Mainland Norway GDP Posts Sharpest Fall Since 2020

Norway’s mainland GDP, excluding the petroleum-based offshore sector, shrank 0.4% quarter-on-quarter in the three months to December 2024, defying expectations of a 0.2% expansion and down from 0.5% growth in the previous period.

This marked the sharpest contraction since Q2 2020, driven by declines in industrial and mining output, as well as other goods production.

Growth in service activities also slowed.

Annually, mainland GDP grew 0.5%, down sharply from 1.4% in the prior quarter.

For the full year, the mainland economy expanded 0.6%, supported mainly by increased activity in the general government, particularly in defense, health, and care services.

Additionally, the production and distribution of electric power grew significantly.