The Norwegian economy contracted 1% q-o-q in Q1 of 2022, compared to market consensus of a 1.3% fall, and after showing no growth in Q4 of 2021. It was the first decline in the economy since the second quarter 2020, amid supply chain disruptions and the Ukraine war. Both household consumption (-1.5% vs 2.8% in Q4) and government spending (-1.4% vs 0.0%) contracted, while net external trade contributed negatively to the GDP, as exports dropped by 3.5 percent, while imports rose 0.2 percent, amid soaring commodity prices. On the other hand, fixed investment stalled (vs 3.3%). Meanwhile, petroleum activities and ocean transport fell 3.1%, following a 7.0% plunge in Q4. Mainland GDP, which excludes the largely petroleum-based offshore sector, shrank 0.6% in Q1, reversing from a 1.4% expansion in Q4 of 2021, worse than market expectations of a 0.5% decline. source: Statistics Norway
GDP Growth Rate in Norway averaged 0.61 percent from 1978 until 2022, reaching an all time high of 4.50 percent in the third quarter of 2020 and a record low of -4.60 percent in the second quarter of 2020. This page provides - Norway GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Norway GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2022.
GDP Growth Rate in Norway is expected to be 0.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Norway GDP Growth Rate is projected to trend around 0.50 percent in 2023, according to our econometric models.