Norway's mainland GDP growth for the fourth quarter came in at 0.1% q/q, against Norges Bank's forecast of 0.15%. The third quarter figures were revised down from 0.2% to 0.0%. The economy's growth on year on year basis …
Norway's mainland GDP growth for the fourth quarter came in at 0.1% q/q, against Norges Bank's forecast of 0.15%. The third quarter figures were revised down from 0.2% to 0.0%. The economy's growth on year on year basis was only 0.4% in Q4 as compared to Norges Bank forecast of 1%.
Manufacturing production declined sharply as expected, further dragging down growth near to 0.2% points (q/q), while private consumption increased by 0.6% q/q. The growth in consumption of goods was held back by high prices; however, it was compensated by rise in consumption of services.
Mainland exports unexpectedly declined as positive export of goods was offset by sharp fall in the exports of service. This could be a result of reduced oil investment across the globe which is badly affecting the country's petroleum oriented exports comprising mostly of services.
"Growth in Q4 was about as expected. But taking into account a downward revision of the history today's figure was a bit on the weak side to Norges Bank's view. It is in line with our forecast for a March cut" says Nordea Bank in a research note.
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