The Norwegian economy advanced 0.6 percent quarter-on-quarter in October to December 2020, after a record-high of 4.5 percent growth in the previous period. Household consumption was unchanged (vs 9.3 percent in Q3) while government spending growth was little changed (2.8 percent vs 2.9 percent). At the same time, fixed investment rebounded (0.9 percent vs -0.8 percent) while export rose by 1.8 percent, with imports growing at a softer 0.3 percent. Meanwhile, petroleum activities and ocean transport fell 5.1 percent after growing 2 percent in Q3. Mainland GDP, which excludes the largely petroleum-based offshore sector, advanced 1.9 percent in the fourth quarter, slowing sharply from a 5 percent expansion in the previous period. For full 2020, the economy contracted by 0.8 percent, swinging from a 0.9 percent growth in 2019. source: Statistics Norway
GDP Growth Rate in Norway averaged 0.61 percent from 1978 until 2020, 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 February of 2021.
GDP Growth Rate in Norway is expected to be 1.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Norway to stand at 0.90 in 12 months time. In the long-term, the Norway GDP Growth Rate is projected to trend around 0.60 percent in 2022, according to our econometric models.