Norway's?economy?expanded more-than-expected in October after contracting in the previous two months, data published by Statistics Norway showed Tuesday.
Gross domestic product advanced 2.1 percent month-on-month in October, reversing a 2.2 percent decline in September. Economists had expected a 0.1 percent slight recovery for the month.
Mainland Norway expanded 0.4 percent monthly in October after rising 0.3 percent in September. This was the second consecutive increase.
On the expenditure side, household consumption in Mainland Norway grew by 1.0 percent, led by increased consumption of electricity. Meanwhile, general government consumption dropped 0.4 percent.
Data showed that gross fixed capital formation dropped 3.2 percent, with lower investments in the extraction of crude oil and natural gas, other services, and dwelling services.
Total exports in Mainland Norway grew by 3.8 percent, while imports slid by 2.7 percent.
