Norwegian Economy Rebounds in Q1

2026-05-28 06:17 By Kyrie Dichosa 1 min. read

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.



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Norwegian Economy Rebounds in Q1
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.
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