Norway's economy shrinks in Q4, hit by low oil prices

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The Norwegian statistics bureau says the economy shrank 1.2 percent in the last quarter of 2015, dragged down by poor performance in oil-based industries, while full-year growth at 1 percent was the lowest since 2009.

Statistics Norway says the economy grew 0.1 percent in the fourth quarter, up from a flat performance in the previous quarter. The oil, gas and shipping sector contracted 5.6 percent compared with growth of 7.8 percent in the previous quarter.

Like other oil and gas producers, Norway was hit by low crude prices, causing thousands of job losses and industry closures. Norway is the largest fossil fuels producer in western Europe.

The agency said Tuesday that overall GDP last year was 1.6 percent, down from 2.2 percent in 2014.