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Norway GDP August 2021

Norway: Economic activity grows at fastest pace in over a year in August

Economic output increased 2.0% over the prior month in seasonally-adjusted terms in August, accelerating from the 0.8% expansion recorded in July. Meanwhile, the economy grew 3.1% in the rolling quarter of June–August relative to the previous quarter (February–May), coming in above the 2.2% expansion logged in May–July.

Mainland GDP—which excludes hydrocarbon extraction and related services—rose 1.1% over the prior month in August, up from the 0.6% increase clocked in July. In the rolling quarter of June–August, the mainland economy grew 2.9% from the previous rolling quarter (February–May), improving slightly from the 2.6% expansion registered in May–July.

Domestically, August’s upturn was due to fixed investment bouncing back to growth following the previous month’s contraction (August: +4.7% s.a. mom; July: -1.9% s.a. mom). Moreover, government spending growth picked up slightly to 0.8% in August from 0.5% in July. However, private consumption growth slumped to 0.6% in August, moderating from 2.6% in July.

Meanwhile, the external sector likely detracted from the overall reading, with exports of goods and services shrinking 0.9% month-on-month in August and contrasting July’s 3.8% growth. Conversely, growth in imports of goods and services rose to 2.3% in August from 1.8% in July.

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