Stock Groups

Norway Q3 GDP rises more than forecast as lockdown lifted -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILEPHOTO: Norwegian flags are seen flying at Karl Johans street, Oslo, Norway on May 31, 2017. REUTERS/Intskalnins/File photo

(Corrects the second paragraph from the second quarter to the third quarter).

OSLO (Reuters), – Norway’s mainland economy grew more quickly than anticipated in the quarter of July-September. This was due to COVID-19 lockdowns being lifted. Statistics Norway (SSB), data on Friday showed.

SSB reported that the third quarter mainland GDP rose 2.6% versus April-June, while a Reuters poll showed an increase of 2.5%.

Norway lifted its coronavirus lockdown in the first quarter. The final domestic restrictions were removed by September. This allowed businesses to flourish and set the stage for an economic rebound.

Paal Sletten, an economist at SSB said that the growth of the third quarter was primarily due to the service industry which were hard hit during the pandemic.

In September, the Norwegian central banking raised interest rates. This was the first increase in 2 years. The bank plans to continue increasing rate increases in the years ahead.

From 1.4%, the second quarter mainland GDP was revised to 1.1%.

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.



[ad_2]