Still slow growth in the mainland economy

MoneyKronerGross domestic product (GDP) for mainland Norway increased by 0.1 per cent in the 1st quarter of 2010. Growth in both household and general government final consumption expenditure made a positive contribution, while gross fixed capital formation in mainland Norway fell.

The slow growth in the mainland economy came as a result of a drop in production of goods, while production of services increased. There was moderate growth in many service producing industries, but inter alia wholesale and retail trade and business services pulled up the total. Wholesale and retail trade grew for the fourth consecutive quarter, and business services increased after two quarters of reduction. General government also contributed to the increase in GDP, while reduced activity in the transport industries dampened the overall growth.

The activity in the goods producing industries fell clearly in the 1st quarter. A marked drop in construction had the largest impact, but production also fell within parts of manufacturing.

Total GDP declined by 0.1 per cent as a result of reduced activity in ocean transport and oil and gas extraction.

Source: Statistics Norway

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