Norway Q1 GDP contracts, 2020 seen plunging 5.5%

The Norwegian economy contracted in the first quarter and risks a 5.5% plunge for the full year as efforts to halt the novel coronavirus outbreak brought many industries to a standstill, Statistics Norway (SSB) said on Friday.

The mainland economy, which excludes the volatile offshore oil and gas production, shrank by 1.9% in the January-March period from the final quarter of 2019, SSB said, adding that the decline in March from February was 6.4%.