The Norwegian economy shrank 1.5 percent on quarter in January to March 2020, the steepest period of contraction since the third quarter of 2010, as coronavirus-related lockdown measures from mid-March forced businesses to close temporarily and consumers to stay at home. Household consumption tumbled 3.6 percent (vs -0.4 percent in Q4 2019) and fixed investment plunged 5.1 percent (vs -0.1 percent in Q4). In addition, both exports and imports declined sharply. Petroleum activities and ocean transport growth slowed sharply (1.9 percent vs 11 percent), while government spending rose at slightly faster pace (0.9 percent vs 0.7 percent). Mainland GDP, which excludes the largely petroleum-based offshore sector, contracted 2.1 percent in the first quarter, the most since the fourth quarter of 2008.
GDP Growth Rate in Norway averaged 0.61 percent from 1978 until 2020, reaching an all time high of 4 percent in the fourth quarter of 1994 and a record low of -2.60 percent in the third quarter of 1987. 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 May of 2020. source: Statistics Norway
GDP Growth Rate in Norway is expected to be -10.50 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 1.70 in 12 months time. In the long-term, the Norway GDP Growth Rate is projected to trend around 0.90 percent in 2021 and 0.60 percent in 2022, according to our econometric models.