Norway’s economy grows for Q3 in 2024 as purchasing power rebounds

Norway’s economy grew for the third straight quarter in 2024 as purchasing power rebounds, boosting consumption and a weaker currency boosts exports.

Stats Norway said in a statement on Thursday that mainland gross domestic product, which excludes energy and shipping, rose 0.1 percent in the second quarter of this year compared to the previous quarter. It did not mention the third-quarter growth rate.

It noted that wage growth remains steady at more than 5 percent, while the Norwegian krone’s four-year low is helping demand for Norwegian exports abroad as well as the tourism sector.

The statistics office said household consumption rose 1.6 percent quarter-on-quarter due to a strong increase in car purchases.