The Norwegian economy showed no growth on quarter in the three months to September 2019, following a downwardly revised 0.2 percent expansion in the previous period and missing market expectations of 0.5 percent. Petroleum activities and ocean transport contracted further (-4.2 percent vs -2.5 percent in Q2), and net external demand contributed negatively to the GDP as exports fell 2.2 percent (vs -0.3 percent in Q2) while imports rose 1.2 percent (vs 1.5 percent in Q2). In contrast, fixed investment expanded at faster rate (4.8 percent vs 3.1 percent), household consumption growth picked up slightly (0.4 percent vs 0.3 percent), and government spending continued to increase at a solid pace (0.9 percent, the same as in Q2). Mainland GDP, which excludes the largely petroleum-based offshore sector, grew 0.7 percent in the third quarter, also below market expectations of 0.8 percent.

GDP Growth Rate in Norway averaged 0.62 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. This page provides - Norway GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. source: Statistics Norway

GDP Growth Rate in Norway is expected to be 0.40 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 0.40 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.

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Norway GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.00 0.20 4.00 -2.60 1978 - 2019 percent Quarterly
SA

Calendar GMT Actual Previous Consensus TEForecast
2019-02-08 07:00 AM Q4 0.5% 0.6% 0.6% 0.7%
2019-05-13 06:00 AM Q1 -0.1% 0.6% 0.6% 0.5%
2019-08-29 06:00 AM Q2 0.3% 0.0% 0.5% 0.5%
2019-11-12 07:00 AM Q3 0% 0.2% 0.5% 0.3%
2020-02-07 07:00 AM Q4 0% 0.4%
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
2019-08-29
Norway Q2 GDP Growth Rate Below Forecasts
The Norwegian economy grew by 0.3 percent on quarter in the three months to June 2019, after showing no growth in the previous period while markets had forecast a 0.5 percent expansion. Fixed investment rebounded firmly (2.8 percent vs -2.3 percent in Q1) and household consumption growth was little-changed (0.4 percent vs 0.5 percent). In addition, government spending increased 1 percent, the same pace as in the previous period; while petroleum activities and ocean transport contracted at a softer pace (-2.3 percent vs -3.1 percent). Net external demand contributed negatively to the GDP as imports rose 0.4 percent (vs 3.3 percent in Q1) while exports fell 0.3 percent (vs 2 percent in Q1). Mainland GDP, which excludes the largely petroleum-based offshore sector, expanded 0.7 percent in the second quarter, also below market expectation of 0.8 percent.

2019-05-13
Norway GDP Shrinks for 1st Time in 2-1/2 Years
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.

2019-02-08
Norway Q4 GDP Growth Remains Solid
The Norwegian economy advanced 0.5 percent on quarter in the three months to December 2018, slightly below the previous period's 0.6 percent growth and market consensus of 0.6 percent. Household spending rose 0.4 percent, reversing a 0.1 percent contraction in Q3; and government spending growth was unchanged at 0.1 percent. Meanwhile, fixed investment shrank 0.8 percent (vs 1.4 percent in Q3); petroleum activities and ocean transport dropped 2.7 percent (vs 2 percent in Q3); and net external demand contributed negatively to the growth as exports slumped 1.9 percent (vs 0.7 percent in Q3) and imports declined at a softer 1 percent (vs -0.4 percent in Q3). Mainland GDP, which excludes the largely petroleum-based offshore sector, expanded 0.9 percent in the fourth quarter, much faster than a 0.4 percent growth in Q3.


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.