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Financial News: Mainland Norway GDP Contracts On Weak Household Spending

Mainland Norway GDP Contracts On Weak Household Spending

07/07/2022 - 08:15:00 (RTTNews)

(RTTNews) - The Mainland Norway economy shrank in May due to weak household consumption, Statistics Norway said Thursday.

Gross domestic product contracted 0.2 percent on month, following a 0.3 percent drop in April. Meanwhile, overall Norway GDP grew 0.4 percent, offsetting April's 0.4 percent fall.

The decline in wholesale and retail trade is in part due to households shifting their consumption back to services, Head of National Accounts Pål Sletten, said.

Household spending was down 0.5 percent as the decline in consumption of goods of 1.3 percent offset the 0.2 percent rise in consumption of services. Gross fixed capital formation rebounded 2.1 percent.

Exports and imports recovered in May. Driven by shipments of crude oil and natural gas, ships, oil platforms and aircrafts, exports rose 4 percent. Total imports increased 3.4 percent.

The trade balance was significantly strengthened by high prices of export goods.

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