Mainland-Norway's economic growth accelerated to 0.7 percent sequentially in the first quarter, Statistics Norway reported Thursday. But it was marginally below the expected 0.8 percent expansion.
The growth rate for the fourth quarter of 2012 was revised to 0.2 percent from 0.3 percent.
However, overall Norway's gross domestic product fell 0.2 percent from the prior quarter, when it was up 0.1 percent. The expenditure side breakdown of GDP showed that household spending and investment advanced 1 percent each in the first quarter. Government spending gained at a pace of 0.5 percent. At the same time, exports and imports grew only 0.2 percent and 0.3 percent, respectively.
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