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Strong growth for the Norwegian economy in the second quarter
Mainland Norway’s Gross Domestic Product (GDP) increased by 0.7% in the second quarter of 2017, according to seasonally adjusted figures from Statistics Norway (SSB).
The national accounts published by SSB on Thursday showed the same growth as the previous quarter. The upswing follows two and a half years of weak growth.
SSB also adjusted the previous quarter’s growth from 0.6% to 0.7%.
According to E24 newspaper, not since 2013 were there similar growth rates in the Norwegian economy, with two quarters showing growth of 0.8, and 1%, respectively.
DNB Bank assumed in advance that GDP growth in the mainland economy was 0.7%, against Norges Bank’s estimate of 0.6%.
Preliminary calculations show that seasonal employment increased by 0.4%, equivalent to approximately 10,600 people.
Compared to the same quarter last year, there were approximately 23,700 more people employed. This is mainly due to growth in the construction industry, business services, and accommodation and catering activities.