Economics

Norway’s Economy Suffered Record Contraction in Covid Crisis

An empty bus stop stands outside Oslo Central station in Oslo, Norway, on Wednesday, March 25, 2020. Norway will extend drastic measures imposed to limit the spread of coronavirus for three weeks, as the number of confirmed cases continues to rise and the richest Nordic economy keeps slowing down.Photographer: Odin Jaeger/Bloomberg

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By Mikael Holter

August 25, 2020 at 6:10 AM UTC

Updated on

August 25, 2020 at 6:57 AM UTC

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Norway’s economy suffered its deepest contraction on record in the second quarter, after the full effect of the Covid-19 lockdown made itself felt.

Mainland GDP, which adjusts for Norway’s offshore industry, shrank 6.3% from the previous quarter, Statistics Norway said on Tuesday. The economy grew 3.7 in June from May, signaling the rebound is under way, though output was only halfway back from the trough, the agency said.