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Financial News: Norwegian Economy Shrinks In Q1

Norwegian Economy Shrinks In Q1

04/24/2020 - 09:00:00 (RTTNews)

(RTTNews) - The Norwegian economy contracted in the first quarter as activity came to a halt in the second half of March due to the coronavirus pandemic, preliminary data from Statistics Norway showed Friday.

The mainland gross domestic product declined 1.9 percent in the first quarter. In March alone, GDP was down 6.4 percent after rising 0.4 percent in February.

The shutdown of economic activity in March, due to the Corona-epidemic, has no historical parallels, the statistical office said. Full detailed report for the first quarter will be published on May 12.

Total GDP for Norway, including petroleum activities, pipeline transport and ocean transport, fell 5.5 percent in March and 1.5 percent in the first quarter.

Oil production was not significantly affected by the coronavirus in the first quarter. Extraction of oil and gas increased 1 percent sequentially. Meanwhile, manufacturing declined by more than 3 percent in March, resulting in a fall of 1.4 percent in the first quarter.

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