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Financial News: Mainland-Norway GDP Shrinks In August

Mainland-Norway GDP Shrinks In August

10/09/2019 - 02:41:00 (RTTNews)

(RTTNews) - Norway's economy contracted in August on weak manufacturing, data from Statistics Norway showed Wednesday.

Mainland gross domestic product declined 0.2 percent on month, reversing a 0.8 percent rise in July. Monthly GDP was pulled down by a 1.3 percent drop in manufacturing output.

In three months to August, Mainland Norway expanded 0.7 percent from the preceding three months compared to 0.6 percent growth in March to May period. Overall Norway's growth held steady at 0.2 percent.

In three months to August, household and government spending gained 0.6 percent each. Gross fixed capital formation logged an expansion of 2.4 percent.

At the same time, exports fell 1.7 percent and imports decreased 1 percent.

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