388 341392 159392 467
    ¬ Offentlig forvaltning (bruttoprodukt)728 544744 465184 065185 800186 761187 757188 153
    Produktavgifter og -subsidier419 002422 901105 063105 850104 919105 891105 714
    1Tall fra og med 2021 er foreløpige
    2Bruttonasjonalprodukt er målt i markedsverdi, mens bruttoprodukt i næringer er målt i basisverdi.
    3Omfatter utvinning av råolje og naturgass, rørtransport og utenriks sjøfart.
    Explanation of symbols
  • Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. Percentage change in volume from the previous period.
    Final expenditure and gross domestic product. Quarter and year. Seasonally adjusted figures. Percentage change in volume from the previous period.1
    202120221st quarter 20222nd quarter 20223rd quarter 20224th quarter 20221st quarter 2023
    Final consumption expenditure of households and NPISHs4.46.9-3.02.40.45.2-5.1
    ¬ Household final consumption expenditure4.76.6-2.92.30.45.5-5.4
    ¬¬ Goods5.8-3.6-6.3-0.6-0.69.3-12.3
    ¬¬ Services3.810.80.62.50.41.00.9
    ¬¬ Direct purchases abroad by resident households-8.0264.98.432.78.510.74.3
    ¬¬ Direct purchases by non-residents-5.3187.618.014.34.13.38.3
    ¬ Final consumption expenditure of NPISHs0.612.3-4.34.01.50.5-1.0
    Final consumption expenditure of general governmen5.00.1-1.90.40.21.20.5
    ¬ Final consumption expenditure of central government5.30.7-3.01.00.71.7-0.2
    ¬¬¬ Central government, civilian5.60.5-3.41.10.81.8-0.4
    ¬¬¬ Central government, defence2.92.80.60.40.11.60.9
    ¬ Final consumption expenditure of local government4.7-0.6-0.8-0.2-0.30.71.2
    Gross fixed capital formation (GFCF)-0.84.31.10.30.21.3-0.1
    ¬ Extraction and transport via pipelines (GFCF)-2.1-6.5-11.73.9-2.75.2-1.6
    ¬ Ocean transport (GFCF)..............
    ¬ Mainland Norway (GFCF)1.76.72.80.40.70.8-0.6
    ¬¬ Industries (GFCF)5.014.55.52.90.21.70.7
    ¬¬¬ Services activities incidential to extraction (GFCF)-5.034.1-24.827.6-20.978.9-9.9
    ¬¬¬ Other services (GFCF)8.924.110.13.81.30.0-2.7
    ¬¬¬ Manufacturing and mining (GFCF)6.111.8-4.76.42.61.612.6
    ¬¬¬ Production of other goods (GFCF)-5.0-13.40.4-5.3-3.51.57.4
    ¬¬ Dwelling service (households) (GFCF)3.0-1.42.2-3.8-2.70.9-2.2
    ¬¬ General government (GFCF)-4.51.2-1.4-0.35.2-0.9-1.5
    Acquisitions less disposals of valuables-3.081.17.111.90.9-5.617.7
    Changes in stocks and statistical discrepancies-10.55.474.01.412.3-56.1126.7
    Gross capital formation-2.04.56.10.51.5-5.97.3
    Final domestic use of goods and services2.64.4-0.11.30.70.9-0.2
    Final demand from Mainland Norway (excl. changes in stocks)4.04.9-1.31.40.43.1-2.6
    Final demand from general government3.20.3-1.80.31.10.80.1
    Total exports5.85.9-2.52.24.6-0.81.7
    ¬ Traditional goods (export)4.6-0.3-1.61.15.2-1.10.5
    ¬ Crude oil and natural gas (export)2.90.3-2.40.23.4-1.60.1
    ¬ Ships, oil platforms and aircraft (export)112.1-83.4-74.4-62.513.0-37.833.5
    ¬ Services (export)7.524.70.96.25.20.44.1
    Total use of goods and services3.44.7-0.71.51.70.40.3
    Total imports1.79.2-1.83.33.11.80.3
    ¬ Tradisjonelle varer (import)5.72.51.21.02.92.1-4.7
    ¬ Crude oil and natural gas (import)-11.5-32.1-16.8-3.61.614.625.5
    ¬ Ships, oil platforms and aircraft (import)-16.6-41.9-29.3-40.23.8-33.446.3
    ¬ Services (import)-3.832.5-3.811.63.42.57.2
    Gross domestic product, market values2 3.93.3-0.41.01.20.00.2
    Gross domestic product Mainland Norway, market values2 4.23.80.11.00.40.60.2
    Petroleum activities and ocean transport3 1.9-1.1-4.30.77.7-5.00.9
    Gross domestic product Mainland Norway, basic values4.24.30.41.00.60.60.2
    ¬ Mainland Norway excluding general government (GDP)3.95.00.81.00.70.60.2
    ¬¬ Manufacturing and mining (GDP)3.80.70.5-0.71.0-0.50.5
    ¬¬ Production of other goods (GDP)3.12.72.1-0.8-0.2-0.50.6
    ¬¬ Service activities (GDP)4.16.30.61.80.81.00.1
    ¬ General government (GDP)5.12.2-0.90.90.50.50.2
    Taxes and subsidies products3.70.9-1.60.7-0.90.9-0.2
    1Figures from 2021 onwards are prelimanry
    2Gross domestic product is measured at market prices, while value added by industry is measured at basic prices.
    3Includes oil and gas extraction, transport via pipelines and ocean transport.
    Explanation of symbols

About the statistics

The national accounts provide an overview of the state and development in the Norwegian economy. Key figures are gross domestic product (GDP), consumption, gross investment, exports and imports, employment and wages, profitability in industries and productivity. 1st to 3rd quarter is published with monthly national accounts in May, August and November. 4th quarter will be published February the following year, figures for t-2 in August.

