2010.08.1905:19:00UTC+00Norway Q2 GDP Growth Slows

The Norwegian economy grew 0.1% sequentially in the second quarter, expanding for the fourth straight quarters, Statistics Norway said Thursday. Economists had forecast 0.2% rise.

Revised data showed that gross domestic product, or GDP, rose 0.2% in the first three months of the year. Earlier, the statistical office had reported a 0.1% fall in GDP in the first quarter.

Mainland GDP rose at a faster pace of 0.5% in the second quarter compared to downwardly revised 0.2% growth in the first quarter. The growth exceeded the expected rise of 0.3%.

Final consumption expenditure of households decreased 0.6%, while government spending rose 1.2%. Gross fixed capital formation was up 7.3%. Exports fell 2.4%, while imports grew 5.5%.

On an annual basis, total GDP rose 1.4% in the second quarter while, mainland GDP climbed 1.9%.

Copyright(c) 2010 News.com, Inc. All Rights Reserved