Financial News: Mainland Norway's GDP Shrinks Unexpectedly

Mainland Norway's GDP Shrinks Unexpectedly

02/11/2025 - 03:14:00 (RTTNews)

(RTTNews) - The mainland Norwegian economy contracted unexpectedly in the final quarter of 2024, while the whole year's growth eased compared to 2023, figures from Statistics Norway showed Tuesday.

Gross domestic product dropped 0.4 percent sequentially in the December quarter, reversing a 0.5 percent rise in the third quarter. Meanwhile, economists had forecast a 0.2 percent increase.

Data showed that overall GDP decreased 0.6 percent in the fourth quarter, slower than the 1.6 percent fall in the third quarter.

On a yearly basis, the Norwegian economy shrank 0.3 percent, in contrast to a 3.7 percent growth in the third quarter.

During the year 2024, mainland Norway's GDP grew at a slower pace of 0.6 percent versus a 0.7 percent rise in 2023.

The overall growth in 2024 was driven by demand from central and local government, high petroleum investment, and growth in mainland exports.

Meanwhile, the slowdown in expansion was attributed to a decline in investment in residential and commercial buildings, as well as subdued growth in private consumption.

On the production side, with some exceptions, such as construction and fishing, value added grew in most industries in the mainland economy, the agency said.

In 2024, total GDP grew at an accelerated pace of 2.1 percent amid high activity in the extraction industry. This was followed by a 0.1 percent increase in 2023.

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