FILE PHOTO: A girl walks previous Norway’s central financial institution constructing in Oslo, Norway Could 31, 2017. REUTERS/Ints Kalnins
OSLO (Reuters) – The Norwegian financial system grew lower than anticipated in July because the restoration from the coronavirus pandemic slowed down, Statistics Norway (SSB) knowledge confirmed on Tuesday.
The mainland financial system, which excludes the unstable offshore oil and gasoline manufacturing, grew by 1.1% in July from June, lagging a 2.1% forecast in a Reuters ballot of economists.
July is the month when most Norwegians take their summer time holidays and the info ought to thus be handled with some warning, SSB stated.
Like different economies in Europe and the world over, Norway was plunged right into a deep recession within the first half of 2020 when lockdowns to fight the unfold of COVID-19 introduced many industries to a standstill.
Whereas the Norwegian authorities has since regularly lifted many restrictions, unemployment remains to be nicely above its pre-pandemic stage as tourism and different service industries particularly see weak demand.
“Regardless of progress over the previous three months, exercise ranges have been nonetheless 4.7 per cent decrease in July than in February,” SSB stated in an announcement.
The Norwegian crown foreign money initially weakened in opposition to the euro following the 0600 GMT knowledge launch, however later reversed its losses to commerce barely stronger at 10.55 per euro by 0612 GMT.
Reporting by Terje Solsvik, modifying by Gwladys Fouche