Category: Business News
Seasonally adjusted figures from the national accounts show that Mainland Norway’s GDP rose 3.7 per cent in June, after 2.2 per cent growth in May. The level of activity was still just under 6 per cent lower in June than in February, due to large declines in March and April. Growth in the second quarter ended at -6.3 percent.
Activity in the Norwegian economy fell sharply after the introduction of infection control measures on 12 March. Mainland Norway’s GDP fell 7.3 per cent in March and another 4.1 per cent in April. The decline was particularly strong in many service industries.
Following a gradual reopening of society, activity increased markedly in May and June. The largest contribution to the June growth came from health and social work. This is mainly due to activity in the hospitals returning to normal levels.