Norway's economy cooled more than expected in fourth-quarter [Reuters]
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Source: Reuters
Norway's economy cooled more than expected in fourth-quarter OSLO (Reuters) - The Norwegian economy slowed more than expected in the fourth quarter, confirming recent signs of weakness, and putting pressure on the crown currency on Friday. Norway’s mainland economy, which excludes the volatile oil sector, grew by 0.2% in the October-December quarter, Statistics Norway said, while analysts in a Reuters poll on average had expected an increase of 0.3%. Third-quarter growth was meanwhile revised down to 0.6% from the initially reported 0.7%. While Norway for much of 2019 defied the weakness seen in other European economies, it has more recently shown signs of succumbing to the weakness found abroad. The country’s central bank raised interest rates three times last year, and the country’s oil industry, a major source of growth in recent years, has signaled its recent investment boom will gradually end. The fourth quarter reading also lagged the central bank’s own forecast for 0.4% growth.
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