Norway’s GDP fell by 0.6% in the first quarter of 2022

KronerPhoto: Gorm Kallestad / NTB

Activity in the Norwegian economy increased after the corona measures were removed, but the mainland economy dipped by 0.6% in the first quarter of the year.

New figures from Statistics Norway (SSB) show that the mainland economy contracted by 0.6% in the first quarter of the year, compared with the last quarter last year.

The Norwegian economy was characterized by the corona crisis and the spread of the omicron variant towards the end of last year and at the beginning of the current year.

After the infection control measures were lifted in mid-February, the GDP for mainland Norway slowly increased in March.

Developments in February and March

Statistics Norway writes that “gross domestic product (GDP) for mainland Norway increased by 0.6 and 1.0% in February and March, respectively.”

Overall, mainland Norway’s GDP was still 0.6% lower in the first quarter of 2022 than in the fourth quarter of 2021 due to the decline in December and January.

“In March, activity in the mainland economy was back at about the same level as in November before the last shutdowns,” Pål Sletten at the SSB stated.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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