Norway Q2 Mainland GDP Growth Quickens

Norway’s mainland GDP, which excludes the petroleum and offshore shipping sectors, expanded 0.3% quarter-on-quarter in Q2 2026, up slightly from 0.2% growth in the previous period but below market expectations of 0.4%. The latest result marked the fastest quarterly increase in a year, supported by stronger government spending, which rose 0.7% compared with 0.4% in Q1, while gross fixed capital formation rebounded strongly to 2.9% from a 5.8% contraction. Household consumption edged down 0.1%, a marked improvement from the 1.3% decline in Q1. On the external front, exports fell 0.1%, narrowing from a 1.8% drop previously, while imports were unchanged after contracting 1.5% in Q1. On an annual basis, mainland GDP grew 2.6% in Q2, easing slightly from a 2.7% increase in the previous quarter.

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.