See Concepts and definitions in national accounts for explanations.

Valuation

Registration of values: A transaction may be registered at different values, depending on under which circumstances it is registered. Different concepts regarding valuation are also relevant for the general aspect of registration (cf. cash values or accruals values, and other principles for the recording of statistical data). The transactions of variables in the national accounts follow the accrual principle. Thus, taxes and subsidies on production should be registered as accrued values and not as cash values as recorded in the government accounts.

In the description of the transaction of goods and services several price concepts are used. Output is valued at basic prices. Basic price is the price the seller receives, after corresponding taxes on the product are deducted (and subsidies added). The use categories, both intermediate consumption and final use, are valued at purchaser prices, that is the price the purchaser must pay. Exports are valued at fob (free on board), while imports are valued at cif (cost-insurance-freight).

The value added of an industry is "valued" at basic prices (calculated as output at basic prices less intermediate consumption at purchaser prices). The total value added of all the industries is also "valued" at basic prices.

GDP is "valued" at market prices, which means that taxes on products, including VAT, less subsidies on products are added to the total value added of the industries at basic prices.

The accounting system of the Norwegian national accounts is based on the international standards for national accounts, i.e. 2008 SNA and ESA 2010. The accounting system outlines the framework and contents for production of national accounts statistics. The level of detail in the classifications used for compilation of quarterly and preliminary annual national accounts are more aggregated than in that used for calculation of the annual national accounts.

In addition to accounting structure, the international standards give recommendations of groupings or classifications to be used in the national accounts:

Activity classification

The classification of Industries in the National Accounts follows the Norwegian Standard Industrial Classification (SN2007), which is based on NACE Rev.2. Several levels of aggregation have been introduced for publication and reporting purposes.

Classification of non-financial assets and gross fixed capital formation

Non-financial assets are classified by type of aggregates defined in 2008 SNA, such as fixed assets, inventories, valuables, and non-produced assets, including both tangible assets such as land, subsoil-assets, water resources etc., and intangible assets such as transferable contracts etc. Gross fixed capital formation is grouped by main type within building and construction, machinery and equipment and transportation equipment.

Product classification

The product classification used in the national accounts is based on the EU's standard product classification CPA - Statistical Classification of Products by Activity in the European Community. The CPA groups products by activities, i.e. it defines characteristic products within each activity and connects them to the activity classification NACE Rev.2. The annual accounts supply and use tables contain about 700 products, in addition to which some products are also incorporated purely for technical reasons. The system to elaborate preliminary annual and quarterly accounts contains about 90 products. The separation on products might to large extent be considered as a tool to balance the national account system and to undertake calculations in constants prices.

Classification of individual consumption by purpose

The classification of Consumption expenditure groups in the National Accounts is based on the international classification COICOP - Classification of Individual Consumption by Purpose, published by the UN.

Classification of the functions of government

The classification of the functions of government by purpose applies to all types of general government expenses, such as government final consumption expenditure, gross fixed capital formation, subsidies, property rents (i.e. expenses), capital transfers and other transfers for use in government financial accounts and in the national accounts. This classification is based on the international classification COFOG - Classification of the Functions of Government, published by the UN.

Classification of the purpose of non-profit institutions serving households (NPISH)

This is a minor purpose classification which applies to expenses of NPISHs. It is based on the international classification COPNI - Classification of the Purposes of the Non-Profit Institutions Serving Households, published by the UN.

Name: National accounts
Topic: National accounts and business cycles

7 July 2023

Division for National Accounts

National level

The monthly national accounts (MNA) are published about 40 days after the end of the given month.

The quarterly national accounts (QNA) are published about 40 days after the end of the given quarter. Quarterly figures are calculated as the sum of three months (from monthly national accounts).

The first estimates of the preliminary year is published about 40 days after the end of the year.

Published figures are reported to Eurostat, the International Monetary Fund (IMF) and the Organisation for Economic Co-operation and Development (OECD).

Not relevant

The national accounts (NA) statistics are designed to provide a consistent and comprehensive survey of the overall national economy. The national accounts give both a summarised description of the economy as a whole and a detailed description of transactions between different parts of the Norwegian economy, and between Norway and the rest of the world. The national accounts also provide information on capital stocks and employment.

The first Norwegian national accounts based on modern principles were published by Statistics Norway in 1952. Annual series national accounts were calculated back to 1865 during the 1950th.

