Norway’s economic growth cooled down in third quarter and did not meet expectations of analytics just in time when the country’s central bank is getting ready to raise interest rates again the beginning of next year, Bloomberg reports.

Gross domestic product excluding oil and shipping grew by 0,3% in third quarter. Economists surveyed by Bloomberg forecasted 0,5% growth, while central bank’s estimate was 0,7%.

Growing electricity prices and higher interest rates limited consumer spending, while export grew.

Central bank raised interest rates in September first time in seven years.

Slower economic growth is attributed to low energy production and decline in agricultural output due to summer drought.

Statistics Norway expects oil investments to increase by 10% next year. It will be the main growth drive in the future.

Krone fell by 0,05% to 9,5708 per euro.