Unexpected GDP lift for Norway

Both the market and the Norwegian central bank, Norges Bank, had expected an unchanged GDP figure for July compared to the month before.

At the same time, SSB revises up the GDP figure for June to a growth of 0.1 percent, up from the previous 0.

Including the large Norwegian oil and gas industry, growth in July was 0.3 percent.

The growth came from increased activity in the hospitality industry, service production and public administration. But just like in Sweden, the decline in housing investment continues and it pointed downward for both construction and civil engineering activities.

Household consumption increased in July, up by 0.9 percent.

During the second quarter, Norwegian GDP went sideways, with output unchanged. During the first quarter of the year, growth was 0.2 percent.

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