Final annual national accounts figures are based on all available final economic statistics and therefore take time to produce. The purpose of the quarterly national accounts is to provide updated information about short-term developments in the Norwegian economy based on an overall, consistent accounting system. Statistics Norway has produced and released quarterly national accounts (QNA) on a regular basis from 1953 but were not published at fixed intervals from the 1970s to the beginning of the 1980s. A new model for a QNA system was developed at the beginning of the 1980s and has been used since 1985, with some modifications.

National accounts are used as a tool to compare the economic situation in different countries, and therefore it is important that the national accounts in various countries are based on a common template. Staff involved in elaborating national accounts in Statistics Norway participated actively in developing international recommendations and concepts regarding national accounts. The first international standard for national accounts, 1953 System of National Accounts (1953 SNA), was published by UN in 1953.

From time to time adaptations or changes are made to the common international recommendations for national accounts. This requires corresponding changes in the construction of the Norwegian national accounts. At different time intervals, new source statistics are produced and indicate that parts of the national accounts figures need to be revised. Since one objective of the national accounts is to provide a picture of the development over time which is as correct as possible, it is not possible to introduce such changes from one year to another. With different time intervals, it will therefore be necessary to carry out major revisions of the national accounts figures, so-called main revisions, in order to introduce adaptations due to new international recommendations or introduce new levels based on new statistical sources. As part of these main revisions the time series are also revised so that the revised national accounts can give a consistent picture of the economic development over time.

In recent decades, Statistics Norway has carried out main revisions published in 1995, 2002, 2006, 2011 and 2014. The main purpose of main revision published in November 2014, was to incorporate updated international recommendations in 2008 SNA andESA 2010. Changes due to this main revision are described, among else, in the article Main revision 2014. Planned changes in the national accounts statistics. The publication History of national accounts in Norway. From free research to statistics regulated by law also provides more information about the history of national accounts in Norway, including main revisions. In the future main revisions of the national accounts normally will be carried out every five years.

Since the QNA are completely harmonised with the annual national accounts, it is also necessary to revise the QNA figures once the annual national accounts figures have been revised.

The quarterly figures are mostly used for observation and analysis of the current economic cycle. The QNA figures also serve as a basis for making forecasts of the future economic development, the government’s work with the national budget and other economic planning. In addition, the QNA contribute with material for research and development. Annual and quarterly national accounts are a useful tool for analyses of the economic development and structures in Norway. The national accounts are also used to compare the economy in different countries.

The annual and quarterly national accounts therefore have a wide group of users, from school pupils and students to public and private institutions that actively use the statistics in their analyses and investigation of economic structure and development. Active users include the Research Department in Statistics Norway, the Ministry of Finance, Norges Bank, international organisations such as the IMF, the OECD, the World Bank, the UN and Eurostat, resident and non-resident financial sector analysts, and the media.

No external users have access to the statistics and analyses before they are published and accessible simultaneously for all users on ssb.no at 08.00 am. Prior to this, a minimum of three months' advance notice is given in the Statistics Release Calendar. This is one of Statistics Norway’s key principles for ensuring that all users are treated equally.

The monthly figures are the basis for quarterly figures, quarterly figures are calculated as the sum of three months. Quarterly figures will be updated when publishing the third month in the quarter. This means that there may be deviations between the monthly and quarterly figures in the two months before the new quarter is calculated. The deviations will mainly apply to seasonally adjusted figures. In addition, the monthly publication includes a table showing rolling numbers for three and three months. The three-month growth is calculated by comparing a three-month period with the previous three-month period. For example, the volume change in the rolling table for July is given by comparing the period May-July with February-April. Figures for March, June, September and December will correspond to growth for a quarter.

All historical figures are consistent with both preliminary and final annual national accounts figures in fixed and current prices

The Norwegian Balance of Payments (BOP) is an integrated part of the Norwegian system of national accounts, and the BOP figures are fully consistent with other preliminary and final quarterly and annual national accounts figures. Furthermore, quarterly and annual national accounts figures are fully consistent and compatible with the institutional sector accounts. The regional national accounts, and various satellite accounts (environment, tourism, health, non-profit institutions, education) are consistent with the above mentioned national accounts statistics. Previous published figures from the regional accounts and various satellite accounts are, however, not revised as a part of main revision of the national accounts, so figures for previous years may not necessarily be compatible with updated NA time series.

As mentioned in the chapter "Production: Data sources and sampling", the national accounts are based on various statistical sources. The source statistics may not use the same definitions or groupings as used in the national accounts. As a result, figures in the source statistics may be adapted or corrected before being used in the national accounts. Published figures in the source statistics of certain industries may therefore not correspond to published figures in the national accounts.

Not relevant

Regulation (EU) No 549/2013 (ESA 2010).
The European Parliament and of the council of 21 May 2013 on the European system of national and regional accounts in the European Union (text with EEA relevance).

The coverage of the national accounts is defined by international guidelines in the 2008 System of National Accounts (2008 SNA), published by the UN, the OECD, the IMF, the World Bank, and the Commission of the European Communities, and theEuropean System of National and Regional Accounts (ESA 2010).

