The Norwegian economy shrank by 0.1% quarter-on-quarter in the first quarter of 2025, after a downwardly revised 0.9% drop in the previous quarter. This marked the third consecutive quarter of contraction, although it was the softest in the sequence. The downturn was largely driven by continued decline in petroleum activities and ocean transport (-2% vs -1.7% in Q4) and a sharp fall in fixed investment (-5.8% vs 2%). Additionally, government spending rose at a slower pace (0.4% vs 0.5%). Meanwhile, exports decreased (-1.9 vs -0.3%), but the drop in imports was even steeper (-2.1% vs -0.1%), helping to cushion the impact on net trade. On a more positive note, household consumption rebounded (1.5 vs -0.3%). On a yearly basis, the GDP fell by 0.4% in the March quarter, following a 0.3% contraction in the prior period. source: Statistics Norway

The Gross Domestic Product (GDP) in Norway contracted 0.10 percent in the first quarter of 2025 over the previous quarter. GDP Growth Rate in Norway averaged 0.58 percent from 1978 until 2025, reaching an all time high of 4.70 percent in the third quarter of 2021 and a record low of -5.20 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 June of 2025.

The Gross Domestic Product (GDP) in Norway contracted 0.10 percent in the first quarter of 2025 over the previous quarter. 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. In the long-term, the Norway GDP Growth Rate is projected to trend around 0.40 percent in 2026 and 0.30 percent in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2025-02-11 07:00 AM
GDP Growth Rate QoQ
Q4 -0.6% -1.6% 0.6%
2025-05-15 06:00 AM
GDP Growth Rate QoQ
Q1 -0.1% -0.9% 0.5%
2025-08-22 06:00 AM
GDP Growth Rate QoQ
Q2 -0.1% 0.5%


Related Last Previous Unit Reference
Full Year GDP Growth 2.10 0.10 percent Dec 2024
GDP Growth Rate YoY -0.40 -0.30 percent Mar 2025
GDP Constant Prices 1448612.00 1449642.00 NOK Million Mar 2025
GDP from Agriculture 6277.00 5947.00 NOK Million Mar 2025
GDP from Construction 57628.00 57246.00 NOK Million Mar 2025
GDP from Manufacturing 73549.00 72582.00 NOK Million Mar 2025
GDP from Mining 1554.00 1645.00 NOK Million Mar 2025
GDP from Public Administration 68414.00 68021.00 NOK Million Mar 2025
GDP from Utilities 8214.00 8096.00 NOK Million Mar 2025
GDP Growth Rate -0.10 -0.90 percent Mar 2025
Gross Fixed Capital Formation 248769.00 263969.00 NOK Million Mar 2025
Gross National Product 1422839.00 1364686.00 NOK Million Mar 2025

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.
Actual Previous Highest Lowest Dates Unit Frequency
-0.10 -0.90 4.70 -5.20 1978 - 2025 percent Quarterly
SA

News Stream
Norway GDP Falls 0.1% in Q1
The Norwegian economy shrank by 0.1% quarter-on-quarter in the first quarter of 2025, after a downwardly revised 0.9% drop in the previous quarter. This marked the third consecutive quarter of contraction, although it was the softest in the sequence. The downturn was largely driven by continued decline in petroleum activities and ocean transport (-2% vs -1.7% in Q4) and a sharp fall in fixed investment (-5.8% vs 2%). Additionally, government spending rose at a slower pace (0.4% vs 0.5%). Meanwhile, exports decreased (-1.9 vs -0.3%), but the drop in imports was even steeper (-2.1% vs -0.1%), helping to cushion the impact on net trade. On a more positive note, household consumption rebounded (1.5 vs -0.3%). On a yearly basis, the GDP fell by 0.4% in the March quarter, following a 0.3% contraction in the prior period.
2025-05-15
Norway Economy Shrinks for 2nd Quarter
The Norwegian economy contracted by 0.6% quarter-on-quarter in the three months to December 2024, following a downwardly revised 1.6% decline in the previous period. This marked the second straight quarter of contraction, primarily driven by a decline in petroleum activities and ocean transport (-1.0% vs -5.8% in Q3). Exports edged up 0.1% after falling 3.2% in Q2, while imports declined by 0.7%, reversing from a 3.5% rise in the prior quarter. Meanwhile, growth in government spending slowed (0.3% vs 0.6%), and household consumption stagnated (vs -0.2%). On the other hand, fixed investment growth also slowed (0.2% vs 1.6%). Year-on-year, Norwegian GDP contracted by 0.3%, reversing from an upwardly revised 3.7% expansion in the previous quarter and marking the first contraction since the third quarter of 2023. For the 2024 full year, the economy grew 2.1%, accelerating sharply from a 0.1% gain in 2023.
2025-02-11
Norwegian Economy Contracts Most Since 2020
The Norwegian economy contracted by 1.8% quarter-on-quarter in the three months to September 2024, following a revised 2% expansion in the previous period. This marked the first contraction in a year and the steepest since the second quarter of 2020, primarily driven by a sharp decline in petroleum activities and ocean transport (-5.8% vs. 5.1% in Q2). Net trade also weighed on GDP, as exports fell 4.4% (vs. 6.2% growth in Q2), while imports declined more modestly by 0.3% (vs. 4%). Additionally, growth in government spending slowed (0.8% vs. 1.1%), and household consumption stagnated (0% vs. 1.5%). On the other hand, fixed investment growth accelerated further (4.5% vs. 3.5%). Year-on-year, Norwegian GDP grew by 3.5%, down from a significantly higher revised 5.4% expansion in the previous quarter, which had been the fastest pace of growth since the fourth quarter of 2021.
2024-11-21