Norway's economy shrinks by 1.2% after oil price plunge



    Norway's economy shrinks by 1.2% after oil price plunge

    Feb 16, Helsinki: Norway's economy has shrank by 1.2 percent in the last quarter of 2015, dragged down by poor performance in oil-based industries, while full-year growth at 1 percent was the lowest since 2009, the Norwegian statistics bureau. said. 

    The economy grew 0.1 percent in the fourth quarter, up from a flat performance in the previous quarter, it said. The oil, gas and shipping sector contracted 5.6 percent compared with growth of 7.8 percent in the previous quarter.

    Like other oil and gas producers, Norway was hit by low crude prices, causing thousands of job losses and industry closures. Norway is the largest fossil fuels producer in western Europe, The Associated Press said.

    The bureau said on Tuesday that overall GDP last year was 1.6 percent, down from 2.2 percent in 2014

    The Oslo Times