The Norwegian economy grew 4.6 percent on quarter in July to September 2020, the most since the series began in 1978, following a historic contraction of 4.7 percent in the previous period and beating market expectations of 4.4 percent. Household consumption jumped 9.5 percent (vs -10.8 percent in Q2) and government spending expanded 3.0 percent (vs -2.0 percent in Q2). At the same time, fixed investment contracted at softer pace (-1.1 percent vs -1.8 percent in Q2), while net external demand contributed negatively to the GDP as imports rose more than exports. On the other hand, petroleum activities and ocean transport growth accelerated to 2.1 percent from 1.8 percent. Mainland GDP, which excludes the largely petroleum-based offshore sector, advanced 5.2 percent in the third quarter, the most on record and in line with market expectations. source: Statistics Norway
GDP Growth Rate in Norway averaged 0.60 percent from 1978 until 2020, reaching an all time high of 4.60 percent in the third quarter of 2020 and a record low of -4.70 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 2020.
GDP Growth Rate in Norway is expected to be -1.60 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 1.30 in 12 months time. In the long-term, the Norway GDP Growth Rate is projected to trend around 0.90 percent in 2021 and 0.60 percent in 2022, according to our econometric models.