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Financial News: Mainland Norway Q2 GDP Logs Deepest Fall On

Mainland Norway Q2 GDP Logs Deepest Fall On Record

08/25/2020 - 03:41:00 (RTTNews)

(RTTNews) - Mainland-Norway's economy contracted at the fastest pace on record in the second quarter, data from Statistics Norway showed Tuesday.

Gross domestic product shrank 6.3 percent in the June quarter compared to a 2.2 percent fall in March quarter. This was the largest fall since records began in 1978.

Before the coronavirus pandemic, the largest single quarter fall was posted during the global financial crisis in 2008.

However, following a gradual reopening of society, the economy expanded 3.7 percent in June, following a 2.2 percent rise in May. Still the level of activity was 6 percent lower in June than in February.

The largest contribution to the June growth came from health and social work.

In the second quarter, household consumption declined 10.8 percent and government spending dropped 2.2 percent.

Gross fixed capital formation was down 3.4 percent. At the same time, exports and imports were down 8.7 percent and 16.7 percent, respectively.

Overall Norway GDP fell 5.1 percent in the second quarter versus a 1.7 percent drop in the first quarter. In June, GDP gained 3.2 percent.

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