Mubasher: Norway’s economic growth gained more momentum than expected in the fourth quarter of 2018, recording the fastest pace in four years, owing to consumer spending.

Norwegian gross domestic product (GDP), excluding oil and shipping, rose 0.9% in Q4-18, compared with 0.4% in Q3-18, Statistics Norway said on Friday. This was the highest rate since June 2014.

For the full year 2018, the mainland economy grew 2.2%, compared with 2% in 2017.

The fourth-quarter rate came slightly above a 0.8% projected by 12 analysts surveyed by Bloomberg, while the Norwegian central bank expected an expansion of 0.7%.

Consumer spending held up in the period between October and December 2018, even after raising interest rate last year.

Norway’s central bank announced the first interest rate hike in seven years last September, hinting another rate increase “most likely” next March.

Mainland exports saw a broader decline driven by tumbling oil and gas sales.

By 2:11 pm GMT, the Norwegian krone (NOK) edged down 0.09% against the US dollar to $8.6043.