The situation both for companies and households is serious now, head economist Frank Jullum from the Fokus Bank says to E24.no. He believes the Norwegian economy already has started a recession. First quarter results will be down 1,1 percent from Q4 2008, the newspaper reads. The fourth quarter 2008 results were down 0,2 percent from Q3. The Norwegian recession is still better than in Europe as a whole. In the Euro-zone, the economy dropped 2,5 percent in the first quarter of the year.
