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Financial News: Mainland Norway GDP Growth Slows In Q4

Mainland Norway GDP Growth Slows In Q4

02/12/2021 - 04:21:00 (RTTNews)

(RTTNews) - Mainland Norway grew at a slower pace in the fourth quarter as the coronavirus control measures were tightened towards the end of October, Statistics Norway reported Friday.

Gross domestic product grew 1.9 percent sequentially, much slower than the 5 percent expansion seen in the third quarter.

Likewise, growth in overall Norway GDP, including oil and gas extraction, pipeline transportation and ocean transport, eased to 0.6 percent from 4.5 percent a quarter ago.

In December, Mainland-Norway GDP was up 1 percent and overall Norway GDP by 1.4 percent.

In the full-year of 2020, Mainland Norway fell 2.5 percent from the last year.

Although the downturn in 2020 was somewhat lower than feared, this was the biggest fall since records began in 1970, and it was probably the greatest economic downturn since the Second World War, head of the National Accounts at Statistics Norway, Pål Sletten, said.

Despite the pandemic, oil and gas production experienced robust growth in 2020. Activity levels rose nearly 9 percent. As a result, overall GDP fell only 0.8 percent.

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