While the 1.9% q/q plunge in mainland GDP in Norway in Q1 was slightly smaller than the record seen in 2008, it is an eye-watering decline given that the lockdown did not really begin until 12th March. Ominously, the damage will undoubtedly be much worse in Q2. Next week, the Riksbank is set to maintain the status quo at its policy announcement on Tuesday, but a return to negative territory is likely before long.
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