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Norway is outperforming the euro zone – Capital Economics

The economic activity in Norway during the third quarter has contracted 0.8% vs. the previous +1.2%. Opulentus NorwayIn the view of Ben May, European Economist at Capital Economics: despite the last slower pace of economic growth, the Norwegian economy still looks far better than the euro bloc. The expert also comments that oil investment rose 0.9% QoQ, indifferent to the euro zone crisis, as well as the employment, rising 0.5%. Household expenditure has ignored the strong labor market, low interest rates and the lower inflation, advancing 0.9% interquarter. “Given the underlying momentum in the economy and the receding risk of an imminent euro-zone break-up, we now see overall GDP growth slowing from just over 3% this year to about 2% in 2013 (previously we had pencilled in a 1% rise for next year)… But we think that concerns about the strength of the krone will stop the Norges Bank from raising interest rates in the near term. And if the euro-zone crisis re-escalates as we expect, the next rate move could still be downwards”, concludes the analyst. Source: http://www.fxstreet.com/news/forex-news/article.aspx?storyid=bdc4e867-8fdd-4657-ab39-42624e57a9ce

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