Norway GDP Growth Eases Slightly to 1.1% in Q3

The Norwegian economy contracted by 0.3% quarter-on-quarter in Q4 2025, reversing an upwardly revised 1.3% expansion in the previous period. This marked the first economic contraction in a year, mainly weighed down by declines in petroleum activities and ocean transport (-2.6% vs 5% in Q3). Growth also slowed in household consumption (1% vs 1.3%). On the other hand, fixed investment growth picked up sharply to 7.2% from 0.1% in Q3, while government spending rose further (0.4% vs 0.1%). Net trade made no contribution to the annual GDP rate, as both exports and imports increased by 3.6%, compared with 3.8% and 1.1% in the prior quarter, respectively. On a year-on-year basis, GDP expanded 2.2%, slightly above Q3’s 2.1% growth. For the full year 2025, GDP grew 1.1%, moderating from a revised 1.4% expansion in 2024.

The Norwegian economy expanded by 1.1% quarter-on-quarter in Q3 2025, easing from an upwardly revised 1.2% growth in the previous quarter. This marked the third consecutive quarter of expansion, driven largely by a faster rise in both petroleum activities and ocean transport (4.4% vs 3.6% in Q2) and by stronger household consumption (1.1% vs 0.8%). Meanwhile, exports increased (1.9% vs 1.7%), and imports rose (1.1% vs -0.5%), contributing positively to GDP growth. By contrast, contractions were seen in fixed investment (-1.3% vs 3.4%) and government spending (–0.1% vs 0.4%). On a year-on-year basis, GDP grew 2.1% in the September quarter, rebounding from a downwardly revised 0.6% contraction in the previous quarter.

The Norwegian economy expanded by 0.8% quarter-on-quarter in Q2 2025, accelerating from a revised 0.1% growth in the previous quarter. This marked the second consecutive quarter of expansion, largely driven by a rebound in both petroleum activities and ocean transport (1.4% vs -2.0% in Q1), as well as a sharp recovery in fixed investment (4.6% vs -5.2%). Government spending also rose at a faster pace (0.5% vs 0.3%), while exports increased (0.8% vs -2.2%) and imports declined (-0.6% vs -2.6%), contributing positively to GDP growth. Meanwhile, household consumption continued to grow, though at a slower pace (0.2% vs 1.9%). On a year-on-year basis, GDP contracted by 2.1% in the June quarter, following a downwardly revised 0.3% decline in the previous quarter.