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The Norwegian economy slows up

(Obi.en): GDP for the Norwegian fastlandsøkonomi rose by 0.3 per cent in the 3. quarter, shows the statistics norway's quarterly national accounts.

DNB Markets and Nordea Markets had in advance seen for themselves respectively. 0.5 and 0.6 per cent growth in mainland GDP.

Norges Bank's forecast was at 0.7 per cent.

Compared to 3. quarter of 2017, we are talking about a growth in mainland GDP of 1.7 per cent.

at the same time, GDP growth in 2. quarter revised up from 0.5 to 0.7 per cent, which gave an annual growth in mainland GDP of 4.7 per cent per 2. quarter.

twelve-month growth in mainland-GDP is sharply down, albeit from an extraordinarily high level.

Fell in fish in september

industrial Production rose 0.5 per cent in the 3. quarter, after a rise of 1.2 per cent the quarter before.

despite the growth in 3. quarter overall, the monthly figures that industrial production in september was slightly lower than in august. Especially the processing of the fish pulled down. It did the traditional fishing and aquaculture.

In september fell for the other mainland-GDP by 0.3 per cent, and fishing and fiskeforedling helped to pull down growth by 0.4 percentage points.

the value Added in petroleum activities and ocean transport rose by 2.7 per cent in 3. quarter.

Total step GDP 0.6 per cent in the 3. quarter.

Drought, consumption

STATISTICS show that the summer's drought led to a clear decline in agricultural production, which drew down the mainland economy by 0.2 percentage points in 3. quarter.

Weak konsumutvikling, especially in september, affected varehandelsnæringen negative and suppressed also the growth in the quarter.

Services otherwise, such as technical and commercial services as well as information technology, continued the clear growth.

Building and construction continued to contribute positively - as it has done over a long time.

Household consumption fell by 0.2 per cent, after a growth of 1.0 per cent the quarter before.

Cars and fuel

Decline hang according to STATISTICS norway together with a fall in varekonsumet of 1.4 per cent.

It was mainly the purchase of cars and fuel that is pulled down, but clothing and shoes, food and drink also contributed negatively.

This is a trend that has been observed in the 3-4 the last few months.

consumption of services continued to grow stable and contributed, together with increased expenditure on travel abroad to mitigate the decline in household consumption.

- increase in interest rates consist

Even if the GDP-growth in 3. quarter at first glance, it is well below the forecasts in the Norges Bank, waiting the expertise of the brokerages that the central bank stands firm in its views on interest rate hikes ahead.

the Growth was weaker than expected by Norges Bank, but the growth in 1. and 2. quarter was revised up and the weak numbers in the 3. quarter was driven by temporary factors such as declines in agricultural production and car sales, printer makroøkonom Jeanette Power Ebb in DNB Markets in an update.

Therefore waiting she that Norges Bank will continue to raise the key rate next year.

But today's figures support our view that renteøkningene will be gradual. We are still waiting that the next rate hike is to 1.00 percentage points in march, continuing the Current Flow.

Norges Bank's key rate is now at 0.75 per cent.

- Must proceed with caution

senior economist Marius Gonsholt Hov, Handelsbanken also refers to temporary effects.

- Adjusted for these, both powered by the weather conditions, was the increase in production around 0.4 per cent in the 3. quarter. This is still below the Norges Bank's short-term estimate, but note also that this is countered by a positive opprevidering for 2. quarter. All in all, it is the deviation from Norges Bank's forecasts is not so great as at first glance, he writes in an update.

Gonsholt Hov, further shows that employment growth land exactly on Norges Bank's forecast: 0.4 per cent seasonally adjusted in the 3. quarter.

- To insert the look, not to the underlying etterspørselssituasjonen to deviate from expectations. In summary, the underlying momentum is a bit weaker than expected, but the deviation is not large enough to put a question mark on the interest rate increases in march. If anything, it suggests the current figures a cautious approach to further innstramninger in monetary policy, " he continues.

employment

employment growth through 1. half of the year continued thus into the 3. quarter.

The seasonally adjusted growth of 0.4 per cent equates to around 10.700 employees.

From the entrance to 2018 shows the seasonally-adjusted figures, according to STATISTICS norway, an increase in employment of over 30,000 people.

Employment increased in most business sectors, especially in service industries.

It also increased in construction, in accordance with the development in the last two years.

oil investments up

Petroleumsinvesteringene continued growth in 3. quarter.

Preliminary figures show 1.7 percent growth from 2. quarter. So far this year, investments 1.3 per cent higher than the same period last year.

gross fixed capital formation in Mainland Norway rose overall 0.7 per cent in the 3. quarter.

Investments in the production of electricity explains, according to the SSB part of the recovery, but also public investments, especially in local government, draws up.

Household boliginvesteringer fell 0.8 per cent, clearly less than the previous three quarters.

the monthly figures shows that the investeringsnedgangen stopped in June, and that investment in the months since has remained at a stable level.

Total step gross fixed capital formation in Norway, 0.5 per cent in the 3. quarter.

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