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Norway GDP May 2023

Norway: Economy returns to growth in May

GDP posted a 0.4% month-on-month expansion in seasonally adjusted terms in May, offsetting April’s 0.4% contraction. Meanwhile, the economy grew 0.2% in the rolling quarter March–May relative to the previous rolling quarter (December–February), matching the growth tallied in February–April.

Similarly, mainland GDP—which excludes hydrocarbons and related services—expanded in May, also rebounding and offsetting the prior month’s decline (May: +0.5% s.a. mom; April: -0.5% s.a. mom). During the three months to May, the mainland economy was flat, improving from the 0.1% contraction posted in February–April.

Domestically, the upturn was broad-based but spearheaded by a rebound in private consumption (May: +1.5% s.a. mom; April: -1.6% s.a. mom). This was due to stronger vehicles and goods purchases, as the consumption of services flatlined. Fixed investment also returned to growth, clocking a 1.4% expansion (April: -3.3% s.a. mom). Lastly, public spending growth accelerated to 0.6%, up from the prior month’s 0.5% increase.

Turning to the external sector, exports of goods and services declined by a softer 1.0% in May, improving marginally from April’s 1.3% contraction. This reflected falling crude oil exports, which more than offset higher exports of traditional goods. Conversely, imports of goods and services rebounded in May and tallied a 5.5% expansion (April: -2.4% s.a. mom), marking the strongest upturn since June 2020.

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