Slow Growth in Norwegian Mainland Economy


writer icon Peter Karlsson     Yuriy Garnaev   |   Business     🕐 13. Jan. 2020

The Norwegian mainland economy grew by 0.1 percent in November, showing fresh figures for the Gross Domestic Product (GDP) from Statistics Norway (Statistisk sentralbyrÄ).

Prior to this, the consensus was a 0.3 percent growth, according to DNB Markets, which in turn expected growth of 0.2 percent.

At the same time, Statistics Norway has adjusted growth from the previous month, October, from 0.1 to 0.2 percent.

Statistics Norway points out that monthly figures can fluctuate, and therefore emphasizes the development over periods of three months.

The seasonally adjusted figures for the previous three-month period, ie from September to November, were 0.3 percent. This is down from growth of 0.4 percent in the previous period.

Oil Services Goes Upward
The most important contributors to growth over the past three months have been services related to oil extraction and construction of oil platforms, as well as electricity and aquaculture production, according to Statistics Norway.

Several additional service industries also contributed to growth, including ICT services and retail trade. During the past three months, the gross product in the service industry has grown by 0.3 percent.

Refined Petroleum Declines
Meanwhile, the gross domestic product for the industry fell by 0.6 percent during the same period. There was a noticeable decline in the production of pharmaceutical raw materials and refined petroleum products, in addition to chemical and mineral products, according to Statistics Norway.

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