09.09.202112:09:00UTC+00Mainland-Norway GDP Growth Slows In July

The Mainland-Norway economy grew at a slower pace in July, data from Statistics Norway showed on Thursday.

Gross domestic product grew 0.4 percent on month in July, much slower than the 0.8 percent expansion posted in June.

Total GDP expanded 0.7 percent from June, when it was up 0.9 percent.

The slowdown in economic growth was largely driven by the fall in gross fixed capital formation. GFCF was down 1.4 percent. Household spending rose 2.6 percent, while government spending grew only 0.1 percent.

Exports advanced 1.8 percent from the last month. By contrast, imports slid 3.5 percent.

The statistical office said the Mainland GDP was 0.5 percent higher than in February 2020, which was the last month before the pandemic hit Norway.