Norway's GDP growth has decelerated significantly in the first quarter of 2024, registering a mere 0.2% increase, according to the latest data released on May 16, 2024. This marks a steep decline from the 1.5% growth observed in the fourth quarter of 2023.
The sharp slowdown has been attributed to various factors, including global economic uncertainties and weakened domestic demand. The current data indicates a Quarter-over-Quarter comparison, which reflects the change in GDP for the current quarter compared to the previous quarter. In contrast, the previous quarter's 1.5% growth also reflected a quarter-on-quarter increase from the third quarter of 2023.
Economists are closely watching these developments to assess the overall impact on the Norwegian economy. The significant slowdown in GDP growth could prompt policymakers to consider measures to stimulate economic activity and avoid a potential downturn. Investors and businesses await further insights and policy directions to navigate the challenging economic landscape.
