The Norwegian February mainland GDP indicator fell 0.2% M/M (vs +0.1% cons, a 0.2pp upwardly revised 0.6% M/M prior). The Norges Bank also projected growth of 0.1% M/M in its March MPR.
On a 3m rolling basis, mainland GDP growth stands at 0.1% (vs 0.2% prior). Taken alongside the upward revision to January’s print, there are still probably upside risks to the Norges Bank’s 0.0% Q/Q Q1 ’24 mainland GDP projection. All in, this doesn’t change the picture much for the Norges Bank, with yesterday’s CPI and weekend wage agreements more important to the policy rate outlook. Total GDP fell 0.9% M/M in February, driven by a decline in natural gas production, according to the press release.