In the first quarter, Norway mainland's GDP, which consists of all domestic production activity except for extraction of crude oil and natural gas (including related services), pipeline and ocean transport, rose a seasonally adjusted 1.1% over the previous quarter. The print came in above both the 0.8% expansion recorded in the fourth quarter (previously reported: +0.6% quarter-on-quarter) and market expectations that had GDP growing 0.9%. Compared to the same period last year, the mainland economy grew 4.5%, which is up from the 2.8% increase tallied in the previous quarter and marks in fact, the strongest print observed since June 2008. Meanwhile, total GDP expanded a seasonally adjusted 1.4% over the previous quarter, more than doubling the 0.6% increase recorded in the fourth quarter. On an annual basis, total GDP accelerated to 4.3% in the first quarter of 2012, well above the 1.5% rise recorded in the fourth quarter. According to the statistical institute, total GDP outpaced mainland GDP due to a healthy rebound in petroleum activities and ocean transport. The acceleration over the previous quarter was entirely due to an improving external sector, as domestic demand deteriorated noticeably (Q4 2011: +3.0% qoq; Q1 2012: -0.1% qoq). Private consumption grew 1.3% over the previous quarter (Q4 2011: +0.6% qoq), while government spending contracted 0.3% (Q4 2011: +0.4% qoq). In addition, gross fixed capital investment rose 0.6%, thereby mirroring the previous quarter's result. However, domestic demand was dragged down by a sharp downward shift in inventories, which shaved 0.9 percentage points off to GDP growth. Exports of goods and services, which benefited from higher oil prices, grew a seasonally adjusted 2.1% over the previous three-month period (Q4 2011: -3.3% qoq). On the other hand, imports contracted 2.1%, contrasting the 2.8% rise observed in the previous quarter. As a result, the external sector's net contribution to overall growth swung from minus 2.2 percentage points in the fourth quarter 2011 to plus 1.4 percentage points in the first.
Economic activity continues to gain momentum in the first quarter
May 22, 2012
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Norway Economic News
October 10, 2016
In September, consumer prices climbed 0.3% from the previous month, which contrasted August’s reading (-0.5% month-on-month) but undershot market expectations of a 0.7% increase.
October 7, 2016
In August, industrial production decreased 4.7% over the previous month in seasonally-adjusted terms, which contrasted the 4.7% expansion recorded in July and marked the lowest reading since April 2015.
September 22, 2016
At its 21 September policy meeting, Norges Bank (NB) decided to leave its key policy rate at the all-time low of 0.50%, as was expected by market participants. Norges Bank noted that global growth was moderate and that in the medium term import demand from its main trading partners will be lower than previously expected.
September 9, 2016
In August, consumer prices dropped 0.5% over the previous month, which contrasted July’s reading (+0.6% month-on-month) and undershot market expectations of a 0.4% drop.
September 7, 2016
In July, industrial production expanded 5.5% over the previous month in seasonally-adjusted terms, which marked a rebound from the 4.7% fall recorded in June and represented the highest reading since October 2012.