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Financial News: Mainland-Norway GDP Growth Slows In July

Mainland-Norway GDP Growth Slows In July

09/08/2020 - 09:04:00 (RTTNews)

(RTTNews) - Mainland Norway grew for the third straight month in July but the pace of growth slowed from June, data from Statistics Norway showed on Tuesday.

Gross domestic product expanded 1.1 percent in July, slower than the 3.7 percent increase in June. This was the third consecutive expansion.

Despite growth over the past three months, activity levels were still 4.7 percent lower in July than in February.

In July, final household spending gained 2.9 percent and government expenditure climbed 1 percent. Gross fixed capital formation advanced 2.2 percent. Exports and imports were up 5.6 percent and 4.4 percent, respectively in July.

Overall Norway GDP also expanded 1.1 percent on month in July.

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