Norway GDP October 2021

Norway

Norway: Economic activity declines in October

December 9, 2021

Economic output decreased 1.8% over the prior month in seasonally-adjusted terms in October, swinging from the 2.3% expansion recorded in September. Meanwhile, the economy grew 3.5% in the rolling quarter of August–October relative to the previous quarter (May–July), coming in below the 3.7% expansion logged in July–September.

Mainland GDP—which excludes hydrocarbon extraction and related services—flatlined in October, down from the 0.8% increase logged in September. In the rolling quarter of August–September, the mainland economy grew 2.3% from the previous rolling quarter (May–July), moderating from the 2.7% expansion registered in July–September.

Domestically, October’s decline was due to government spending declining 0.2% in seasonally-adjusted month-on-month terms, swinging from September’s 0.4% growth. Meanwhile, private consumption growth came in at September’s 1.2% in October. Lastly, fixed investment growth flatlined in October, improving from the 1.7% drop logged in the previous month.

Turning to the external sector, exports of goods and services shrank 3.4% month-on-month in October, contrasting September’s 4.8% monthly expansion. Similarly, imports of goods and services fell 1.2% month-on-month (September: +0.3% s.a. mom).

FocusEconomics Consensus Forecast panelists see total GDP growing 3.2% in 2022, which is unchanged from last month’s forecast, and expanding 2.0% in 2023. In terms of mainland GDP, our panelists project growth of 3.9% in 2022, which is up 0.1 percentage points from last month’s estimate, and 1.7% in 2023.


Author:, Economist

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Norway GDP Monthly October 2021

Note: Month-on-month changes of seasonally adjusted GDP in %.
Source: Statistics Norway.


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