Norway's mainland economy bounced back at a rate faster than initially anticipated in January. The positive shift in pace is credited to the wholesale and retail trade sectors as well as the electricity industry, according to a report by Statistics Norway.
The Gross Domestic Product (GDP) rose by a seasonally adjusted 0.4 percent monthly in January, following a 0.3 percent decline in December. This growth surpasses the speculated increase of 0.1 percent.
However, the overall GDP experienced a plateau in January, as opposed to the 0.4 percent growth in the previous month.
The monthly growth in January was driven in large part by augmented value added in the wholesale and retail trade sectors, says the report from Statistics Norway. The electricity industry also played a significant role in boosting expansion, while the fishing sector caused a slight lull in growth.
In the context of expenditure, there was a 0.4 percent decrease in household consumption over the month, primarily resulting from a significant slump in car purchases. The report also indicated that government consumption remained unchanged. At the same time, the gross fixed capital formation saw a decline of 5.5 percent. While exports dipped by 0.7 percent, imports saw an increase of 1.4 percent.
