In the fourth quarter, mainland Norway's GDP, which consists of all domestic production activity except extraction of crude oil and natural gas (including related services), pipeline and ocean transport, rose a seasonally adjusted 0.6% over the previous quarter. The print came in below the 0.8% expansion recorded in the third quarter (previously reported: +0.7% quarter-on-quarter) but slightly overshot the 0.5% increase expected by the market. Compared to the same period the year before, the mainland economy grew 2.7%, down from the 3.0% expansion tallied in the previous quarter. Meanwhile, overall GDP increased a seasonally adjusted 0.5% over the previous quarter, more than halving the 1.1% expansion recorded in the third quarter. On an annual basis, overall GDP slowed to 1.5% in the final quarter of 2011, markedly down from the 4.0% expansion recorded in the third quarter. According to the statistical institute, total GDP was slightly less than mainland GDP due to a decrease in gross value added in petroleum activities and ocean transport. The moderation over the previous quarter was entirely due to a deteriorating external sector, while domestic demand improved noticeably (Q3: -0.8% qoq; Q4: +2.2% qoq). Private consumption grew 0.6% over the previous quarter (Q3: +0.3% qoq), while government spending moderated somewhat to 0.5% (Q3: +0.7% qoq). Gross fixed capital investment slowed to 0.8% (Q3: +2.4% qoq), but GDP benefited from higher stockpiling, which drove overall investment up. The external sector was strongly affected by lower shipments of crude oil and natural gas, which account for around 40% of total exports. Exports of goods and services dropped 4.3% over the previous three-month period, which contrasted a 6.2% expansion in the third quarter. On the other hand, imports contracted a mild 0.6%, contrasting the 1.6% rise seen in the previous quarter. As a result, the external sector's net contribution to overall growth swung from plus 1.9 percentage points in the third quarter to minus 1.6 percentage points in the fourth quarter. In the full year 2011, the mainland economy expanded 2.6%, beating the 1.9% rise seen in 2010. Meanwhile, overall GDP grew 1.6% (2010: +0.7% year-on-year).
Growth continues to moderate in fourth quarter amid lower crude shipments
February 15, 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.