FX.co ★ Mainland Norway's GDP Expands 0.5% In Q3

Norway's mainland economy exceeded expectations in the third quarter, according to data released by Statistics Norway on Thursday. The mainland's Gross Domestic Product (GDP) increased by 0.5% from the previous quarter, following a 0.3% rise in the second quarter, outperforming economists' predictions for a steady growth rate.

In contrast, the overall GDP saw a decline of 1.8% during the same period, reversing the 2.0% growth registered in the prior quarter. This downturn was primarily attributed to substantial maintenance activities on the Norwegian continental shelf.

Manufacturing and mining sectors contributed positively to the economy with a combined value-added increase of 2.3% in the third quarter. Conversely, sectors such as electricity production and construction experienced a decrease in value added.

Examining consumer and government spending, household consumption rose by 1.9%, while government consumption saw a 3.5% increase over the quarter. Mainland Norway witnessed a 0.8% rise in gross investment.

The data further reveals that both exports and imports experienced growth, with increases of 5.5% and 4.6%, respectively, during the quarter.

In September, Mainland Norway's GDP remained steady month-on-month, contrasting with a 0.1% decline observed in the previous month. The overall GDP, however, declined at a sharper rate of 3.5% from August's 0.7% decrease.