Norway’s GDP has risen more than expected as Reuters lifted the blockade
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OSLO (Reuters) – The Norwegian mainland economy grew faster than expected in the July-September quarter, accelerating since early 2021, when COVID-19 blockades were lifted, Statistics Norway (SSB) data showed on Friday.
The measure, which excludes GDP, oil and gas production in the third quarter of the peninsula, rose 2.6% from April to June, SSB said, while a Reuters analyst survey predicted a 2.5% rise.
Norway began lifting coronavirus blockade measures in the second quarter and removed the latest internal restrictions by the end of September, allowing businesses to move forward and set the stage for a sharp economic recovery.
“Growth in the third quarter is mainly due to the service industries hard hit by the pandemic,” SSB economist Paal Sletten said in a statement.
The Norwegian central bank raised interest rates in September for the first time in two years and has forecast some rate hikes in the coming years.
The GDP reading for the second quarter of the Iberian Peninsula rose to 1.1% from 1.4% initially.
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