Analysts at TD Securities note that positive macro data continued to stream in today in Norway after yesterday's decent CPI report, with the inaugural monthly GDP release showing a healthy +0.2% m/m for July Mainland GDP.
“On a three-month basis, Mainland GDP growth is up 0.8% relative to the prior 3 months, marking an acceleration from Q2 growth of 0.5% q/q.”
“Strong service production drove growth, as did investment. Oil & shipping activity (which is not included in the Mainland GDP figure) fell 3% m/m, leaving headline GDP growth at -0.2% m/m in July.”
“The Norges Bank's Regional Survey was also released today, and pointed to continued momentum in the Norwegian economy, with the output for the next six months largely unchanged at 1.46 (previous: 1.47). This week's healthy macro data will give the Norges Bank everything it needs to hike rates next Thursday.”
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