Norway's mainland economy expands more than forecast in Q3
2012-11-20 12:24:04
Norway's mainland economy expanded more than expected by economists in the third quarter, data released by Statistics Norway showed Tuesday.
The mainland gross domestic product rose 0.7 percent quarter-on-quarter in the third quarter compared to forecast for a 0.5 percent increase. This followed a downwardly revised 0.8 percent expansion in the second quarter.
The overall GDP, meanwhile, contracted 0.8 percent following a downwardly revised 1 percent expansion in the second quarter.
Output of petroleum activities and ocean transport contracted 6.3 percent. In manufacturing, growth was especially evident in production of machinery and equipment and ships and oil platforms, whereas traditional export-oriented industries showed a decline.
Household final consumption expenditure rose 0.9 percent and general government spending rose 0.2 percent. Total consumption was up 0.8 percent compared to the second quarter.
Investment grew 0.9 percent quarter-on-quarter. Exports fell 3.1 percent, while imports gained 1.1 percent.
The statistical office also reported revised figures for the 2010 and 2011 annual GDP. Final figures for 2011 have been revised, showing a GDP growth of 2.5 percent for the mainland economy, which is 0.1 percentage point higher than the previous estimate.
Figures for 2010 showed a GDP growth of 1.7 percent in mainland, a downward revision of 0.2 percent from the previous estimate.