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Financial News: Norway's GDP Growth Accelerates In Q2

Norway's GDP Growth Accelerates In Q2

08/24/2017 - 02:41:00 (RTTNews)

(RTTNews) - Norway's economic growth accelerated in the second quarter largely driven by investment and exports, Statistics Norway said Thursday.

Gross domestic product grew 1.1 percent sequentially, faster than the 0.2 percent expansion in the first quarter.

At the same time, growth in Mainland-Norway held steady at 0.7 percent in the second quarter.

Household consumption climbed 1 percent after rising 0.6 percent. Meanwhile, growth in government spending halved to 0.4 percent from 0.8 percent.

Gross fixed capital formation rebounded 3.2 percent in the second quarter after falling 0.6 percent.

Exports grew by 1 percent, in contrast to a 0.9 percent drop in the first quarter. On the other hand, imports declined 0.4 percent, reversing a 4.3 percent rise in the previous quarter.

Data showed that petroleum activities and shipping advanced 3.7 percent after declining 2.3 percent.

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