Norway Gross Domestic Product (GDP) Mainland q/q

The Norwegian economic territory consists of mainland Norway, Svalbard, Jan Mayen, Norwegian dependencies, territorial waters, including the airspace above them, etc. A separate GDP is calculated for mainland Norway — GDP Mainland, which measures a change in the value of all goods and services produced domestically (domestic principle). This GDP does not include the largely petroleum-based offshore areas and logistics. Prices are adjusted for inflation. This index variant reflects the growth of quarterly GDP in comparison with the previous quarter.

There are three approaches to the calculation of GDP: from production perspective, in terms of revenues received and in terms of expenditures incurred.

• The production approach for GDP calculation is based on the calculation of value added (interim costs are subtracted from the total value of manufactured goods).
• Income approach includes the sum of value added of four parts: compensation of employees, taxes on products and production less subsides, gross operating surplus and other income.
• Expenditure approach is the sum of all final expenditures within the economy. This includes final expenditure on consumption, gross capital formation and net exports of goods and services.

All three approaches are applied in the Norway's GDP calculation. The source data for the GDP calculation is taken from National Accounts, which include producer and consumer price indices, retail price data, production output data, labor market indicators, data on household income, etc. To separate the real change in GDP from inflationary processes, a deflator is additionally applied. In addition, data is seasonally adjusted to smooth out seasonal effects that can greatly distort data on short-term changes in GDP.

GDP is the main measure of the country's economy strength. The indicator often has a strong impact on market movements. Stable Mainland GDP growth means the sustainability of both the economic and financial system. Therefore, it can be seen as positive for the NOK quotes.