The total national economy, and the distinction between the national economy and foreign countries, is defined in terms of resident units. A unit is defined as a resident unit of the country when it has a centre of economic interest in the economic territory of the country - i.e. when it is involved in economic activities on this territory for an extended period of time (one year or more).

Two basic types of information are recorded in the national accounts: flows and stocks. Flows refer to actions and effects of events that take place within a given period of time, for example the output of an industry in one year. Stocks refer to positions at a certain point of time, for example the value of capital stock or the number of employed persons.

The national accounts consist of two main sets of tables; supply and use tables (SUT), also described as the real accounts, and the institutional sector accounts. The real accounts are based on local kind-of-activity units (KAUs), while the institutional sector accounts are based on institutional units. Institutional units are economic entities that are capable of owning goods and assets, of incurring liabilities and of engaging in economic activities and transactions with other units in their own right. An institutional unit contains one or more local kind-of-activity units (local KAUs). The local KAUs are classified by type of activity. An activity is characterised by an input of products, a production process and an output of products. All local KAUs engaged in the same or similar kind-of-activity constitute an industry.

The SUT at current and constant prices gives a structured overview of the supply (output and import) and use (final consumption, gross fixed capital formation, changes in inventories, export and intermediate consumption) of products (goods and services) in the economy. For each industry the value added is calculated as the difference between output and intermediate consumption. The value added in an industry can also be decomposed into compensation of employees, consumption of fixed capital, other taxes on production (net of subsidies) and operating surplus. The real accounts also give information on fixed assets, as well as wages, hours worked, full-time equivalent persons and employed persons by industry. Monthly national accounts does not include figures for employment etc..

Furthermore, the real accounts provide the basis for the calculation of the Gross Domestic Product (GDP) and other central macroeconomic measures. The annual growth in volume and price are calculated for most variables.

The non-financial sector accounts are based on institutional units. Institutional units are capable of providing a full set of accounts. The non-financial sector accounts describe all economic transactions in the various sectors. The accounts also provide information on the stocks financial and non-financial capital. Financial sector accounts are also based on institutional units. The institutional units are grouped in institutional sectors on the basis of their principal economic functions, behavior and objectives. The non-financial sector accounts are consistent with the real accounts. The further description of the national accounts covers the part of the national accounts that is based on the annual SUT (the real accounts).

The coverage of the preliminary annual and quarterly real accounts is the same as the final annual SUT

The accounting structure in the system that produces monthly, quarterly and preliminary annual figures (MNA) is, however, more aggregated than in the system that produces the final annual SUT. While the SUT in the annual accounts consists of about 130 industry groups and 700 product groups, the SUT in the MNA consists of about 80 industry groups and 120 product groups. The MNA and QNA system produces tables with seasonal adjusted figures for industries' value added, household consumption for aggregated consumption groups and for central macroeconomic measures. However, only tables for final expenditure and gross domestic product are published on a monthly basis, while the QNA contain more details.

The calculations of the annual real accounts are based on statistics from several different sources, such as the structural business statistics for manufacturing and other industries, accounting statistics for general government and enterprises, statistics for wages and earnings, external trade statistics, household consumer surveys and employment statistics. Some parts of the national accounts are compiled more or less directly from the source statistics, while other parts are based on calculations and estimates.

Monthly information is used for compiling monthly national accounts, such as the production index of industrial production, the index for retail sales, consumer price index, building statistics, producer price indices and much more. For some service industries where we lack explicit production indicators, monthly information about jobs, working days and absence is obtained from the A-ordning. For investments where we only have quarterly information, such as oil investments, quarterly figures are conventionally distributed by month. In the months before we get the so-called oil census, the development is used in the planned investment figures reported together with those performed for a quarter. In connection with the work on the QNA, quarterly information is incorporated and an update of the previous months is made. Quarterly national accounts will appear as the sum of the three months in the quarter.

The source statistics used to calculate national accounts are with a few exceptions produced by Statistics Norway.

Having the reporting responsibility to Eurostat, the Division for National Accounts occasionally documents the calculations for the final annual national accounts, see Norwegian National Accounts - GNI Inventory for ESA95.

In addition, there are a number of reports giving more detailed documentation of calculation of figures for various specific industry groups or other parts of the national accounts (mostly in Norwegian only).

The documentation report for the Quarterly national accounts gives an overview of central sources and methods used for quarterly accounts compilation. This will be updated in the autumn of 2018 to include monthly national accounts.

Compilation of the final annual real accounts

The annual national accounts are mainly based on statistics collected by other divisions in Statistics Norway. To some extent data produced by external suppliers are also used.

The process of compiling the final annual national accounts starts with the calculation of independent supply and use estimates for all goods and services at current prices. To some extent, source data are extracted directly from the databases and converted into national accounts codes and format. Other parts of the economy are based on more complex calculations, by means of different statistical sources and/or assessments.

The source data are critically evaluated and compared with alternative sources (for some parts of the economy). In some areas, the statistics have to be adjusted in order to satisfy the requirements of the national accounts. In areas where the statistics are incomplete, evaluations are essential. In the process of estimating national accounts data, estimated national accounts figures are critically evaluated and controlled in several steps.

Finally, supply and use for each of these goods and services are balanced using supplementary information and quality assessments of the various statistical sources. This results in integrated supply and use tables at current prices.

