Financial News: Mainland Norway's GDP Expands 0.4%, Exceeds Forecast

Mainland Norway's GDP Expands 0.4%, Exceeds Forecast

03/18/2024 - 03:25:00 (RTTNews)

(RTTNews) - The Mainland Norwegian economy recovered at a faster-than-expected pace in January amid positive contributions from wholesale and retail trade and the electricity industry, Statistics Norway reported Monday.

Gross domestic product advanced a seasonally adjusted 0.4 percent month-on-month in January, in contrast to a 0.3 percent decrease in December. The expected increase was 0.1 percent.

Meanwhile, overall GDP remained flat in January, versus 0.4 percent growth in the prior month.

Increased value added in wholesale and retail trade contributed the most to the monthly growth in January, the agency said.

The electricity industry also contributed to the overall expansion, while fishing dampened growth.

On the expenditure side, household consumption declined 0.4 percent over the month, largely reflecting a sharp drop in car purchases.

Data showed that government consumption remained unchanged, and gross fixed capital formation decreased by 5.5 percent. Exports fell 0.7 percent, while imports grew by 1.4 percent.

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