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Tuesday, November 25, 2008

Norway Growth Slows down


Statistics Norway said third-quarter gross domestic product figures published on Tuesday, coupled with a downward revision in first-half growth, highlight a clear slowdown in the Norwegian economy.

"Together with the revised figures for the first half year, this confirms the impression that growth rates so far in 2008 are clearly lower than in previous years," Statistics Norway said in a statement.

Gross domestic product grew 0.6 percent year-on-year in the third quarter, down from 5.3 percent in the second quarter.

Non-oil GDP, which strips out the offshore oil and shipping sectors, grew 1.5 percent in the third quarter, down from 6.2 percent in the second quarter.

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