Norway's third-quarter GDP rebounds from recession

Norway's gross domestic product grew strongly in the third quarter, rebounding from a deep recession caused by the coronavirus pandemic, data from the national statistics office (SSB) showed on Tuesday. The mainland economy, which excludes oil and gas production, expanded by 5.2% in the July-September period from the preceding three months, matching a forecast in a Reuters poll of economists.

Norway's gross domestic product grew strongly in the third quarter, rebounding from a deep recession caused by the coronavirus pandemic, data from the national statistics office (SSB) showed on Tuesday.

The mainland economy, which excludes oil and gas production, expanded by 5.2% in the July-September period from the preceding three months, matching a forecast in a Reuters poll of economists. The government in March closed a wide range of public and private institutions, imposing the Nordic nation's strongest-ever peacetime restrictions, followed by a gradual easing during late spring and early summer.

"The level of activity in September was still 2.7% lower than in February," SSB said in a statement. The second quarter reading was revised to minus 6.0% from minus 6.3% seen initially and remains the weakest on record.

Quarterly national accounts data is available from 1978 onwards.