The Norwegian economy grew by 0.6 percent on quarter in the three months to September 2018, after a 0.4 percent expansion in the previous period and in line with market consensus. It was the highest growth rate since Q2 2017 mainly driven by a positive contribution from net external demand, with exports rising 0.9 percent (vs 1.7 percent in Q2) and imports falling 0.5 percent (vs 3.5 percent in Q2). In addition, petroleum activities and ocean transport output rebounded 2.7 percent (vs -1 percent in Q2), fixed investment increased 0.5 percent (vs 6.7 percent in Q2) and government spending grew 0.3 percent, the same as in Q2. Household consumption, however, contracted 0.2 percent in Q3, compared to an increase of 1 percent in Q2 largely due to a drop in consumption of goods. Mainland GDP, which excludes the largely petroleum-based offshore sector, expanded 0.3 percent in the third quarter, compared to a 0.7 percent growth in Q2. GDP Growth Rate in Norway averaged 0.63 percent from 1978 until 2018, 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.
GDP Growth Rate in Norway is expected to be 0.70 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 0.40 in 12 months time. In the long-term, the Norway GDP Growth Rate is projected to trend around 0.80 percent in 2020, according to our econometric models.