NORWAY

摘要

1. The Norwegian economy remained resilient during Q2, posting 1.0% growth (q-o-q) which brought the y-o-y outturn to an impressive 3.6%. Our panel is expecting GDP to remain robust throughout 2008 despite the global economy slowing and oil prices falling. 2. Consumption remains muted, expanding byjustO.3% (q-o-q) in Q2, with retail sales falling m-o-m in both June and July as real incomes were squeezed by soaring inflation. Meanwhile, the housing market is undergoing a correction, with new housing starts down by over 20% (y-o-y) and house prices beginning to fall.