The Norwegian economy expanded 3.8% quarter-on-quarter in the September quarter of 2021, accelerating from a downwardlly revised 1.0% growth in the previous period, and beating market consensus of a 3.3% gain. It was the strongest growth in the GDP since the fourth quarter 1994, amid gradual reopening and loosening restrictions and higher economic activity. Household consumption grew faster (6.0% vs 2.9% in Q2), while fixed investment rebounded (1.1% vs -0.2%). At the same time, both exports and imports also grew more (6.5% vs 1.8%) and (5.8% vs 4.7%), respectively. Meantime, government spending continued to expand (1.3% vs 1.9%). Meanwhile, petroleum activities and ocean transport surged 10.7%, accelerating sharply from a 0.2% rise in Q2. Mainland GDP, which excludes the largely petroleum-based offshore sector, advanced 2.6% in the third quarter, following a downwardly revised 1.1% expansion in the second quarter. source: Statistics Norway

GDP Growth Rate in Norway averaged 0.62 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 December of 2021.

GDP Growth Rate in Norway is expected to be 1.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. 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


Calendar GMT Actual Previous Consensus TEForecast
2021-08-20 06:00 AM Q2 1.1% -0.6% 2.5%
2021-11-19 07:00 AM Q3 3.8% 1.0% 3.3% 3.2%
2022-02-11 07:00 AM Q4


Related Last Previous Unit Reference
GDP Growth Rate 3.80 1.00 percent Sep/21
GDP Annual Growth Rate 5.10 6.20 percent Sep/21
GDP Constant Prices 935894.00 905355.00 NOK Million Sep/21
Gross National Product 1027576.00 948764.00 NOK Million Sep/21
Gross Fixed Capital Formation 226726.00 213794.00 NOK Million Sep/21
GDP From Utilities 5897.00 5670.00 NOK Million Sep/21
GDP From Public Administration 58596.00 55983.00 NOK Million Sep/21
GDP From Mining 1147.00 999.00 NOK Million Sep/21
GDP From Manufacturing 56028.00 55645.00 NOK Million Sep/21
GDP From Construction 52129.00 50927.00 NOK Million Sep/21
GDP From Agriculture 5887.00 5892.00 NOK Million Sep/21

News Stream
Norway Q3 GDP Growth Rate Strongest Since 1994
The Norwegian economy expanded 3.8% quarter-on-quarter in the September quarter of 2021, accelerating from a downwardlly revised 1.0% growth in the previous period, and beating market consensus of a 3.3% gain. It was the strongest growth in the GDP since the fourth quarter 1994, amid gradual reopening and loosening restrictions and higher economic activity. Household consumption grew faster (6.0% vs 2.9% in Q2), while fixed investment rebounded (1.1% vs -0.2%). At the same time, both exports and imports also grew more (6.5% vs 1.8%) and (5.8% vs 4.7%), respectively. Meantime, government spending continued to expand (1.3% vs 1.9%). Meanwhile, petroleum activities and ocean transport surged 10.7%, accelerating sharply from a 0.2% rise in Q2. Mainland GDP, which excludes the largely petroleum-based offshore sector, advanced 2.6% in the third quarter, following a downwardly revised 1.1% expansion in the second quarter.
2021-11-19
Norway Economy Rebounds in Q2
The Norwegian economy expanded 1.1 percent quarter-on-quarter in the June quarter of 2021, rebounding from a 0.6 percent contraction in the previous period, amid gradual softening restrictions and higher economic activity. Household consumption (3.2 percent vs -3.4 percent in Q1), government spending (1.9 percent vs -1.5 percent), and fixed investment (2.8 percent vs -2.9 percent) all rebounded. At the same time, both exports and imports also rebounded sharply (3.9 percent vs -1.8 percent) and (3.9 percent vs -4.9 percent), respectively. Meanwhile, petroleum activities and ocean transport fell 0.2 percent after growing 1.5 percent in Q1. Mainland GDP, which excludes the largely petroleum-based offshore sector, advanced 1.4 percent in the second quarter, recovering from a 1.0 percent decline in the first quarter.
2021-08-20
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 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.