Norwegian economy accelerates
OSLO (AFP) - The growth of the Norwegian economy accelerated in the third quarter, with gross domestic product expanding by 0.5 percent from output in the second quarter.
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Norway's mainland gross domestic product (GDP), which excludes the country's big oil and gas sectors and the shipping industry, grew thanks to increased production in manufacturing and construction.
"Both household and government final consumption expenditure increased ... Exports also rose and contributed to the activity growth," the statistics office said.
The growth is however less than the 0.7 percent analysts surveyed by Dow Jones newswires expected.
The Nordic country emerged from recession in the second quarter, growing 0.3 percent, boosted by household and government expenditure.
Its recession lasted for only two quarters, the economy contracting by 1.3 percent in the fourth quarter of last year and 0.9 percent in the first quarter.
Mainland GDP is considered a better indicator of the Scandinavian country's economic health, since the oil and gas sector represents 25 percent of its economic growth but employs only about one percent of its working-age population.
Statistics Norway said overall GDP increased by 0.9 percent in the third quarter, mainly as a result of increased activity in oil and gas extraction.
The Scandinavian country is the fifth largest exporter of oil and the third largest natural gas exporter.
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Last Updated (Tuesday, 24 November 2009 12:43)


























