Mainland Norway's GDP Rises Unexpectedly In Q2

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Thursday, a report by Statistics Norway said the Mainland gross domestic product or GDP rose a seasonally adjusted 0.3% in the second quarter from the preceding quarter. This follows a 1.3% fall in the first quarter and a 1% drop in the fourth quarter. Economists expected a fall of 0.3% in the GDP.

Increased household and government final consumption expenditure contributed significantly to the growth, while gross fixed capital formation in extraction of oil and gas had a particularly negative impact on the GDP, the statistical office said.

In the first half of the year, the GDP for the Mainland slipped 2.2% compared to the same period last year.

Meanwhile, the total GDP declined a seasonally adjusted 1.3% sequentially in the second quarter compared to a 0.8% fall in the preceding quarter. Economists expected a 0.7% fall.

(Market News Provided by RTTNews)