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Norway GDP October 2023

Norway: Economic activity records quickest growth since September 2021 in October

The Norwegian economy recovered at the outset of the fourth quarter of 2023, when GDP expanded 2.1% month on month, rebounding from September’s 2.2% monthly contraction and recording the strongest growth in over two years. Meanwhile, the economy contracted 0.7% in the August–October rolling quarter relative to the previous rolling quarter (May–July), deteriorating from the 0.5% contraction tallied in July–September.

Meanwhile, the mainland economy—which excludes hydrocarbons and related services—expanded 0.4% in October (September: +0.3% s.a. mom). During the three months leading to October, mainland GDP was flat, slowing from the 0.1% expansion posted in July–September.

Domestically, improving total GDP reflected stronger private spending in October, which rose 0.9% in seasonally adjusted month-on-month terms, accelerating from September’s flat reading. The improvement was largely due to higher electricity consumption. Less positively, government spending contracted 0.4% in October, swinging from the prior month’s same-sized expansion. Similarly, fixed investment fell 3.2% in the month (September: +1.0% s.a. mom).

Turning to the external sector, exports of goods and services returned to growth in October and expanded 3.8% (September: -4.2% s.a. mom). Conversely, imports of goods and services fell into a contraction in the same month, declining 2.7% (September: +3.1% s.a. mom). Consequently, the external sector contributed to overall growth.

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