Norway GDP Rebounds 0.4% In Q1

(RTTNews) - Norway's economy expanded in the first quarter after a renewed contraction in the previous quarter, Statistics Norway said on Thursday.

Gross domestic product rose 0.4 percent sequentially in the first quarter, reversing a 0.6 percent decrease in the fourth quarter.

During the March quarer, petroleum activities and ocean transport logged an expansion of 1.0 percent compared to the December quarter.

The expenditure breakdown showed that general government consumption advanced 0.4 percent from the previous quarter, while household consumption expenditure declined 1.1 percent. Gross fixed capital formation, or investments, fell notably by 7.2 percent. Both exports and imports dropped by 1.4 percent and 1.1 percent, respectively.

On an annual basis, the economic growth moderated to 1.7 percent from 2.0 percent in the previous quarter.

Mainland Norway logged a stable quarterly growth of 0.2 percent versus an expected increase of 0.3 percent.