Norwegian growth picks up to
Photo: Jon Olav Nesvold NTB/TT

Norwegian growth picks up to 0.3% as oil investments rise

Norwegian growth - excluding the oil industry and shipping - increased to 0.3 percent in the second quarter of the year. This compares with growth of 0.1 percent in the first quarter of the year, according to the Norwegian Statistics Agency SSB.

“Growth in the second quarter is close to what we see as normal growth in the economy, but it comes after several quarters of somewhat weak development,” says Julian Blytt, senior adviser at SSB.

Increased retail trade and public investment contributed to growth.

The development was in line with expectations, although it was just below the Norwegian central bank's forecast of 0.4 percent growth.

Oil and gas production in Norway increased by 1.6 percent during the second quarter of the year, and investments in oil and gas extraction and pipeline transportation rose by 9.9 percent.

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AuthorTT News AgencyEnglish edition by Sweden Herald, adapted for our readers
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