07.07.202311:51:00UTC+00Mainland Norway GDP Rebounds 0.5%, More Than Forecast

The Mainland Norwegian economy expanded more-than-expected in May after contracting in the previous month, Statistics Norway reported Friday.

Gross domestic product advanced 0.5 percent month-on-month in May, in contrast to the 0.5 percent decrease in April. Economists had forecast a 0.1 percent rise.

Likewise, overall GDP also rebounded 0.4 percent in May versus a 0.4 percent fall in the prior month.

On the expenditure side, household consumption grew 1.6 percent, led by a rise in consumption of goods and vehicle purchases.

Gross fixed capital formation rose 1.4 percent over the month. Exports showed a fall of 1.0 percent, while imports climbed by 5.5 percent.

Separate official data showed that Industrial production fell a seasonally adjusted 3.2 percent month-on-month in May, reversing a 0.6 percent gain in March.

Production in extraction and related services declined 4.9 percent monthly in May, while mining and quarrying output remained flat.

Data showed that manufacturing output was 1.4 percent higher in May versus a 1.0 percent drop a month ago. Economists had expected a 0.2 percent recovery.

On a yearly basis, industrial production plummeted 11.1 percent in May after falling 4.9 percent in the preceding month.