Norway GDP Growth Eases Slightly to 1.1% in Q3

The Norwegian economy expanded by 0.4% quarter-on-quarter in Q1 2026, rebounding from an upwardly revised 0.6% contraction in the previous period. The recovery was mainly driven by an acceleration in petroleum activities and ocean transport, which grew 5.4% compared with 2.9% in Q4. Net trade also contributed positively to GDP growth, as exports rose 7.0%, unchanged from the prior quarter, while import growth eased to 3.0% from 2.5%. Meanwhile, growth in household consumption slowed to 1.9% from 4.0%, while government spending eased to 2.9% from 3.1%. Fixed investments also contracted by 1.3% after expanding 2.4% in Q4. On an annual basis, GDP expanded 1.7%, easing from revised growth of 2.0% in Q4 and marking the weakest expansion in three quarters. The GDP for Mainland Norway, which excludes the largely petroleum-based offshore sector, grew 0.5% quarter-on-quarter, sharply slowing from a 1.7% increase in the prior period.

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.