22 August 2023 at 08:02 Zero growth in the Norwegian economy in the second quarter – The most important of the figures we present today is the gross domestic product (GDP) in mainland Norway and it is unchanged from the 1st to the 2nd quarter. Growth in the economy has gradually slowed since last autumn, and it has also slowed down more and more, says Pål Sletten, section leader for national accounts at Statistics Norway (SSB). The economy is moving sideways in the second quarter, Sletten points out. – Does this mean that the interest rate increases from Norges Bank are starting to bite the Norwegian economy? – It is probably part of the picture. Interest rate hikes and the general increase in prices dampen demand from households. This means that households can afford to buy smaller things, and it also has a very strong impact on housing investment, says Sletten. He adds that it particularly affects the construction industry, which is experiencing weak development. It also involves subcontractors such as the wood industry.
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