Financial News: Mainland Norway's GDP Rises 0.1% In Q2

Mainland Norway's GDP Rises 0.1% In Q2

(RTTNews) - The Mainland Norwegian economy expanded at a slower-than-expected pace in the second quarter, figures from Statistics Norway showed Thursday.

Gross domestic product advanced 0.1 percent sequentially in the June quarter, the same as in the first quarter. The expected increase was 0.2 percent.

A decline in traditional fishing dampened the growth in the Mainland economy, the agency said.

On the other hand, increased value added in wholesale and retail trade and in production of electricity contributed to positively to the growth in Mainland Norway's GDP.

Meanwhile, the total GDP grew at an accelerated rate of 1.4 percent in the second quarter versus a 0.3 percent rise in the previous three-month period, led by high activity in the oil and gas extraction industry. 

On the expenditure side, household consumption grew 1.6 percent over the quarter on the back of increased car consumption.

Data showed that general government consumption grew 0.7 percent, and gross fixed capital formation rose markedly by 5.1 percent amid more investments in oil and gas extraction, including pipeline transport.

During June, Mainland Norway's economy remained stagnant after 0.4 percent growth in May. At the same time, overall GDP growth accelerated to 2.3 percent from 0.6 percent.

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