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Mainland Norway GDP Growth Accelerates In August

Mainland Norway's economic growth accelerated in August largely due to unusually high catching volumes of mackerel by the Norwegian fleet in August, Statistics Norway said Friday.

Gross domestic product advanced 1.1 percent in August from July, when it was up by revised 0.6 percent.

The mackerel quota was larger this year, and about half the quota was landed in August, Pål Sletten, head of national accounts, said. This increased the gross product in the fisheries and the fishing industry.

Oil and gas extraction grew 6.3 percent in August. Total GDP for Norway, including petroleum activities and ocean transport, expanded 2.0 percent after rising 0.8 percent in July.

Household spending was up 0.7 percent and government expenditure by 0.8 percent. Gross fixed capital formation rebounded 4.7 percent.

Exports dropped 0.9 percent, while imports grew 2.3 percent.

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