09.02.201803:59:00UTC+00Norway GDP Shrinks In Q4

Norway's economy contracted in the fourth quarter of 2017, Statistics Norway reported Friday.

Gross domestic product fell 0.3 percent sequentially, reversing a 0.8 percent rise a quarter ago.

Meanwhile, Mainland-Norway expanded 0.6 percent but slightly slower than the 0.7 percent growth seen in the third quarter.

Household consumption grew 0.8 percent and government spending by 0.5 percent. At the same time, gross fixed capital formation rebounded 1.6 percent following a 0.9 percent decrease in the third quarter.

Exports declined 2.6 percent, while imports grew 3.2 percent.

In the whole year, Norway's growth accelerated to 1.8 percent from 1.1 percent in 2016. Likewise, Mainland-Norway's growth improved to 1.8 percent from 1.1 percent.