The figure below gives an outline of the calculation system for final annual national accounts figures. First, detailed figures are calculated and balanced in current prices. Then the system calculates figures in constant prices, based on the detailed current price figures and corresponding price indices. The deflation (current values being divided by price indices) takes place at the most detailed product level: A price index is allocated to each detailed product. The individual products are as price homogeneous as possible. Constant price figures in the annual national accounts are calculated using the price level of the previous year, which means that the base year is changed every
year.

The deflation approach has in fact two dimensions, (i) differentiated by main categories of supply and use (deflating output, imports, exports and implicitly for domestic use), and (ii) differentiated through valuation (deflating current values at basic prices by price indices and implicitly determining the other value components, including adjustments against values at purchaser prices). The method used to calculate constant figures is called double deflation, i.e. a separate deflation of output and intermediate consumption is carried out in order to arrive at value added at constant prices as a balancing item, based on a detailed input-output framework (supply and use tables).

Figure 1. The calculation system for final annual NA figures (Click)

For a more detailed documentation, see Norwegian National Accounts - GNI Inventory for ESA95.

Compilation of the MNA and QNA

The majority of the short-term statistics produced by Statistics Norway are transferred to the MNA system by use of a direct link to the relevant databases. The information in the data sources about growth is used more or less directly in the MNA system. Some other input data series in the MNA system, however, are based more or less on calculations and estimations, using various types of information from Statistics Norway and other sources. Quarterly figures are calculated as the sum of three months

The national accounts data for a specific month, quarter or year are revised in accordance with an ordinary publication and revision cycle. The quarterly figures within a specific year t become final 21 months later after the end of the year t. In addition, periodical main revisions generate revised figures.

In the process of calculating MNA or QNA figures for a specific month or quarter, the short-term statistics source data are critically evaluated and compared with alternative sources (for some parts of the economy). In some cases, the information in the source statistics must be adjusted in order to satisfy the requirements of the quarterly national accounts. In the process to estimate MNA data estimated MNA figures are critically evaluated and controlled in many steps.

Monthly process
The figure below gives an overview of the Norwegian MNA and QNA estimation process. The figure shows that the MNA system is based on two main pillars: a) The SUT for the (final) annual national accounts and b) short-term statistics.

Figure 2. The computing system in the Norwegian MNA/QNA

The main principle in the MNA system is that the national accounts figures for the current quarter are computed based on the development of short-term indicators and the current-price figures from the base year. The base year (t-2) is the latest calculated final version of the annual national accounts. The method is the same for most common variables: The value in the base year is given the same growth rate (percentage change) as in the appropriate indicator, or a grouping of different relevant indicators.

A simple projection method, based on the development in previous periods, is used if an indicator does not cover the whole period from the base year to the current quarter.

The indicator compilations are made in the indicator process (box 2 in the figure).

However, the indicator process alone does not give a complete harmonised account at current and constant prices. To calculate values for variables that are not calculated in the indicator compilations, and to harmonise the accounts, we use an input-output model (box 3 in the figure).

The input-output model includes a commodity-flow balance, a price input-output system and a set of equations for summaries and definitions. It now comprises over 12 000 equations in total. The input-output coefficients are calculated from the SUT in the base year. The variables calculated in the indicator compilations are transferred to the input-output model as exogenous variables. To calculate balanced accounts at current prices we need price indices on all supply and use categories. These are computed in the model by weighting together product price indices with the input-output coefficients as weights. Each product gets three different price indices, one for resident output delivered to the home market (to resident users), a second for import and a third for export.

The price index for an industry’s total output is then calculated as a weighted average of the price indices for the home and export market using the input-output coefficients as weights. The price indices of intermediate consumption, final consumption expenditure and gross fixed capital formation are calculated in a similar way, using the import and home market price indices and the input-output coefficients.

The model also calculates variables which are not covered by short-term statistics or other information and therefore not calculated in the indicator process. These calculations are based on simple assumptions. For instance, intermediate consumption for most industries at constant prices (the total except FISIM) is assumed to be a fixed proportion of total output for the relevant industry. The distribution of intermediate consumption (except FISIM) on different products at constant prices is also assumed to be the same as in the base year. The industries’ use of FISIM as intermediate consumption is supposed to equal the growth in total output of FISIM services. Output in the retail and wholesale trade activities in constant prices is assumed to follow the development of the use of the various goods in constant prices, such as household consumption, intermediate consumption and gross fixed capital formation of the various specific goods (that means supposed fixed margins).

Changes in stock of separate products are (for most products) calculated as the difference between the total supply and use of the product. As in the annual NA, the changes in stock may be adjusted if that seems reasonable after an evaluation of the figures.

The results are stored in the time series database (box 4 in the figure), which, among other things, provides the basis for different sets of tables (box 6). At the moment there are two different sets of tables (with seasonal unadjusted figures), sets for internal checks and analyses of data and more aggregated sets of data for publishing.

Process 1-4 describes how the quarterly seasonally unadjusted figures are estimated. The unadjusted figures are seasonally adjusted (box 5) using a seasonal adjustment program.

