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Solid growth in Norway mainland GDP continues after weak autumn

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Staff Writer | March 9, 2019
Growth in the gross domestic product (GDP) for mainland Norway was 0.8 percent in November to January compared with August to October.
Norway factory
Europe   The high three-month growth is still largely due to a weak autumn
GDP for mainland Norway grew 0.3 percent from December to January.

Both the three-month growth and the monthly growth in mainland GDP was pulled up by the primary industries.

The high three-month growth is still largely due to a weak autumn in agriculture following the summer’s drought, whereas the monthly growth is pulled up by strong figures for fishing in January.

Retail contributed positively to both monthly and three-month growth, as did services incidental to oil and gas.

The service industries overall grew 0.7 percent in November to January compared to August to November, and 0.3 percent from December to January.

Construction also contributed to the three-month growth, although the industry saw a decline from December to January.

Manufacturing declined slightly in January, but increased growth in the preceding months resulted in a 1.8 percent growth from November to January compared to August to October.

Household consumption was somewhat stronger in November to January compared to August to October.

The weak consumption growth is mainly due to a 0.3 percent decline in the consumption of goods.

The decline is primarily explained by reduced car purchases, as well as other goods such as furniture and appliances.

Food and beverage consumption rose and somewhat dampened weak growth in consumption of goods.

Three-month growth in service consumption is estimated at 0.5 percent, which is about the same rate as the previous periods.

Final consumption expenditure in general government also shows steady growth and increased by 0.5 percent in the period November to January.

Investments fell 1.3 percent in November to January compared to August to October.

This must be seen in connection with registered investments in military aircrafts in September.

Investments grew 2 percent from December to January.

Investment in dwellings fell somewhat through 2018 but picked up slightly after the summer and now shows an increase of 1.8 percent from December to January and 0.7 percent in the three months to January.

Good monthly information for other investments is lacking.

This means that information on planned investments, as reported by firms in the industry, is used for petroleum, manufacturing, mining and power supply investments.

Planned investments in petrol activities displays a 5.2 percent growth over the last three-month period.

Exports of traditional goods grew 4.7 percent in November to January.

Refined and chemical products especially, contributed to the growth.

Exports of traditional goods grew 1.2 percent in January.

Imports of traditional goods grew 2.4 percent over the three-month period.

January experienced a 5.6 percent growth.

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