FX.co ★ Norway’s economy rebounds sharply in Q3

According to the data from Statistics Norway (SSB), the country’s economy expanded by 4.6% in the third quarter of 2020 compared to the previous period. The easing of the quarantine measures introduced to combat the COVID-19 pandemic contributed to the economic recovery. Estimates show that this is the highest GDP growth rate seen in the past 42 years. Analysts surveyed by Trading Economics expected GDP to increase by 4.4%. Notably, in Q2 2020, Norway’s economy contracted by 4.7%. Norway’s mainland economy, which excludes ocean transport and oil and gas production, advanced by 5.2% from July to September compared to the previous quarter. The data came in line with market expectations. According to experts, this is the highest reading recorded over the past four years. In September, Norway’s gross domestic product gained 0.6%, SSB said in a statement. At the same time, the level of manufacturing activity was still 3% lower than in February 2020.