The Norwegian economy contracted by 1.8% quarter-on-quarter in the three months to September 2024, following a revised 2% expansion in the previous period. This marked the first contraction in a year and the steepest since the second quarter of 2020, primarily driven by a sharp decline in petroleum activities and ocean transport (-5.8% vs. 5.1% in Q2). Net trade also weighed on GDP, as exports fell 4.4% (vs. 6.2% growth in Q2), while imports declined more modestly by 0.3% (vs. 4%). Additionally, growth in government spending slowed (0.8% vs. 1.1%), and household consumption stagnated (0% vs. 1.5%). On the other hand, fixed investment growth accelerated further (4.5% vs. 3.5%). Year-on-year, Norwegian GDP grew by 3.5%, down from a significantly higher revised 5.4% expansion in the previous quarter, which had been the fastest pace of growth since the fourth quarter of 2021. source: Statistics Norway

The Gross Domestic Product (GDP) in Norway contracted 1.80 percent in the third quarter of 2024 over the previous quarter. GDP Growth Rate in Norway averaged 0.59 percent from 1978 until 2024, reaching an all time high of 4.70 percent in the third quarter of 2021 and a record low of -5.20 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 November of 2024.

The Gross Domestic Product (GDP) in Norway contracted 1.80 percent in the third quarter of 2024 over the previous quarter. GDP Growth Rate in Norway is expected to be 0.60 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 2025 and 0.30 percent in 2026, according to our econometric models.




Calendar GMT Reference Actual Previous Consensus TEForecast
2024-08-22 06:00 AM
GDP Growth Rate QoQ
Q2 1.4% 0.3% 0.3%
2024-11-21 07:00 AM
GDP Growth Rate QoQ
Q3 -1.8% 2% 0.5%
2025-02-14 07:00 AM
GDP Growth Rate QoQ
Q4 -1.8% 0.6%


Related Last Previous Unit Reference
Full Year GDP Growth 0.50 3.00 percent Dec 2023
GDP Growth Rate YoY 3.50 5.40 percent Sep 2024
GDP Constant Prices 1459260.00 1486392.00 NOK Million Sep 2024
GDP from Agriculture 6983.00 5825.00 NOK Million Sep 2024
GDP from Construction 57948.00 58792.00 NOK Million Sep 2024
GDP from Manufacturing 72890.00 71167.00 NOK Million Sep 2024
GDP from Mining 1575.00 1640.00 NOK Million Sep 2024
GDP from Public Administration 67539.00 67105.00 NOK Million Sep 2024
GDP from Utilities 8120.00 7960.00 NOK Million Sep 2024
GDP Growth Rate -1.80 2.00 percent Sep 2024
Gross Fixed Capital Formation 268582.00 256913.00 NOK Million Sep 2024
Gross National Product 1425667.00 1378850.00 NOK Million Jun 2024

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
-1.80 2.00 4.70 -5.20 1978 - 2024 percent Quarterly
SA


News Stream
Norwegian Economy Contracts Most Since 2020
The Norwegian economy contracted by 1.8% quarter-on-quarter in the three months to September 2024, following a revised 2% expansion in the previous period. This marked the first contraction in a year and the steepest since the second quarter of 2020, primarily driven by a sharp decline in petroleum activities and ocean transport (-5.8% vs. 5.1% in Q2). Net trade also weighed on GDP, as exports fell 4.4% (vs. 6.2% growth in Q2), while imports declined more modestly by 0.3% (vs. 4%). Additionally, growth in government spending slowed (0.8% vs. 1.1%), and household consumption stagnated (0% vs. 1.5%). On the other hand, fixed investment growth accelerated further (4.5% vs. 3.5%). Year-on-year, Norwegian GDP grew by 3.5%, down from a significantly higher revised 5.4% expansion in the previous quarter, which had been the fastest pace of growth since the fourth quarter of 2021.
2024-11-21
Norway GDP Growth Accelerates in Q2
The Norwegian economy expanded by 1.4% quarter-on-quarter in the three months to June 2024, accelerating from a revised 0.3% growth in the previous period. This marked the second-sharpest economic growth in nearly two years, driven by a significant increase in petroleum activities and ocean transport (5.6% vs. 0.9% in Q1). Government spending also grew at an accelerated rate (0.7% vs. 0.3%), while there was a strong rebound for household consumption (1.5% vs -0.7%) and fixed investments (5.1% vs -7.6%). Net trade also contributed positively to the GDP growth, as exports advanced 5.6% (-1.4%), while imports grew at a softer 3.1% (vs -0.4%). Compared to the same period last year, Norwegian GDP jumped 4.2%, the fastest economic expansion since the second quarter of 2022, and strongly rebounding from a 0.9% contraction in the prior quarter.
2024-08-22
Norway GDP Growth Sharply Slows in Q1
The Norwegian economy rose 0.2% quarter-on-quarter in the three months to March 2024, sharply slowing from a revised 1.6% expansion in the previous period. The broad slowdown was attributed to a strong decline in fixed investments by 7.4%, after stalling in the prior quarter. At the same time, household consumption continued to fall (-1.1% vs -3.6%), while growth moderated for government spending (3.6% vs 3.8%). Conversely, petroleum activities & ocean transport accelerated (4.0% vs 2.8%), and net trade contributed positively to the GDP, as exports advanced 4.0% (vs 2.8%), while imports dropped 2.6% (vs -5.6%). Compared to the same period last year, Norwegian GDP shrank 0.8%, following a revised 0.4% expansion in the prior period. The mainland GDP, which excluded the largely petroleum-based offshore sector, grew by 0.2%, in line with forecasts and from a 0.3% growth previously.
2024-05-16