OSLO (Reuters), -Norway’s main economy grew in 2013 by 4.2%. This was the highest rate since 2007. It was a result of a recovery from a 2008 slump that was caused by terrorism, Statistics Norway (SSB) data revealed on Wednesday.

According to statistics, there was an increase of 1.4% in the October-December quarter compared to July-September, which beats expectations by 1.2%, according the Reuters poll.

At 0717 GMT the crown currency traded at 10.0950, up from 10.1080 before data release.

The most widely watched indicator of economic performance is the Mainland GDP. This excludes volatile effects from Norway’s oil-and gas production.

The 2020 contraction was 2.3%. It is believed to have been the weakest in 75 years.

According to the statistics office, last year’s growth was driven primarily by the rebound in many service sectors that had been hard hit during the initial stages of the pandemic.

Paal Sletten (SSB economist) stated that “In April 2021 the gradual reopening began and the activity in mainland economic grew each month between April and November.”

To combat Omicron’s rapid spread, restrictions were reintroduced to December. This caused a slowdown during the last month of the year.

Norway recently removed all curbs, but this opens the door for bars and restaurants to open up, as well as entertainment venues, in order to get back into business.

Sletten declared that the society has been reopened, and there are now conditions to normalize further.

Last year the Norwegian central bank raised rates. In 2022 it plans to raise them again. However, some economists think that they will tighten even faster.

From 2.6%, the original reading of mainland GDP for the third quarter was 2.8%.