Norway's growth below trend in first quarterStaff writer ▼ |
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. ■