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InvestmentsNorway Q3 GDP rises more than forecast as lockdown lifted By Reuters

Norway Q3 GDP rises more than forecast as lockdown lifted By Reuters


© Reuters. FILE PHOTO: Norwegian flags flutter at Karl Johans road in Oslo, Norway, May 31, 2017. REUTERS/Ints Kalnins/File Photo

OSLO (Reuters) – The Norwegian mainland economic system grew at a faster-than-expected tempo within the July-September quarter, accelerating from the early components of 2021 as COVID-19 lockdowns have been lifted, Statistics Norway (SSB) information confirmed on Friday.

Third-quarter mainland GDP, a measure which excludes oil and gasoline manufacturing, rose 2.6% in contrast with the April-June interval, SSB stated, whereas a Reuters ballot of analysts had predicted a rise of two.5%.

Norway started lifting its coronavirus lockdown measures within the second quarter and eliminated the ultimate home restrictions by the tip of September, permitting companies to thrive and setting the stage for a pointy financial restoration.

“The growth in the third quarter is mainly due to service industries which have been hit hard during the pandemic,” SSB economist Paal Sletten stated in an announcement.

The Norwegian central financial institution in September raised rates of interest for the primary time in two years and plans a sequence of charge hikes within the coming years.

The second-quarter mainland GDP studying was revised to 1.1% from 1.4% initially.

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