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FX.co ★ Mainland Norway GDP Contracts For First Time Since April

Mainland Norway GDP Contracts For First Time Since April

The Mainland Norway economy contracted in November for the first time in seven months due to the virus-related restrictions, Statistics Norway reported Tuesday.

Gross domestic product fell 0.9 percent month-on-month in November, reversing a 1.2 percent rise in the previous month. This was the first decline since April. GDP was forecast to fall 1.4 percent.

The smaller-than-expected fall in mainland Norwegian GDP in November shows that activity was reasonably resilient to tighter virus-related restrictions and was well placed coming into 2021, Melanie Debono, an economist at Capital Economics, said.

The expenditure-side breakdown showed that household consumption fell 1.4 percent, while general government expenditure remained flat.

At the same time, gross fixed capital formation declined 2.2 percent. Exports slid 2.6 percent on month. On the other hand, imports grew 3 percent.

Total GDP for Norway, including oil and gas extraction, transport via pipelines and ocean transport, dropped 0.1 percent in November, following a 0.7 percent decrease in October.

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