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GDP for mainland Norway increased by 1.1 per cent in August, seasonally adjusted figures show. This is largely due to unusually high catching volumes of mackerel by the Norwegian fleet in August. Excluding the contribution provided by fishing, the economic activity on the mainland had a modest growth.
Seasonally adjusted figures from the national accounts show a 0.4 per cent growth in the mainland economy in July. Several of the industries that have been hardest hit by the COVID-19 restrictions recovered further. However, in July the activity levels in these industries were still below those in February 2020.
Extraordinarily high returns in a sector based on the extraction of a natural resource can be referred to as resource rents.
Gross domestic product (GDP) for mainland Norway (excluding oil and foreign shipping) increased by 1.4 percent from the first to the second quarter, seasonally adjusted figures from the national accounts show. In June, GDP for mainland Norway was back at the same level as before the pandemic in March last year.
Statistics Norway started publishing the Monthly National Accounts on 11 September 2018, and this changed the way the Norwegian Quarterly National Accounts (QNA) were compiled.