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Thursday, May 23, 2024

Good times keep rolling

Norwegian economists predict an ongoing resurgence in the Norwegian economy, and with oil prices topping the USD 90-per-barrel mark once again, growth is expected to continue.

Figures released by state statistics bureau SSB showed growth in the mainland economy during the third quarter that signals annual growth of 3.7 percent. Growth from the second to third quarters came in at 0.9 percent.

On Friday, the price of a barrel of North Sea crude hit USD 91.13, a level that’s also likely to spur growth offshore as well as on the mainland. Harald Magnus Andreassen, chief economist for First Securities, told newspaper Dagens Næringsliv (DN) that he expects a growth rate that will boost employment.

“For the first time since the finance crisis began we’re in an upward cycle,” Andreassen told DN. The Christmas shopping season is already off to a good start, with growth in household purchasing power fueling a 5 percent increase in retail sales last week, compared to the same week last year.

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