The petroleum component of the Norwegian economy contributed to first quarter growth after a drop off in the fourth quarter, the government said. Statistics Norway, the government’s record-keeping office, reported growth in gross domestic product was 0.6 percent in the first quarter, the fifth quarter in a row for growth in the range of 0.6 and 0.7 percent. Norway is one of the largest regional producers of oil and natural gas. It’s second behind Russia when it comes to supplying the European economy with reserves. Not counting manufacturing and mining, the production of commodities posted a 1.2 percent increase during the first quarter, boosted in part by the electricity sector. Construction activity for Norway has ground to a halt, though non-governmental services industries were steady at 0.6 percent, consistent with the last three quarters. “There was clear growth in most areas, with the exception of […]