Norway Economy Grows 0.7% In Q2

(RTTNews) - Norway's GDP showed a faster expansion in the second quarter, Statistics Norway said on Thursday.

Gross domestic product rose 0.7 percent sequentially in the second quarter, following a 0.4 percent rebound in the first quarter.

Similarly, Mainland-Norway logged an accelerated growth of 0.3 percent after rising 0.1 percent a quarter ago. The expected increase was 0.4 percent.

Petroleum activities and ocean transport remained a strong growth driver, expanding 1.7 percent during the June quarter.

The expenditure breakdown showed that gross fixed capital formation, or investments, advanced 4.4 percent from the previous quarter, and consumption expenditure of general government increased 0.8 percent. On the contrary, household consumption expenditure dropped 0.2 percent, and exports fell 0.1 percent amid stagnation in imports.

On a yearly basis, the Norwegian economic growth quickened to 2.0 percent from 1.6 percent in the March quarter.