Growth in the Norwegian economy faster than expected

Siv Jensen, Growth in the Norwegian economyMinister of Finance, Siv Jensen of Progress Party.Fremskrittspartiet (Frp).Photo: Gorm Kallestad / NTB scanpix

Growth in the Norwegian economy has sped up

Growth in the Norwegian economy has sped up, and is now faster than the financial sector and economists expected.

 

Growth in the mainland GDP was at 0.6% in the first quarter of this year, somewhat higher than the projected growth trend, according to Statistics Norway (Statistisk sentralbyrå – SSB).

In the fourth quarter of last year, growth was 0.4%, contributing to a year to year GDP growth of 0.9%, according to the National Accounts (Nasjonalregnskapet).

The development is part of a number of forecasts and expectations that the Norwegian economy is on the way back to full recovery after hopefully hitting rock bottom after the dramatic fall in oil prices.

In connection to the presentation of the proposal for the revised national budget  last week, the Minister of Finance, Siv Jensen of Fremskrittspartiet (Frp), also expressed clear positive expectations for developments in the Norwegian economy. She believes that growth will accelerate, unemployment will drop, and oil prices will rise further.

Employment at status quo

Preliminary figures show that employment had increased slightly, by 0.1%, approximately 3,100 people, in the fourth quarter of last year.

In the first quarter of this year, there were around 14,000 more people employed than in the same quarter the year before.

 

© NTB Scanpix / Norway Today

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