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 May 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.

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Norway GDP Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-02-16 07:00 AM Q4 0.1% 3.9% 0.4%
2022-05-13 06:00 AM Q1 -1% 0.0% -1.3% -1.1%
2022-08-17 06:00 AM Q2 -1%


Related Last Previous Unit Reference
GDP Growth Rate -1.00 0.00 percent Mar 2022
GDP Annual Growth Rate 4.80 5.30 percent Mar 2022
GDP Constant Prices 928081.00 937983.00 NOK Million Mar 2022
Gross National Product 1268528.00 1246211.00 NOK Million Mar 2022
Gross Fixed Capital Formation 227953.00 231061.00 NOK Million Mar 2022
Full Year GDP Growth -0.70 0.70 percent Dec 2020
GDP From Utilities 6059.00 5981.00 NOK Million Mar 2022
GDP From Public Administration 58443.00 59123.00 NOK Million Mar 2022
GDP From Mining 1603.00 1575.00 NOK Million Mar 2022
GDP From Manufacturing 55213.00 55427.00 NOK Million Mar 2022
GDP From Construction 54472.00 53124.00 NOK Million Mar 2022
GDP From Agriculture 5772.00 5564.00 NOK Million Mar 2022

Norway GDP Growth Rate
Norway is one of the wealthiest countries in the world. Its wealth was build on the back of natural resources including oil and gas, hydropower and fish and supported by developed shipping industry. Components of the GDP on the expenditure side: household consumption (41 percent), gross fixed capital formation (24 percent) and government expenditure (22 percent). Exports of goods and services account for 38 percent of GDP while imports account for 30 percent, adding 8 percent of total GDP.
Actual Previous Highest Lowest Dates Unit Frequency
-1.00 0.00 4.50 -4.60 1978 - 2022 percent Quarterly
SA

News Stream
Norway Q1 GDP Shrinks for 1st Time in Near 2 Years
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.
2022-05-13
Norway GDP Growth Eases to 0.1% in Q4
The Norwegian economy expanded 0.1% q-o-q in Q4 of 2021, easing sharply from an upwardly revised 3.9% growth in Q3. It was the third straight quarter of expansion, but the weakest growth in the sequence, amid the new COVID-19 restrictions. Both household consumption (3.1% vs 5.4% in Q3) and government spending (0.1% vs 2.0%) grew much softer, while net external contributed negatively to the GDP growth, as exports fell by 2.6 percent, while imports grew 1.1 percent. On the other, fixed investment rebounded sharply (4.2% vs -0.9%). At the same time, petroleum activities and ocean transport plunged by 7.1%, reversing sharply from a 10.4% rise in Q3. Mainland GDP, which excludes the largely petroleum-based offshore sector, advanced 1.4% in the fourth quarter, following an upwardly revised 2.8% expansion in the third quarter. For the whole year of 2021, the mainland economy grew by 4.2%, its fastest pace since 2007 as the country rebounded from a pandemic-driven slump in activity.
2022-02-16
Norway Q3 GDP Growth Rate Strongest Since 1994
The Norwegian economy expanded 3.8% quarter-on-quarter in the September quarter of 2021, accelerating from a downwardlly revised 1.0% growth in the previous period, and beating market consensus of a 3.3% gain. It was the strongest growth in the GDP since the fourth quarter 1994, amid gradual reopening and loosening restrictions and higher economic activity. Household consumption grew faster (6.0% vs 2.9% in Q2), while fixed investment rebounded (1.1% vs -0.2%). At the same time, both exports and imports also grew more (6.5% vs 1.8%) and (5.8% vs 4.7%), respectively. Meantime, government spending continued to expand (1.3% vs 1.9%). Meanwhile, petroleum activities and ocean transport surged 10.7%, accelerating sharply from a 0.2% rise in Q2. Mainland GDP, which excludes the largely petroleum-based offshore sector, advanced 2.6% in the third quarter, following a downwardly revised 1.1% expansion in the second quarter.
2021-11-19