Norway's economic growth accelerated more than expected in the first quarter, Statistics Norway said Tuesday.
Mainland-Norway gross domestic product grew at a pace of 1.1 percent sequentially in the first quarter, after expanding 0.8 percent in the fourth quarter of 2011. Economists had expected only 0.9 percent expansion.
Total GDP advanced 1.4 percent from the prior quarter, when it rose by 0.6 percent.
Goods-producing industries excluding manufacturing grew by 4.8 percent, and accounted for close to half of the increase in GDP mainland Norway.
Final household spending growth accelerated to 1.3 percent, while government spending fell 0.3 percent. Investment growth remained unchanged at 0.6 percent in the first quarter.
Exports rebounded in the first quarter, up 2.1 percent from a quarter ago, while imports fell by a similar 2.1 percent in the first quarter.
by RTT Staff Writer
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