The method adopted to compile the MNA is highly mechanical. This applies to the update of variables in the national accounts based on short-term statistics as well as the balancing of commodities, the computation of indirect taxes and factor incomes and the overall balancing of the GDP and main aggregates. Technically, the data systems are programmed in FAME and TROLL (the latter is used for the input-output model only).

Checks and/or the evaluation of data are, however, performed in several steps. The MNA system offers a unique opportunity to compare different types of input data. The evaluation of the different sources is done in close contact with the relevant statistics divisions in Statistics Norway. A more thorough evaluation is being done when processing and publishing quarterly figures, while the monthly process is more automated and less profound. Therefore, only final expenditure and gross domestic product are published on a monthly basis while the quarterly accounts offer more details.

Quarterly figures are calculated as the total of three months at quarterly releases. Quarterly figures will be updated only when publishing the third month in the quarter. This means that there may be a mismatch between the monthly and quarterly figures in the interim months. This applies mainly to seasonally adjusted numbers. That is, when you get a new observation (new month), it will normally affect the seasonally adjusted figures back in time. We do not update the QNA numbers that have also been sent to international organizations before the next quarters release. At the same time, we show figures for three-month growth. This is calculated by comparing a three-month period with the previous three-month period. For example, the volume change in July is given by comparing the period May-July with February-April. Figures for March, June, September and December will correspond to growth for a quarter. This means that users may get a continuous update of the quarterly figures by looking at the monthly publication.

Annual process and alignment

The MNA system is updated with a new base year every year (i.e. the latest final version of the annual accounts). The database for the annual accounts (box 1a), as well as the base data and coefficients in the harmonisation model (box 3) are updated. At the same time, it is possible to implement new indicators, carry out changes in the input series and in the model, etc. Such changes are not carried out in an ordinary monthly or quarterly process.

The recalculation of the monthly accounts is carried out by distributing the annual figures between the months using the original monthly figures as keys. The recalculated monthly accounts will then add up to the annual accounts at constant and current prices.

The harmonisation is based on the principle that the differences between the monthly changes to the original and harmonised series shall be as small as possible. The monthly accounts should add up to the figures in the annual accounts.

When the base year is updated the MNA for that year is aligned automatically.

Reference year

All figures are published at current prices and (for most sizes) constant prices (i.e. the accounts also specify volume and price changes). Constant-price estimates in the national accounts are calculated based on the previous year's prices; i.e. the base year is changed every year. Subsequently, data on volume changes are constructed in terms of growth rates and corresponding implicit data on changes in prices. In parallel, time series of volume figures are constructed by using prices from a reference year. The constant-price estimates are consistent with the data on changes in volume in the series of growth rates. Since the chaining is carried out separately for all items, the table components do not, however, necessarily add up to the totals of the same table.

The publication Quarterly national accounts gives more information about sources, methods and the processes used to calculate quaterly NA figures. This will be updated in the autumn of 2018 to include monthly national accounts.

The methods and routines used to produce seasonally adjusted figures are described in the chapter About seasonal adjustment.

§ 2-6 of the Statistics Act states that data under no circumstances shall be published in such a way that they may be traced back to the supplier. This means that the general rule is not to publish data if there are fewer than three enterprises in an industry. In practice, this means that for some detailed industry categories, figures must be aggregated up to a more aggregated industry group before they can be published.

Consistent monthly time series will exist back to 2016. Consistent quarterly time series will exist back to 1978 and annual time series back to 1970. Annual NA figures for the years 1865-1970 are based on the previous standards used for the national accounts and are not compatible with the up to date figures after the latest main revision of the NA.

Quarterly figures are calculated as the sum of three months. Quarterly figures will be updated only when publishing the third month in the quarter. This means that there may be mismatch between the monthly and quarterly figures in the interim months, see the description of the monthly process above.

Monthly figures, and thus quarterly figures, are aligned with the final annual national accounts figures, both in fixed and current prices. The other parts of the national accounts, such as income and capital accounts, and foreign accounts are also consistent and consistent with MNA.

The national accounts are based on various statistical sources. The sources are either survey data from establishments, enterprises or households, or data from registers. National accounts statistics reflect the inaccuracy in the statistical sources and the methods of compilation. Weaknesses and inaccuracy in the statistical sources are normally described in the documentation of the relevant sources.

Since the national accounts are an integrated system with balancing methods and consistency checks, the national accounts may reduce some of the inaccuracies in the statistical sources. On the other hand, national accounts require the compilation of statistics in areas where the sources are unsatisfactory, and the inaccuracy in such areas may therefore be significant. Some of the figures in the national accounts are estimated as residuals, and the uncertainty may be substantial in these areas. Examples are the compilation of changes in inventories and operating surplus by activity.

The EU Commission and Eurostat have completed a quality evaluation of the national accounts in all EEA countries. The conclusion was that "The Norwegian national accounts are of a high quality, soundly based on reliable and exhaustive sources, integrated in a system with a detailed product breakdown". (Report on the sources and methods used in compiling GNP in Norway, Eurostat/B1/CPNB/237/EN, 9 December 1997, Luxembourg.)

