Norway Q3 Mainland GDP Growth Slows

Norway’s mainland GDP, which excludes the petroleum-based offshore sector, expanded by 0.4% quarter-on-quarter in the three months to December 2025, following a 0.1% growth in the previous period. This was the fourth straight quarter of growth and the fastest rate since the first quarter, supported by increases in gross fixed capital formation (7.2% vs 0.1% in Q3), household consumption (1.4% vs 1.1%), and government spending (0.4% vs 0.1%). Meanwhile, both exports and imports rose at an equal pace of 3.6%. On an annual basis, mainland GDP rose by 1.9% in the fourth quarter, after a 1.4% increase in the third quarter. For 2025 as a whole, mainland GDP grew by 1.8%, accelerating from 0.6% rise in 2024 and was close to normal growth rate. Growth was broad-based, with solid performances across many industries, including suppliers to oil extraction, export-oriented industry, tourism, retail trade, power supply, and fish farming.

Norway’s mainland GDP, which excludes the petroleum-based offshore sector, expanded by 0.1% quarter-on-quarter in the three months to September 2025, below forecasts of 0.2%. This followed a downwardly revised 0.5% growth in the previous quarter, marking the third consecutive quarter of expansion. The Q3 expansion was primarily driven by increased activity in retail trade, alongside high activity on the Norwegian continental shelf. However, growth was partly offset by declines in fishing and aquaculture, as well as shutdowns in parts of the industry. " Some random variation contributed to the development of the Norwegian economy being flat in the third quarter. However, we see much of the same underlying growth picture as in the first half of the year,” said Pål Sletten, Head of the National Accounts Section at Statistics Norway. On a year-on-year basis, the mainland economy grew 1.3% in Q3, accelerating from a 0.5% growth in Q2.

Norway’s mainland GDP, which excludes the petroleum-based offshore sector, grew by 0.6% quarter-on-quarter in the three months to June 2025, exceeding forecasts of 0.3%. This followed an upwardly revised 1.2% expansion in the previous quarter, marking the second consecutive quarter of growth. The Q2 expansion was primarily driven by increased activity in manufacturing, retail trade, and fishing, trapping, and aquaculture. However, the growth was partly offset by declines in electricity, gas, and hot water supply. The solid performance in the first half of 2025 comes after a prolonged period of subdued growth in the Norwegian economy. “The first half of 2025 shows stronger growth in the mainland economy than we have seen in quite some time,” said Pål Sletten, Head of the National Accounts Section at Statistics Norway. On a year-on-year basis, the mainland economy expanded by 0.5% in Q2, sharply easing from an upwardly revised 3.1% in the first quarter.