Norway’s economy up 1.1 percent in first quarter

Norway's economy grew by 1.1 percent in the first quarter 2012 on the back of a strong performance by manufacturing and industrial services, according to new official statistics published on Tuesday.

The Statistics Norway figures show that Norway's economic growth is accelerating, up from a growth rate of 0.8 percent in the previous two quarters, according to seasonally-adjusted national accounts. 

Statistics Norway also revised up the figure for the fourth quarter of 2011 to 0.8 percent from the 0.6 percent given in February.

Economists surveyed by Dow Jones Newswires had pencilled in a figure of 0.9 percent for the first quarter of 2012.
Goods-producing industries excluding manufacturing grew by 4.8 percent in the quarter and accounted for almost half the total GDP increase. 
A rainy autumn and relatively warm start to the winter generated high water reservoir levels, boosting electricity production and contributing a further 0.2 percentage points of the GDP growth. 
The growth figures strip out the volatile oil and shipping sectors, which if included give 1.4 percent growth in the first quarter.
Household consumption expenditure grew by 1.3 percent in the first quarter with a sharp increase of 1.9 percent in goods consumption attributed to food, clothing and electricity. Services grew by 0.5 percent on the back of growth in tourism-related services.
Employment levels rose by 0.7 percent, equating to around 20,000 people spread across the construction, wholesale and retail trade sectors. Total hours worked increased by 0.8 percent during the quarter.

Member comments

Become a Member to leave a comment.Or login here.