The Norwegian economy shrank unexpectedly by 0.1 percent on quarter in the first three months of 2019, reversing an upwardly revised 0.6 percent growth in the previous period and missing market expectations of a 0.6 percent expansion. This marked the first quarterly GDP contraction since the third quarter of 2016, due to declines in both fixed investment (-1.2 percent vs 2.3 percent), and petroleum activities and ocean transport (-2.9 percent, the same as in Q4), while net external demand contributed negatively to GDP. Imports rose 2.4 percent (vs 1.8 percent in Q4), faster than an increase of 2.2 percent in exports (vs -0.7 percent in Q4). Meantime, household consumption growth was unchanged (at 0.5 percent) and government spending advanced firmly (1 percent vs 0.2 percent). Mainland GDP, which excludes the largely petroleum-based offshore sector, expanded 0.3 percent in the first quarter, much slower than a 1.1 percent growth in Q4. GDP Growth Rate in Norway averaged 0.63 percent from 1978 until 2019, reaching an all time high of 4 percent in the fourth quarter of 1994 and a record low of -2.60 percent in the third quarter of 1987.

GDP Growth Rate in Norway is expected to be 0.50 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 0.40 in 12 months time. In the long-term, the Norway GDP Growth Rate is projected to trend around 0.50 percent in 2020, according to our econometric models.

Norway GDP Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-11-13 07:00 AM GDP Growth Rate QoQ 0.6% 0.4% 0.6% 0.7%
2018-11-13 07:00 AM GDP Growth Mainland QoQ 0.3% 0.7% 0.6% 0.6%
2019-02-08 07:00 AM GDP Growth Rate QoQ 0.5% 0.6% 0.6% 0.7%
2019-05-13 06:00 AM GDP Growth Rate QoQ -0.1% 0.6% 0.6% 0.5%
2019-08-20 06:00 AM GDP Growth Rate QoQ -0.1% 0.5%
2019-11-12 07:00 AM GDP Growth Rate QoQ 0.5%


Norway GDP Last Previous Highest Lowest Unit
GDP Growth Rate -0.10 0.60 4.00 -2.60 percent [+]
GDP Annual Growth Rate 2.50 1.90 10.20 -4.30 percent [+]
GDP 398.83 371.08 523.50 5.16 USD Billion [+]
GDP Constant Prices 815323.00 815921.00 815921.00 293066.00 NOK Million [+]
Gross National Product 900014.00 931425.00 931425.00 55200.00 NOK Million [+]
Gross Fixed Capital Formation 211997.00 214657.00 214657.00 70683.00 NOK Million [+]
GDP per capita 91218.62 90316.97 91617.28 23183.56 USD [+]
GDP per capita PPP 64800.06 64159.54 65083.26 42813.77 USD [+]
GDP From Agriculture 5357.00 5383.00 6287.00 2811.00 NOK Million [+]
GDP From Construction 51364.00 50465.00 51364.00 20757.00 NOK Million [+]
GDP From Manufacturing 53009.00 52996.00 57142.00 38563.00 NOK Million [+]
GDP From Mining 1290.00 1237.00 1776.00 572.00 NOK Million [+]
GDP From Public Administration 49428.00 49088.00 49428.00 22268.00 NOK Million [+]
GDP From Utilities 5076.00 5077.00 5751.00 2952.00 NOK Million [+]


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. This page provides - Norway GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Norway GDP Growth Rate - actual data, historical chart and calendar of releases - was last updated on May of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-0.10 0.60 4.00 -2.60 1978 - 2019 percent Quarterly
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Country Last Previous
United States 3.20 Mar/19
Singapore 2.00 Mar/19
India 1.60 Dec/18
China 1.40 Mar/19
South Africa 1.40 Dec/18
Saudi Arabia 1.07 Dec/18
Russia 0.80 Dec/18
Spain 0.70 Mar/19
Japan 0.50 Dec/18
Netherlands 0.50 Mar/19
United Kingdom 0.50 Mar/19
Euro Area 0.40 Mar/19
Germany 0.40 Mar/19
France 0.30 Mar/19
Australia 0.20 Dec/18
Italy 0.20 Mar/19
Switzerland 0.20 Dec/18
Brazil 0.10 Dec/18
Canada 0.10 Dec/18
Mexico -0.20 Mar/19
South Korea -0.30 Mar/19
Indonesia -0.52 Mar/19
Argentina -1.20 Dec/18
Turkey -2.40 Dec/18


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