Consumption in Norway

Norway Consumption | Economic News & Forecasts

Norway - Consumption

Economic growth bounces back in November

GDP grew 0.2% over the prior month in seasonally adjusted terms in November, contrasting October’s 0.8% decline. Meanwhile, the economy expanded 0.1% in the rolling quarter of September–November relative to the previous rolling quarter (June–August). This was a moderation from the 1.1% growth tallied in August–October.

Similarly, mainland GDP—which excludes hydrocarbon and related services—also clocked a 0.2% increase in November, improving marginally from the prior month’s 0.1% expansion. During the three months to November, the mainland economy rose 0.8%, easing from the 1.2% growth recorded in August–October.

Domestically, fixed investment contracted at a much softer pace (November: -0.1% s.a. mom; October: -2.8% s.a. mom). Meanwhile, private consumption growth slowed to 1.1% in seasonally adjusted month-on-month terms in November (October: +1.4% s.a. mom). Lastly, government spending recorded a marginal 0.1% decline in November, contrasting the prior month’s 0.7% expansion.

Turning to the external sector, exports of goods and services recorded flat growth in November, improving from the prior month’s 3.1% contraction. Meanwhile, imports of goods and services logged a 1.0% increase, softening from October’s 1.4% rise.

FocusEconomics Consensus Forecast panelists see total GDP growing 1.7% in 2023, which is up 0.1 percentage points from last month’s forecast, and expanding 1.8% in 2024. In terms of mainland GDP, our panelists project growth of 0.7% in 2023, which is up 0.2 percentage points from last month’s estimate, and 1.3% in 2024.

Norway - Consumption Data

2015   2016   2017   2018   2019  
Consumption (annual variation in %)2.7  1.1  2.2  1.9  1.5  

Sample Report

5 years of economic forecasts for more than 30 economic indicators.

Download

Norway Facts

Value Change Date
Bond Yield1.58-0.65 %Jan 01
Exchange Rate8.78-0.38 %Jan 01

Sample Report

Get a sample report showing our regional, country and commodities data and analysis.

Download

Request a Trial

Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.

Sign Up

Economic News

Search form