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Mainland Norway GDP Growth Slows In Q1

Mainland Norway's economic growth eased in the first quarter, Statistics Norway reported Monday.

Gross domestic product grew only 0.3 percent from previous three months in the first quarter after an increase of 1.1 percent in the fourth quarter of 2018. The rate was slightly weaker than the forecast of 0.4 percent.

This development can partly be attributed to an unusually strong increase in agricultural output in the last quarter of 2018 following the drought of last summer, the statistical office said. Low power production in February and March also slowed down growth in the current quarter.

Overall GDP contracted 0.1 percent in the first quarter, in contrast to preceding period's 0.6 percent rise.

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