RTTNews - Tuesday, the Statistics Norway said the gross domestic product for Mainland Norway fell for the second straight quarter. The economy shrank 1% in the first quarter from the previous quarter, following a 0.8% decline in the fourth quarter. The first quarter number matched economists' expectations.
The statistical office said total GDP fell 0.4% from the fourth quarter to the first quarter. High oil and gas-related exploration activity in the first quarter contributed strongly to the lower decrease in total GDP than in mainland GDP.
Last week, the Finance Ministry said the Mainland Norway is expected to shrink 1% this year, following a 2.4% growth in 2008.
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