Norway's April GDP falls 4.7%, outlook seen less dire

The Norwegian economy contracted 4.7% in April from March but the outlook for the rest of the year now looks less bleak than it did in late April, Statistics Norway (SSB) said on Friday.

The mainland economy, which excludes the volatile offshore oil and gas production, is now forecast to drop 3.9% for the full year compared to the 5.5% fall predicted on April 24 when Norway was in lockdown to halt the novel coronavirus outbreak.