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Norway's economy shrank by 2.5%

Erna Solberg, Prime Minister of Norway. AFP

Norway’s economy shrank by 2.5 percent last year due to the coronary heart disease. This is the largest contraction in the country in decades, but nevertheless it is small compared to many other countries.

GDP even increased in Norway by 1.9 percent in the last quarter of the year 2020.

“Preliminary figures show that the downturn in the year 2020 was lower than we feared when restrictions due to the virus were highs in March and April, “said Norwegian official Pal Sletten in a statement.

” This is still the biggest economic downturn in a year since measurements began this year 1970 and probably the biggest downturn since World War II, “said Sletten.

The figures are more favorable than the Norwegian government and central bank expected and much better than elsewhere in Europe. In comparison, the British government reported a 9.9 percent contraction in GDP this year 2020. The average contraction was 6.8 percentage points in the euro area.

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