The International Monetary Fund (IMF) completed an evaluation of central parts of Norwegian macroeconomic statistics in autumn 2002, including the Norwegian national accounts. In the report IMF (2003), the Norwegian macroeconomic statistics, including the national accounts, got positive reviews: "In summary, Norway's macroeconomic statistics are of generally high quality." About the national accounts, the IMF also expressed that: "The source data for both the annual and the quarterly national accounts are generally sound and timely, and sufficiently portray reality."

The production of several of the sources that are used in the national accounts takes a considerable amount of time. Consequently, preliminary figures are more inaccurate than final figures.

In 2003, Statistics Norway carried out a project to evaluate the quality of the Norwegian QNA. The task of the project was to describe and evaluate the different processes in the system, and set up a plan for further work to improve quality. A project report was released in April 2004 (in Norwegian only). The report lists a variety of measures to increase quality, such as changes in the organisation of the QNA process, technical changes in the data system, an increase and improvement of the documentation related to the QNA system etc.

Another way of measuring the general quality of the QNA figures is to compare the preliminary annual figures from the first version of the annual accounts (by adding up the quarters in the QNA) with the final version. This was done in 2004. The article (in Norwegian only) looks at the growth rates of the main aggregates: GDP, GDP for mainland Norway, household consumption, government consumption, gross fixed capital formation, exports, imports and compensation of employees. For most variables, the study covers the years 1972-2002, while for some variables it covers the years 1993-2002. The study concludes that the preliminary figures generally had underestimated the growth rate in relation to the final figures, but that the overall picture did not differ too much.

The national accounts data for a specific month, quarter or year are revised in accordance with an ordinary publication and revision cycle. The monthly and quarterly figures within a specific year t have the status final 21 months after the end of the year. See Administrative information, Frequency and timeliness. In addition, periodical main revisions give revised figures. See Background and purpose. The table below shows the publication cycle for yearly and quarterly national accounts figures. In addition to what is stated in the table, monthly data will be published about 40 days after the end of the month. In May, year t (which coincides with the QNR for the first quarter), all months, also in year t-1, can be revised. After May year t, only the monthly figures for the current year are subject to revision.

Publication cycle for quarterly and yearly national accounts figures
Release date in: 1st quarter year t2nd quarter year t3rd quarter year t4th quarter year t
May, year tFirst preliminary versionRevised 3 for year t-1Revised 2 for year t-1Revised 1 for year t-1
August, year t

Revised 1

Revised 5 for year t-1

Final for year t-2

First preliminary version

Revised 4 for year t-1

Final for year t-2

Revised 3 for year t-1

Final for year t-2

Revised 2 for year t-1

Final for year t-2

November, year tRevised 2Revised 1First preliminary versionRevised 3 for year t-1
February, year tRevised 3 for year t-1Revised 2 for year t-1Revised 1First preliminary version for year t-1

What is seasonal adjustment?

Monthly and quarterly time series are often characterised by considerable seasonal variations, which might complicate inter-period comparability. Such time series are therefore subjected to a process of seasonal adjustment in order to remove the effects of seasonal fluctuations. Once data have been adjusted for seasonal effects by X-12-ARIMA or some other seasonal adjustment tool, a clearer picture of the time series emerge.

For more information on seasonal adjustment, please refer to Statistics Norway’s: metadata on methods: seasonal adjustment.

Because of climatic conditions, public holidays and holidays in July and December, the intensity of the production varies throughout the year. The same applies to household consumption and other parts of the economy.

This makes a direct comparison of two consecutive months or quarters difficult. In order to adjust for these conditions, the quarterly national accounts are seasonally adjusted which makes it possible to conduct an analysis of the underlying change in economic activity between periods.

It is important to mention some factors of the seasonally adjustment of the MNA which has to be given specific attention compared to other short time economic indicators:

- The series for the main aggregates in the MNA is a result of aggregation of many components. Statistics Norway has chosen that consistency between the components and the main aggregates also applies to the seasonally adjusted series to make it easy to identify which series contribute the most to the results.

- Data may be exposed to some revisions each month as well as major revisions when the the preliminary national accounts are reconciled with final national accounts

Background information

- To seasonally adjust the GDP (and all other aggregates) we use an indirect method. This is done in order to be able to explain the contributions to GDP-growth, and consensus is that this is the preferred method for this kind of data. Please see chapter below for more details on the direct vs. indirect approach to seasonal adjustment.

- This method has given us some challenges related to the seasonally adjusted historical series. The reason is that series older than the base year are not additive. When a new base year is established, and the time series are updated, we use identical seasonal adjustment factors as before. This means that changes in seasonally adjusted data are only due to changes in the unadjusted data.

- We use information from the entire period of the time series to estimate seasonal adjustment factors, but we use this information only from the year before the base year to the present.

The method chosen is in accordance with the ESS-Guidelines on seasonal adjustment.

Seasonally adjusted series

Over a thousand series are seasonally adjusted every month. The series are adjusted at a disaggregated level and then summed up to the main aggregates.

The series for gross value added at industry level are adjusted directly, as opposed to being calculated as the difference between production and intermediate consumption.

