Financial News: Mainland Norway's GDP Expands 0.5% In Q3

Mainland Norway's GDP Expands 0.5% In Q3

11/21/2024 - 02:44:00 (RTTNews)

(RTTNews) - The Mainland Norwegian economy expanded more than expected in the third quarter, figures from Statistics Norway showed Thursday.

Gross domestic product advanced 0.5 percent sequentially in the September quarter after rising 0.3 in the June quarter. Economists had forecast a stable increase.

Meanwhile, overall GDP decreased 1.8 percent in the third quarter, reversing a 2.0 percent growth in the second quarter. The decrease was due to extensive maintenance on the Norwegian continental shelf.

The total value added in manufacturing and mining increased 2.3 percent in the third quarter. Meanwhile, value added decreased in the production of electricity and construction.

On the expenditure side, household consumption grew by 1.9 percent, and general government consumption increased 3.5 percent over the quarter. Gross investment in Mainland Norway rose 0.8 percent.

The data showed that total exports and imports grew by 5.5 percent and 4.6 percent, respectively, in the third quarter.

In September, gross domestic product in Mainland Norway remained flat over the month versus a 0.1 percent decline a month ago. Overall GDP decreased at a faster pace of 3.5 percent from August, when it fell by 0.7 percent.

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