Norway GDP growth picks up to 1.1%

Norway’s oil industry caught up with the rest of the country’s economy in the second quarter, helping overall economic growth to rebound much more strongly than economists had predicted.

The country’s “mainland” economy, which excludes oil and gas exploration and transport, expanded by 0.7 per cent quarter on quarter, while the figures for the first three months of the year were also revised upwards from 0.6 per cent to 0.7 per cent. Statistics Norway said the figures represented a “moderate economic upturn” after two and a half years of “weak growth”. The oil industry, meanwhile, bounced back from a decline in the first quarter to expand by 3.7 per cent. That helped Norway’s overall gross domestic product growth to accelerate from 0.2 per cent to 1.1 per cent, almost twice as strong as the 0.6 per cent consensus forecast.

Financial Times 

1. 9. 2017