Higher increase in the mainland economy than expected

Norwegian kroner State BudgetNorwegian kroner. Photo: Pixabay

The GDP for Mainland Norway rose by 0.4 percent in the second quarter. It is above what analysts had expected and the chance of rate cuts may be reduced.

According to Statistics Norway’s gross domestic product (GDP), seasonally adjusted and overall number remain unchanged.
For petroleum activities and ocean transport, there is a decrease of 1.4 percent, while the increase is 0.4 percent for mainland Norway.

The number is more than analysts had anticipated, according to E24. The expectation was 0.3 per cent, while DNB Markets were expecting 0.2 percent.

– This was a bit stronger than we and Norges Bank expected. The first impression is that it dampens the chances of a rate cut, said senior economist Kyrre Aamdal from DNB Markets.


Source: NTB scanpix / Norway Today