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.

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Norway GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-1.50 1.50 4.00 -2.60 1978 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2019-11-12 07:00 AM QoQ Q3 0% 0.2% 0.5% 0.3%
2020-02-07 07:00 AM QoQ Q4 1.6% 0% 0.6%
2020-04-24 06:00 AM QoQ Prel Q1 -1.5% 1.5%
2020-05-12 06:00 AM QoQ Final Q1 -1.5% 1.5% -1.5% -1.5%
2020-08-25 06:00 AM QoQ Q2 -1.5% -10.5%
2020-11-12 07:00 AM QoQ Q3 3.4%


News Stream
Norway GDP Contracts the Most in a Decade
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.
2020-05-12
Norway GDP Contracts 1.5% in Q1
The Norwegian economy shrank 1.5% on quarter in Q1 2020, preliminary estimates showed. It is the biggest contraction since Q3 2010 after the government on March 12th closed several public and private institutions and imposed restrictions on civilians, aiming to control the coronavirus pandemic. This affected several service industries, reflected in a strong decline for arts, entertainment and other services and an even stronger decline in accommodation and food service activities. Travel restrictions caused transport activities excluding ocean transport to fall markedly. The decline also affected retail trade, and both professional, scientific and technical activities and Administrative and support service activities were affected by the general setback in March. In contrast, oil production was not significantly affected by the coronavirus and increased 1%. The economy is seen shrinking by 5.5% in 2020, according to Statistics Norway.
2020-04-24
Norway Q4 GDP Growth Strongest in 3 Years
The Norwegian economy expanded 1.6 percent on quarter in the three months to December 2019, after showing no growth in the previous period. This was the strongest GDP growth since the fourth quarter 2016, as petroleum activities and ocean transport rebounded sharply (11.2 percent vs -4.3 percent in Q3), and net external demand contributed positively to the GDP as exports rose 6.0 percent (vs -1.4 percent in Q3) while imports dropped 0.8 percent (vs 0.3 percent in Q3). On the other hand, fixed investment (0.9 percent vs 3.2 percent) and government spending (0.5 percent vs 0.6 percent) expanded at softer rate, and household consumption showed no growth (vs 0.5 percent). Mainland GDP, which excludes the largely petroleum-based offshore sector, grew 0.2 percent in the fourth quarter, below market expectations of 0.3 percent.
2020-02-07
Norway Economy Stalls in Q3
The Norwegian economy showed no growth on quarter in the three months to September 2019, following a downwardly revised 0.2 percent expansion in the previous period and missing market expectations of 0.5 percent. Petroleum activities and ocean transport contracted further (-4.2 percent vs -2.5 percent in Q2), and net external demand contributed negatively to the GDP as exports fell 2.2 percent (vs -0.3 percent in Q2) while imports rose 1.2 percent (vs 1.5 percent in Q2). In contrast, fixed investment expanded at faster rate (4.8 percent vs 3.1 percent), household consumption growth picked up slightly (0.4 percent vs 0.3 percent), and government spending continued to increase at a solid pace (0.9 percent, the same as in Q2). Mainland GDP, which excludes the largely petroleum-based offshore sector, grew 0.7 percent in the third quarter, also below market expectations of 0.8 percent.
2019-11-12

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.