Mainland Norway GDP Grows 0.6% In Q2

(RTTNews) - The mainland Norwegian economy expanded for the second straight quarter in the three months ending in June, figures from Statistics Norway showed Thursday.

Gross domestic product advanced 0.6 percent sequentially in the June quarter, though slower than the 1.2 percent rise in the first quarter. The expected growth rate was 0.3 percent.

Data showed that overall GDP increased 0.8 percent in the second quarter, following a 0.1 percent increase in the preceding quarter.

On the expenditure side, household consumption growth eased to 0.2 percent from 1.9 percent. Government consumption was 0.5 percent higher, and gross fixed capital formation rebounded by 5.2 percent. Exports rose 0.8 percent, while imports dropped further by 0.6 percent.

On a yearly basis, the Norwegian economy shrank 2.1 percent, following a 0.3 percent decline seen in the March quarter.