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Financial News: Mainland Norway GDP Recovers In May

Mainland Norway GDP Recovers In May

07/08/2020 - 03:42:00 (RTTNews)

(RTTNews) - Mainland Norway's economy expanded for the first time in three months in May after measures to control the spread of coronavirus were relaxed, data from Statistics Norway showed Wednesday.

Gross domestic product grew 2.4 percent month-on-month, in contrast to a 4.6 percent fall in the previous month.

Overall Norway GDP expanded 1.9 percent, reversing a 3.8 percent decrease a month ago.

The expenditure-side breakdown showed that household spending and government expenditure grew 4.4 percent and 2.8 percent, respectively. Gross fixed capital formation advanced 3.7 percent. Meanwhile, exports were down 0.4 percent and imports dropped 0.3 percent.

In three months to May, Mainland-Norway GDP shrank 8.7 percent versus a 5.6 percent drop in three months to April. At the same time, overall Norway GDP contracted 7.1 percent in three months to May.

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