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Energy

REFILE-Norway GDP contracting less than expected, rates to rise faster, agency says

(Corrects date to Sept. 11)

OSLO, Sept 11 (Reuters) - The Norwegian economy is now expected to contract by 3.2% this year, less than the 3.9% drop predicted in June, Statistics Norway (SSB) said in an updated forecast on Friday.

While hard hit by the fallout from the coronavirus pandemic, the economy of Western Europe’s larget oil and gas producer is still performing better than the average of European countries.

Interest rates are now predicted to begin to rise from the middle of 2021, SSB said, earlier than its previous prediction of rate hikes from 2022 onwards. (Reporting by Terje Solsvik, editing by Gwladys Fouche)

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