Economy

Norway's economy grew less than expected in July – The Guardian

Published

4 years ago

September 8, 2020

OSLO (Reuters) – The Norwegian economy grew less than expected in July as the recovery from the coronavirus pandemic slowed down, Statistics Norway (SSB) data showed on Tuesday.

The mainland economy, which excludes the volatile offshore oil and gas production, grew by 1.1% in July from June, lagging a 2.1% forecast in a Reuters poll of economists.

July is the month when most Norwegians take their summer holidays and the data should thus be treated with some caution, SSB said.

Like other economies in Europe and across the world, Norway was plunged into a deep recession in the first half of 2020 when lockdowns to combat the spread of COVID-19 brought many industries to a standstill.

While the Norwegian government has since gradually lifted many restrictions, unemployment is still well above its pre-pandemic level as tourism and other service industries in particular see weak demand.

“Despite growth over the past three months, activity levels were still 4.7 per cent lower in July than in February,” SSB said in a statement.

The Norwegian crown currency initially weakened against the euro following the 0600 GMT data release, but later reversed its losses to trade slightly stronger at 10.55 per euro by 0612 GMT.

(Reporting by Terje Solsvik, editing by Gwladys Fouche)

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Economy

September merchandise trade deficit narrows to $1.3 billion: Statistics Canada

Published

10 hours ago

November 5, 2024

Anne Joseph

OTTAWA – Statistics Canada says the country’s merchandise trade deficit narrowed to $1.3 billion in September as imports fell more than exports.

The result compared with a revised deficit of $1.5 billion for August. The initial estimate for August released last month had shown a deficit of $1.1 billion.

Statistics Canada says the results for September came as total exports edged down 0.1 per cent to $63.9 billion.

Exports of metal and non-metallic mineral products fell 5.4 per cent as exports of unwrought gold, silver, and platinum group metals, and their alloys, decreased 15.4 per cent. Exports of energy products dropped 2.6 per cent as lower prices weighed on crude oil exports.

Meanwhile, imports for September fell 0.4 per cent to $65.1 billion as imports of metal and non-metallic mineral products dropped 12.7 per cent.

In volume terms, total exports rose 1.4 per cent in September while total imports were essentially unchanged in September.

This report by The Canadian Press was first published Nov. 5, 2024.

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