Mainland Norway's GDP Shrinks 0.2%

(RTTNews) - The Mainland Norwegian economy contracted as expected in November amid a decline in electricity production and fishing, Statistics Norway reported Tuesday.

Gross domestic product fell a seasonally adjusted 0.2 percent month-on-month in November, in contrast to a 0.3 percent increase in October.

Meanwhile, overall GDP growth eased to 1.2 percent in November from 2.2 percent a month ago.

A downturn in electricity as well as in fishing contributed the most to the decline in GDP on Mainland Norway in November, the agency said.

The gross product within the oil and gas extraction industry, including services, grew by 6.4 percent.

On the expenditure side, household consumption remained unchanged from last month, while government consumption rose by 0.2 percent.

Gross fixed capital formation logged a strong rebound of 1.7 percent. Exports climbed 0.3 percent, while imports slid by 0.7 percent.