For final consumption expenditure of households, the series are seasonally adjusted by applying the seasonal factors that are estimated for the index of household consumption of goods (see the documentation for seasonal adjustment of the index of household consumption of goods).

Pre-treatment routines/schemes

Pre-treatment is an adjustment for variations caused by calendar effects and outliers.

  • We run a pre-treatment of some series/main series.

Calendar adjustment

Calendar adjustment involves adjusting for the effects of working days/trading days and for moving holidays. Working days/trading days adjustments are made for both the number of working days/trading days and for the varying composition of days from one month to another.

  • It is performed calendar adjustments on all series showing significant and plausible calendar effects within a statistically robust approach, such as regression or RegARIMA (a regression model with an ARIMA structure for the residuals).

Methods for trading/working day adjustment

  • RegARIMA correction – in this case, the effect of trading days is estimated in a RegArima framework. The effect of trading days can be estimated by using a correction for the length of the month or leap year, regressing the series on the number of working days, etc. In this case, the residuals will have an ARIMA structure.

Correction for moving holidays

  • We run an automati correction with X-12-ARIMA. The utomatic correction of raw data will be based on Norwegian holidays.

National and EU/euro area calendars

  • Use of the Norwegian calendar with X-12-ARIMA.

Treatment of outliers

Outliers, or extreme values, are abnormal values of the series

  • Outliers are detected automatically by the seasonal adjustment tool. The outliers are removed before seasonal adjustment is carried out, and then reintroduced into the seasonally adjusted data.

Model selection

Pre-treatment requires choosing an ARIMA model, as well as deciding whether the data should be log-transformed or not.

Decomposition scheme

The decomposition scheme specifies how the various components – basically trend-cycle, seasonal and irregular – combine to form the original series. The most frequently used decomposition schemes are the multiplicative and additive.

  • Manual selection of decomposition scheme after graphical inspection of the properties to the specific series.

Comments: Additive decomposition is used for series with (potential) negative values or values equal zero, otherwise multiplicative decomposition is used.

Choice of seasonal adjustment approach

  • X-12-ARIMA

Consistency between raw and seasonally adjusted data

In some series, consistency between raw and seasonally adjusted series is imposed.

  • No constraints are applied.

Consistency between aggregate/definition of seasonally adjusted data

In some series, consistency between seasonally adjusted aggregates and its components is imposed. For some series there is also a special relationship between the different series, e.g. GDP which equals production minus intermediate consumption.

  • Definitions and relationships that hold for unadjusted figures also apply for seasonally adjusted figures.

Comments: The supply side equals the use side also for seasonally adjusted figures. This implies that changes in stocks/statistical discrepancies are treated as a residual in the seasonally adjusted figures (balancing item). The series for gross value added are adjusted directly (see chapter 1.3) and are not required to match the difference between seasonally adjusted series for production and intermediate consumption (thus, vertical – not horizontal – consistency is imposed).

Direct versus indirect approach

Direct seasonal adjustment is performed if all time series, including aggregates, are seasonally adjusted on an individual basis. Indirect seasonal adjustment is performed if the seasonally adjusted estimate for a time series is derived by combining the estimates for two or more directly adjusted series.

  • Mixed indirect approach is applied

Comments: MNA uses aggregation routines outside X-12-ARIMA.

Horizon for estimating the model and the correction factors

When performing seasonal adjustment of a time series, it is possible to choose the period to be used in estimating the model and the correction factors. Correction factors are the factors used in the pre-treatment and seasonal adjustment of the series.

  • The whole time series is used to estimate the model and the correction factors

General revision policy

Seasonally adjusted data may change due to a revision of the unadjusted (raw) data or the addition of new data. Such changes are called revisions, and there are several ways to deal with the problem of revisions when publishing the seasonally adjusted statistics.

  • Seasonally adjusted numbers are revised in accordance with a well-defined and publicly available revision policy and release calendar.

Concurrent versus current adjustment

  • The model, filters, outliers and regression parameters are re-identified and re-estimated as new or revised data become available.

Horizon for published revisions

  • The individual series will be revised when seasonal factors are re-estimated. Concerning the main aggregates the period of revisions is limited from the base year to the present.

Comments: This applies as long as the unadjusted figures before the base year remains unchanged. When a new base year is established, and the time series are updated, we use identical seasonal adjustment factors as before. This means that changes in seasonally adjusted data are only due to changes in the unadjusted data.

Evaluation of seasonally adjustment data

  • Continuous/periodical evaluation using standard measures proposed by different seasonal adjustment tools.

All series are sufficiently long to perform a seasonal adjustment.

Data availability

  • Both unadjusted (raw), seasonally adjusted and sum rolling three months data are available.

Press releases

  • In addition to raw data, at least one of the following series is released: pre-treated, seasonally adjusted, seasonally plus working day adjusted trend-cycle series.
  • Both levels and growth rates are presented.
  • Empirical values are presented to evaluate revisions of data in earlier press releases.

References

Statistics Norway’s metadata on methods: seasonal adjustment
The Committee for Monetary, Financial and Balance of Payments statistics: ESS-Guidelines on seasonal adjustment
EUROSTAT: Seasonal Adjustment. Methods and Practices
US census: X-12-ARIMA-manual

Not relevant

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