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Financial News: Mainland-Norway GDP Contracts More Than Initially Estimate

Mainland-Norway GDP Contracts More Than Initially Estimated

05/12/2020 - 02:57:00 (RTTNews)

(RTTNews) - The Mainland-Norway economy contracted more than initially estimated in the first quarter amid coronavirus, or Covid-19, pandemic, revised data from Statistics Norway showed Tuesday.

Gross domestic product fell by revised 2.1 percent in the first quarter, following a marginal 0.1 percent expansion seen in the fourth quarter of 2019. First quarter GDP was revised from -1.9 percent estimated on April 24.

In March, GDP declined 6.9 percent instead of initial estimate of -6.4 percent. At the same time, overall Norway GDP contracted 1.5 percent in the first quarter, offsetting 1.5 percent growth posted in the fourth quarter. The latest GDP rate was left unrevised.

Data showed that manufacturing output slid 1.5 percent and services shrank 2.6 percent.

Excluding manufacturing and mining, production of goods fell 1.1 percent. Electricity output advanced 9.3 percent, while construction shrank 9.6 percent.

Oil and gas production was not significantly affected by Covid-19, as petroleum activities increased 1 percent in the first quarter.

The expenditure-side breakdown showed that household consumption dropped 3.6 percent, while government spending gained 0.9 percent. Gross fixed capital formation plunged 5.1 percent.

Exports and imports were down 2.4 percent and 4.9 percent, respectively in the first quarter.

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