Continued weak growth in Mainland GDP

The Gross domestic product for Mainland Norway rose by 0.2 per cent in the 2nd quarter of 2015, after three quarters of weak development. Statistics Norway (SSB) reports.

The weak trend is particularly seen in industries supplying the petroleum industry, SSB writes.

Value added in manufacturing and mining fell in the 2nd quarter by 1.5 per cent. This is the second quarter in a row with a marked decline. The decline in manufacturing and mining contributed to pulling down the growth in Mainland GDP by 0.2 percentage points. This decline is largely linked to reduced production within oil and gas-related industries. The fall in manufacturing is somewhat softened by growth in resource-based manufacturing products, like basic chemicals and basic metals.

Other goods-producing industries saw clear growth in the 2nd quarter. Production growth in construction, however, increased by only 0.1 per cent after a weak trend in the previous two quarters, while electricity production and fishing and aquaculture grew significantly in the 2nd quarter.

Value added in service industries excluding general government increased by 0.1 per cent from the 1st quarter to the 2nd quarter, after a moderate growth in the previous quarter. Also in the service industries, suppliers to the petroleum industry contributed to pulling down the growth. Value added in the general government increased by 0.4 per cent in Q2.

Value added in petroleum activities and ocean transport declined 1 per cent in the 2nd quarter, which contributed to a slight decline in total GDP compared with the previous quarter.

Household consumption rose by 0.6 per cent in the 2nd quarter, after two quarters in a row with significant growth. Consumption of goods increased 1.1 per cent. In particular, purchases of vehicles and electricity contributed to the rise. Consumption of services rose 0.6 per cent in the 2nd quarter.

Household consumption abroad grew by 0.3 per cent in the 2nd quarter. This weak development must be seen in conjunction with the strong increase last quarter.

Consumption in general government was 0.5 per cent up in the 2nd quarter, after a weak growth in the 1st quarter.

From the 1st to 2nd quarter, employment increased by 0.2 per cent, which corresponds to around 5 500 people, while the increase in the 1st quarter was approximately 3 000.

Number of hours worked increased by 0.2 per cent in the 2nd quarter, similar to employment, after a 0.1 per cent decrease in the previous quarter.

(NRK/Press release)







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