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.