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16 May 2013
Forex Flash: Norway’s pace of growth is still the envy of most of the rest of the G10 – TD Securities
FXstreet.com (London) - Cristian Maggio, Senior Emerging Markets Strategist, Rates and FX Research at TD Securities has said that Norwegian Mainland Q1 GDP came in at +0.7% Q/Q, following yesterday’s Eurozone figures in missing to the downside as consensus was looking for +0.8% growth.
He continues and explained that the headline GDP figure surprised further to the downside at -0.2% (mkt +0.3%), but he say’s that this number tends to be more volatile, which is why the Norges Bank looks at the Mainland data instead. The feels that the details of the report showed another strong quarter of consumer spending (+1.1% Q/Q) and residential investment (+2.4%), while the main weak spot seemed to be on the investment side. Overall though, he says that Norway’s pace of growth is still the envy of most of the rest of the G10.
He continues and explained that the headline GDP figure surprised further to the downside at -0.2% (mkt +0.3%), but he say’s that this number tends to be more volatile, which is why the Norges Bank looks at the Mainland data instead. The feels that the details of the report showed another strong quarter of consumer spending (+1.1% Q/Q) and residential investment (+2.4%), while the main weak spot seemed to be on the investment side. Overall though, he says that Norway’s pace of growth is still the envy of most of the rest of the G10.