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Slightly stronger July GDP in Norway

SCANDIS

Norway July mainland GDP printed at 0.2% M/M (vs an upwardly revised 0.1% M/M in June). The aggregate figure was 0.3% M/M (vs 0.1% prior).

  • Positive contributions came from tourism-related industries and services, while housing and construction investment fell.
  • Consumption rose 1.0% M/M, led by services and Norwegian's consumption abroad.
  • July figures are often volatile due to summer holidays, meaning this data will be of limited importance to the Norges Bank relative to the inflation print yesterday.
  • Earlier today in the Scandis, Swedish NSA unemployment claims rate for August rose to 6.35% vs 6.33% prior, a marginal cooling but of secondary importance to the Riksbank ahead of inflation data this Thursday.
  • EURNOK spiked above the 50-day EMA just prior to the release but has since fallen back to previous levels. NOK continues to underperform in the G10 space on the day.
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