Norway: The economy wobbles in September
November 13, 2018
According to monthly GDP data released by Statistics Norway, the total economy contracted a seasonally-adjusted 0.5% in September over the previous month, down from the revised 0.2% fall in August (previously reported: -0.1% month-on-month). Mainland GDP—which excludes hydrocarbon extraction activity and related transport—fell a seasonally-adjusted 0.3% in September, matching the revised fall in August (previously reported: -0.2% mom).
The expenditure-based breakdown was mixed in September: Private consumption declined from the previous month, largely due to less spending on goods, contrasting the increase in August. Government consumption increased slightly, in contrast to a modest rise in August. Meanwhile, fixed investment surged—primarily due to higher investment spending in the mainland economy—, contrasting the small decline in August.
Author: Edward Gardner, Economist