Gross domestic product in Norway contracted by 1.5% in 2009 compared to 2008, the country's first annual GDP drop in 20 years, Statistics Norway said today.
'Annual GDP measured in constant prices fell for the first time in 20 years. Both GDP and GDP fell by 1.5% from 2008 to 2009,' Statistics Norway said in a statement.
In the fourth quarter alone, the Scandinavian country's mainland GDP grew by 0.3%.
Norway's mainland gross domestic product (GDP) excludes the country's big oil and gas sectors and the shipping industry and is considered a better indicator of the country's economic health. Including oil and gas, Norway's GDP rose 0.1% in the fourth quarter.
The Scandinavian country is the fifth largest exporter of oil and the third largest natural gas exporter.
