Norway Mainland GDP Steady at 0.2%

Norway’s mainland GDP, which excludes the petroleum and offshore shipping sectors, expanded by 0.2% quarter-on-quarter in the three months to March 2026, matching the revised growth rate from the previous quarter but coming in slightly below market expectations of 0.3%. The modest expansion reflected weaker domestic demand, as household consumption contracted by 1.1% after a 1.3% gain in Q4 2025, while government spending remained steady at 0.2%. Meanwhile, gross fixed capital formation declined by 6.0%, reversing from a 6.2% expansion in the previous quarter. On the external side, exports fell by 1.4% following a 3.5% rise in Q4, while imports dropped 1.1% after increasing 3.0% previously, indicating softer trade activity during the quarter. On an annual basis, mainland GDP grew by 2.6% in Q1 2026, easing from 2.8% in the previous period.

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.