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 June 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.