Norway’s gross domestic product grew 0.7% quarter-on-quarter in the second quarter of 2024, accelerating from a revised 0.4% expansion in the previous quarter, Statistics Norway said on Aug. 15. Mainland GDP, which excludes oil and gas extraction and ocean transport, rose 0.6% after a flat first quarter, supported by household consumption, government spending and services. Petroleum activity also rebounded after maintenance shutdowns in the prior quarter. Growth was broad-based across wholesale and retail trade, information and communication, and professional services, although construction remained weak amid housing-market challenges. The stronger data suggest improving momentum but do not immediately point to lower borrowing costs: Norges Bank kept its key policy rate at 4.5% in June and is expected to maintain a cautious stance until inflation returns sustainably to its 2% target. Mainland output was only about 1.5% above its level a year earlier, while high interest rates and living costs continued to pressure household purchasing power. Statistics Norway’s June projections call for mainland GDP growth of about 1.0% in 2024 and a gradual recovery in 2025, with global trade tensions, energy-price volatility and currency weakness among the risks.