Norway GDP Growth Accelerates to 0.7% in Q2

2026-08-27 06:15 By Chusnul Chotimah 1 min. read

The Norwegian economy advanced by 0.7% quarter-on-quarter in Q2 2026, following a 0.4% expansion in the previous period.

It was the second consecutive quarter of expansion, mainly driven by an acceleration in petroleum activities and ocean transport, which grew 1.7% compared with 1.1% in Q1.

Fixed investments rebounded, rising 4.4% after shrinking 7.2% in Q1.

Meanwhile, government spending accelerated to 0.8% from 0.3%, while household consumption inched down 0.1% after declining 1.3%.

On the other hand, net trade contributed negatively to GDP growth, as exports edged down 0.1% after falling 1.8% in Q1, while imports stalled following a 1.5% fall in Q1.

On an annual basis, GDP expanded 2.0%, accelerating from a downwardly revised 1.6% in Q1.

GDP for Mainland Norway, which excludes the largely petroleum-based offshore sector, grew 0.3% quarter-on-quarter, following a 0.2% gain in the prior period, marking the strongest growth in a year.



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Norway GDP Growth Accelerates to 0.7% in Q2
The Norwegian economy advanced by 0.7% quarter-on-quarter in Q2 2026, following a 0.4% expansion in the previous period. It was the second consecutive quarter of expansion, mainly driven by an acceleration in petroleum activities and ocean transport, which grew 1.7% compared with 1.1% in Q1. Fixed investments rebounded, rising 4.4% after shrinking 7.2% in Q1. Meanwhile, government spending accelerated to 0.8% from 0.3%, while household consumption inched down 0.1% after declining 1.3%. On the other hand, net trade contributed negatively to GDP growth, as exports edged down 0.1% after falling 1.8% in Q1, while imports stalled following a 1.5% fall in Q1. On an annual basis, GDP expanded 2.0%, accelerating from a downwardly revised 1.6% in Q1. GDP for Mainland Norway, which excludes the largely petroleum-based offshore sector, grew 0.3% quarter-on-quarter, following a 0.2% gain in the prior period, marking the strongest growth in a year.
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