Financial News: Mainland-Norway GDP Rebounds In Q3

Mainland-Norway GDP Rebounds In Q3

11/17/2020 - 03:12:00 (RTTNews)

(RTTNews) - Mainland-Norway's economy recovered strongly in the third quarter after the easing of infection control measures, Statistics Norway reported Tuesday.

Gross domestic product grew 5.2 percent sequentially, as expected, and in contrast to a revised 6 percent decline in the second quarter. The second quarter GDP was revised from -6.3 percent.

Infection rates increased again in October and infection control measures were tightened, head of the National Accounts at Statistics Norway, Pål Sletten, said. The economy was still far from a normal situation.

Total GDP for Norway, including oil and gas extraction, transport via pipelines and ocean transport, grew 4.6 percent, reversing a 4.7 percent decline in the second quarter.

The expenditure-side breakdown of GDP showed that household expenditure advanced 9.5 percent and government spending rose 3 percent.

Meanwhile, gross fixed capital formation declined 1.1 percent from the previous quarter.

Exports climbed 4.7 percent, while imports registered a much stronger growth of 10.3 percent in the third quarter.

In September, Mainland-Norway GDP as well as overall GDP gained 0.6 percent each from August.

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