• Norway edition

Norway's economy up 1.1 percent in first quarter

Published: 23 May 2012 10:10 GMT+02:00 | Print version
Updated: 23 May 2012 10:10 GMT+02:00

Norway's economy grew by 1.1 percent in the first quarter 2012 on the back of a strong performance by manufacturing and industrial services, according to new official statistics published on Tuesday.

The Statistics Norway figures show that Norway's economic growth is accelerating, up from a growth rate of 0.8 percent in the previous two quarters, according to seasonally-adjusted national accounts. 

Statistics Norway also revised up the figure for the fourth quarter of 2011 to 0.8 percent from the 0.6 percent given in February.

Economists surveyed by Dow Jones Newswires had pencilled in a figure of 0.9 percent for the first quarter of 2012.
 
Goods-producing industries excluding manufacturing grew by 4.8 percent in the quarter and accounted for almost half the total GDP increase. 
 
A rainy autumn and relatively warm start to the winter generated high water reservoir levels, boosting electricity production and contributing a further 0.2 percentage points of the GDP growth. 
 
The growth figures strip out the volatile oil and shipping sectors, which if included give 1.4 percent growth in the first quarter.
 
Household consumption expenditure grew by 1.3 percent in the first quarter with a sharp increase of 1.9 percent in goods consumption attributed to food, clothing and electricity. Services grew by 0.5 percent on the back of growth in tourism-related services.
 
Employment levels rose by 0.7 percent, equating to around 20,000 people spread across the construction, wholesale and retail trade sectors. Total hours worked increased by 0.8 percent during the quarter.

The Local/AFP (news@thelocal.no)

What do you think? Leave your comment below.

Your comments about this article:

The comments below have not been moderated in advance and are not produced by The Local unless clearly stated. Readers are responsible for the content of their own comments. Comments that breach our terms and conditions will be removed.

ADD YOUR COMMENT   (YOU MUST LOG IN OR REGISTER TO MAKE A COMMENT)

Jobs in Norway

Hundreds of great job opportunities for foreign professionals at Norway's top employers - in cooperation with Monster and Experteer.
Choose location
Choose category
232 Jobs available
1 2 3 4 5    »    »»
Engineering Development Program- Norway
Location: Stavanger
added on 23/05 by
Lead Engineer - XMT Engineering
Location: Ă…gotnes
added on 23/05 by
Subsea Controls Engineer
Location: Bærums Verk
added on 23/05 by
Business Enterprise Principal Consultant (Norway)
Location: Norge
added on 23/05 by
Senior Engineer HVAC
Location: Trondheim
added on 22/05 by
Senior Process Engineer
Location: Trondheim
added on 22/05 by
Senior Subsea Engineers
Location: Ă…gotnes
added on 22/05 by
Scrum Manager
Location: Sandnes
added on 21/05 by
Subsea Installation Engineers
Location: Stavanger
added on 21/05 by
Senior Corrosion Engineer
Location: Stavanger
added on 20/05 by
Senior Engineer - Welding and Materials
Location: Stavanger
added on 20/05 by
Project Accountant
Location: Stavanger
added on 20/05 by
Senior Project Manager
Location: Asker
added on 20/05 by
Sales & Marketing Programme Manager
Location: Norge
added on 20/05 by
Vice President EUR/ACIS
Location: Bergen
added on 20/05 by
Engagement Manager
Location: Oslo
added on 20/05 by
Cartographer / GIS Specialist
Location: Oslo
added on 19/05 by
Senior Consultant
Location: Oslo
added on 19/05 by
Account Manager
Location: Oslo
added on 18/05 by
1 2 3 4 5    »    »»
Highlights
Latest news from The Local in Sweden

More news from Sweden at thelocal.se

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in France

More news from France at thelocal.fr

Opening Statement at Conference on Protection of Civilians under International Humanitarian Law (Thu, 23 May)
"We all agree on one thing, however, that we have to increase our efforts to protect the civilians affected by armed conflicts. We must respect and uphold international humanitarian law and define what it means in practice", said Minister of Foreign Affairs, Mr. Espen Barth Eide, at the opening of the conference.

Norway signs memorandum of understanding with Syrian opposition (Wed, 22 May)
Today Norway signed a memorandum of understanding with the National Coalition for Syrian Revolutionary and Opposition Forces on continued cooperation. “Having a strong and unified opposition is crucial if we are to find a political solution to the brutal Syrian civil war,” said State Secretary Torgeir Larsen.

Democracy, Human Rights and the Rule of Law in Europe: Strengthening the Impact of the Council of Europe’s Activities (Thu, 16 May)
- We meet at a very important moment. As we here from the Secretary General the founding principles of this organisation, democracy, human rights and the rule of law are again under pressure in Europa. We have to take that very seriously, said Minister of Foreign Affairs, Espen Barth Eide, in his statement at the Council of Europe's meeting.

Norway increases support for prevention of violence against women and children in Bolivia (Thu, 16 May)
“More than 70 % of women and children in Bolivia are victims of violence, most of them in their own homes. Norway is stepping up its efforts to respond to this extensive problem,” said State Secretary in the Ministry of Foreign Affairs Arvinn Gadgil.