Norway: The economy finds its feet again in October with an impressive showing
According to monthly GDP data released by Statistics Norway, the total economy grew 0.8% in October over the previous month in seasonally-adjusted terms, contrasting September’s revised 0.5% contraction (previously reported: -0.6% month-on-month). Meanwhile, in the August–October period, the total economy expanded by 0.2% over the previous rolling quarter, down from the 0.6% reading in July–September.
Mainland GDP—which excludes hydrocarbon extraction activity and related transport—grew a seasonally-adjusted 1.0% in October over the previous month, contrasting the revised 0.2% fall in September (previously reported: -0.3% month-on-month). Mainland GDP rose 0.2% in August–October, down from 0.3% in July–September.
In October, the domestic side of the economy had a good showing. Private consumption grew 0.4% month-on-month, swinging from the 0.6% decrease in September, and government consumption increased at an accelerated pace of 0.4% in October versus 0.2% in September. On the flip side, fixed investment growth slumped from 7.0% in September to 0.6% in October. The external sector, meanwhile, had a limp month, with both exports and imports contracting.