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Norway's growth below trend in first quarter

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Staff writer |
NorwayNorway's Q1 growth remained below trend and was slightly below forecasts, as rising household consumption countered slowing investment in housing and manufacturing.

Norway's statistics agency said output from the mainland economy, which excludes oil and shipping activity, grew 0.5%. Fourth-quarter growth was revised down to 0.5% from 0.6%.

Expansion in mainland output is seen by analysts as a better indicator of economic progress than the figure for the overall economy as it screens out the impact of the oil industry which can be volatile.

Household consumption rose 0.8% between the fourth and the first quarter while exports rose 1.6%, partly due to higher oil exports, Statistics Norway said. Manufacturing output rose 0.5% in the first quarter, compared with a drop in the previous quarter.

Investments in manufacturing, services and dwellings dropped in the first quarter, the latter by 3.6% on the quarter.

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