The Norwegian economy shrank 0.6 percent quarter-on-quarter from January to March 2021, compared with market forecasts of a 0.4 percent fall, and after an upwardly revised 0.8 percent growth in the previous period. This was the first contraction in the economy since the June quarter of 2020, amid the impact of COVID-19 disruptions. Household consumption (-4.1 percent vs 0.1 percent in Q4), government spending (-1.5 percent vs 2.4 percent), and fixed investment (-1.7 percent vs 1.3 percent) all decreased. At the same time, export declined by 2.9 percent, while imports were down at a faster 5.7 percent. Meanwhile, petroleum activities and ocean transport grew 1.4 percent after falling 4.5 percent in Q4. Mainland GDP, which excludes the largely petroleum-based offshore sector, contracted 1.0 percent in the March quarter, reversing from an upwardly revised 2 percent expansion in the fourth quarter. source: Statistics Norway

GDP Growth Rate in Norway averaged 0.60 percent from 1978 until 2021, reaching an all time high of 4.30 percent in the third quarter of 2020 and a record low of -4.60 percent in the second quarter of 2020. This page provides - Norway GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Norway GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2021.

GDP Growth Rate in Norway is expected to be 2.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Norway to stand at 0.90 in 12 months time. In the long-term, the Norway GDP Growth Rate is projected to trend around 0.60 percent in 2022 and 0.50 percent in 2023, according to our econometric models.

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Norway GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-0.60 0.80 4.30 -4.60 1978 - 2021 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-08-25 06:00 AM Q2 -5.1% -1.7% -7.8%
2020-11-17 07:00 AM Q3 4.6% -4.7% 4.4% 4.1%
2021-02-12 07:00 AM Q4 0.6% 4.5% 0.5%
2021-05-12 06:00 AM Q1 -0.6% 0.8% -0.4% -0.3%
2021-08-20 06:00 AM Q2 -0.6% 2.5%
2021-11-12 07:00 AM Q3 1.7%
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News Stream
Norway Q1 GDP Shrinks More than Estimated
The Norwegian economy shrank 0.6 percent quarter-on-quarter from January to March 2021, compared with market forecasts of a 0.4 percent fall, and after an upwardly revised 0.8 percent growth in the previous period. This was the first contraction in the economy since the June quarter of 2020, amid the impact of COVID-19 disruptions. Household consumption (-4.1 percent vs 0.1 percent in Q4), government spending (-1.5 percent vs 2.4 percent), and fixed investment (-1.7 percent vs 1.3 percent) all decreased. At the same time, export declined by 2.9 percent, while imports were down at a faster 5.7 percent. Meanwhile, petroleum activities and ocean transport grew 1.4 percent after falling 4.5 percent in Q4. Mainland GDP, which excludes the largely petroleum-based offshore sector, contracted 1.0 percent in the March quarter, reversing from an upwardly revised 2 percent expansion in the fourth quarter.
2021-05-12
Norway Q4 GDP Growth Slows Sharply
The Norwegian economy advanced 0.6 percent quarter-on-quarter in October to December 2020, after a record-high of 4.5 percent growth in the previous period. Household consumption was unchanged (vs 9.3 percent in Q3) while government spending growth was little changed (2.8 percent vs 2.9 percent). At the same time, fixed investment rebounded (0.9 percent vs -0.8 percent) while export rose by 1.8 percent, with imports growing at a softer 0.3 percent. Meanwhile, petroleum activities and ocean transport fell 5.1 percent after growing 2 percent in Q3. Mainland GDP, which excludes the largely petroleum-based offshore sector, advanced 1.9 percent in the fourth quarter, slowing sharply from a 5 percent expansion in the previous period. For full 2020, the economy contracted by 0.8 percent, swinging from a 0.9 percent growth in 2019.
2021-02-12
Norway Q3 GDP Rebounds at Record Pace
The Norwegian economy grew 4.6 percent on quarter in July to September 2020, the most since the series began in 1978, following a historic contraction of 4.7 percent in the previous period and beating market expectations of 4.4 percent. Household consumption jumped 9.5 percent (vs -10.8 percent in Q2) and government spending expanded 3.0 percent (vs -2.0 percent in Q2). At the same time, fixed investment contracted at softer pace (-1.1 percent vs -1.8 percent in Q2), while net external demand contributed negatively to the GDP as imports rose more than exports. On the other hand, petroleum activities and ocean transport growth accelerated to 2.1 percent from 1.8 percent. Mainland GDP, which excludes the largely petroleum-based offshore sector, advanced 5.2 percent in the third quarter, the most on record and in line with market expectations.
2020-11-17
Norway Enters Recession in Q2
The Norwegian economy shrank 5.1 percent on quarter in April to June 2020, the most since the series began in 1978, as public health measures to contain the COVID-19 hit the economy. Household consumption plunged 10.8 percent (vs -4.3 percent in Q1) and fixed investment slumped 3.4 percent (vs -5.1 percent in Q1). At the same time, government spending declined 2.2 percent (vs -0.2 percent in Q1), while net external demand contributed positively to the GDP as imports fell more than exports. On the other hand, petroleum activities and ocean transport growth accelerated to 1.6 percent from 1.4 percent. Mainland GDP, which excludes the largely petroleum-based offshore sector, contracted 6.3 percent in the second quarter, the most on record, compared with market expectations of a 6.1 percent contraction.
2020-08-25

Norway GDP Growth Rate
Norway is one of the wealthiest countries in the world. Its wealth was build on the back of natural resources including oil and gas, hydropower and fish and supported by developed shipping industry. Components of the GDP on the expenditure side: household consumption (41 percent), gross fixed capital formation (24 percent) and government expenditure (22 percent). Exports of goods and services account for 38 percent of GDP while imports account for 30 percent, adding 8 percent of total GDP.