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Financial News: Mainland Norway GDP Expands Unexpectedly In Q3

Mainland Norway GDP Expands Unexpectedly In Q3

11/18/2022 - 04:21:00 (RTTNews)

(RTTNews) - Mainland Norway's economy expanded for the second straight quarter in the three months ended September, defying economists' forecast for a contraction, preliminary data from Statistics Norway showed on Friday.

Gross domestic product of the mainland rose 0.8 percent from the second quarter, when it rebounded by 1.2 percent. Meanwhile, economists had expected a 0.3 percent drop.

The overall rise in the third quarter was particularly driven by the service industries and especially in wholesale trade.

Total GDP advanced at a faster pace of 1.5 percent in the September quarter, following a 1.3 percent gain in the June quarter.

On the expenditure side, household consumption in Mainland Norway rose 0.3 percent in the third quarter. Nonetheless, rising inflation in the economy reduced the purchasing power of the consumers.

Total government consumption increased 0.1 percent, while gross investment in Mainland Norway grew 0.5 percent. Both exports and imports increased by 5.7 percent and 3.9 percent, respectively.

On a monthly basis, GDP advanced 0.5 percent in September, after a 1.3 percent gain in August.

Similarly, Mainland-Norway GDP climbed at a slower rate of 0.4 percent from August, when it rose by 0.7 percent.

Separate official data showed that household consumption rose at a steady rate of 1.0 percent monthly in September, largely led by more purchases of vehicles and petrol.

On an annual basis, household consumption declined 6.0 percent, following a 5.0 percent drop in August. Spending has been falling since the start of the year.

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