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Norway’s mainland GDP came in a touch lower than expected for Q2 at 0.7% q/q (market 0.8%), but Q1 growth was revised up from 0.3% to 0.5%, so overall the GDP data was pretty decent, according to TD Securities analysis team.

Key Quotes

“We don’t think that Q2 growth will be a major factor in the Norges Bank’s rate decision next month, as we think much more focus should be on the downside risks to global growth.”