Norway: Economic activity declines in October
December 9, 2021
Economic output decreased 1.8% over the prior month in seasonally-adjusted terms in October, swinging from the 2.3% expansion recorded in September. Meanwhile, the economy grew 3.5% in the rolling quarter of August–October relative to the previous quarter (May–July), coming in below the 3.7% expansion logged in July–September.
Mainland GDP—which excludes hydrocarbon extraction and related services—flatlined in October, down from the 0.8% increase logged in September. In the rolling quarter of August–September, the mainland economy grew 2.3% from the previous rolling quarter (May–July), moderating from the 2.7% expansion registered in July–September.
Domestically, October’s decline was due to government spending declining 0.2% in seasonally-adjusted month-on-month terms, swinging from September’s 0.4% growth. Meanwhile, private consumption growth came in at September’s 1.2% in October. Lastly, fixed investment growth flatlined in October, improving from the 1.7% drop logged in the previous month.
Turning to the external sector, exports of goods and services shrank 3.4% month-on-month in October, contrasting September’s 4.8% monthly expansion. Similarly, imports of goods and services fell 1.2% month-on-month (September: +0.3% s.a. mom).
Author: Marta Casanovas , Economist