Surprise growth in Norwegian economy

Mainland Norway’s gross domestic product (GDP) grew 1.2 per cent from the 1st quarter to the 2nd quarter this year, according to Statistics Norway (SSB). This is higher than the 0.9 per cent predicted by most financial experts.

 

One has to go back to Q1 of 2010, to find a period of stronger growth in the mainland economy, Afteposten writes.

SSB says higher production of electricity has in isolation contributed to a positive 0.3 percentage points.

A fall in exports of crude oil contributed to a decrease in exports of goods and services of 0.6 per cent in the 2nd quarter. However, exports of traditional goods increased 3.5 per cent.

Employment grew by 0.3 per cent in the 2nd quarter, which is a slightly higher growth than in the previous quarter. Total hours were up 0.6 per cent.

Household final consumption expenditures increased by 0.8 per cent, after an increase of 0.9 per cent in the 1st quarter. Household consumption of goods grew 1.0 per cent. In particular, food and clothes contributed to the growth. A fall in purchases of vehicles dampened the increase. This fall, however, comes after a strong growth in car purchases in the 1st quarter. The stable increase in consumption of services continued in the 2nd quarter, and was up 0.6 per cent.

(NRK/Aftenposten/Press release)

 

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