13.05.202210:37:00UTC+00Mainland Norway GDP Contracts In Q1

Mainland Norway contracted slightly more than expected in the first quarter, Statistics Norway said Friday.

Gross domestic product fell a seasonally adjusted 0.6 percent sequentially in the first quarter, in contrast to the 1.4 percent growth in the previous quarter. Economists had forecast a 0.5 percent decline. Total GDP also decreased 1.0 percent in the March quarter, after remaining flat in the December quarter. GDP was expected to shrink 1.3 percent.

However, gross domestic product grew at a steady pace of 0.7 percent in March compared to previous month.

Mainland-Norway GDP grew at a faster pace of 1.0 percent at the end of the first quarter, after a 0.6 percent expansion registered in February.

The monthly improvement in GDP was mainly due to a 5.2 percent increase in gross fixed capital formation.