Norway’s economy contracted in the first quarter of this year due to measures to address the coronavirus outbreak. As a result, many companies were closed. For the whole of this year, the Norwegian economy may shrink by more than 5 percent, according to the Norwegian statistics agency.
It should be noted that Norway does not have an excess mortality.
According to the agency, there was a shrinkage of 1.9 percent compared to the previous period. That figure does not include volatile Norwegian oil and gas production at sea. In March in particular, clear contraction was seen due to the measures against the virus. The Norwegian government shut down much of public life that month.
“The standstill of the Norwegian economy due to the pandemic is unprecedented,” says the statistics bureau. Economic growth in Norway is expected for next year.