Financial News: Mainland Norway's GDP Shrinks Unexpectedly

Mainland Norway's GDP Shrinks Unexpectedly

04/11/2024 - 03:17:00 (RTTNews)

(RTTNews) - The Mainland Norwegian economy contracted unexpectedly in February after rebounding in the previous month, Statistics Norway reported Thursday.

Gross domestic product contracted a seasonally adjusted 0.2 percent month-on-month in February, in contrast to a 0.6 percent expansion in January. Meanwhile, economists had expected an increase of 0.1 percent.

Data showed that overall GDP declined 0.9 percent in February, versus a flat change in the prior month.

Administrative and support service activities and wholesale and retail trade contributed the most to the decrease in Mainland GDP, the agency said.

On the expenditure side, household consumption rose 0.1 percent over the month, and general government expenditure advanced by 0.5 percent.

Meanwhile, gross fixed capital formation remained unchanged in February. Both exports and imports dropped by 2.9 percent and 0.6 percent, respectively.

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