Norsk fastlandsøkonomi vokste 0,3 prosent

According to the Norwegian Central Bureau of Statistics (SSB), the Norwegian mainland economy grew by 0.3 percent in the second quarter. The SSB had anticipated a 0.4 percent growth from the DNB Carnegie. The mainland economy expanded by 0.2 percent in the first quarter. The increase in the second quarter is partly attributed to increased public consumption and investments, including those related to defense.

This growth is considered near-normal for the economy, but it comes after several quarters of slower development, according to Julian Blytt, a senior advisor at the SSB. The high interest rates, however, dampen growth in some sectors of the mainland economy. Shipping, trade, and public administration contributed to the upward movement in the economy in the second quarter.

The increase in trade may be linked to fluctuations specific to automobile trade. The SSB notes that some of the growth in automobile trade could be due to the timing of car purchases ahead of the new year. The reduction in tax exemptions for electric cars, effective from January 1, led to many quick purchases of electric vehicles before the end of the year.

January and February of this year saw a significant drop in car purchases. The growth in trade for the second quarter is largely due to the normalization of car purchases. The construction and engineering sector continues to decline, with activity falling by 0.9 percent in the second quarter. SSB points out that the gross output in this sector has been falling closely since 2023.