The Norwegian economy is continuing to grow – albeit at a moderate pace. GDP for mainland Norway dropped 0.5 percent in the second quarter.
Gross domestic product (GDP) for mainland Norway grew by 0.5 percent in the second quarter of 2018, Statistics Norway (SSB) reports. Growth is primarily driven by service production – retail trade, business services and information technology and construction.
Household consumption increased by 1 percent, following zero growth in the previous quarter. Commodity consumption increased by 1.5 percent in the second quarter, mainly due to more car purchases and increased food consumption.
The fall in realestate housing investment continued for the third quarter in a row, but developments must be seen in the context of the long-term growth in housing investment that had taken place in early 2015.
© NTB scanpix / #Norway Today