Norway skyline at night

Norway GDP November 2021

Norway: Economic decline softens in November

Economic output decreased 0.3% over the prior month in seasonally-adjusted terms in November, moderating from the 0.8% contraction recorded in October. Meanwhile, the economy grew 2.5% in the rolling quarter of September–November relative to the previous quarter (June–August), coming in below the 3.4% expansion logged in August–October.

Mainland GDP—which excludes hydrocarbon extraction and related services—expanded 0.7% in November, improving from October’s flat reading. In the rolling quarter of September–November, the mainland economy grew 1.9% from the previous rolling quarter (June–August), cooling from the 2.3% increase recorded in August–October.

Domestically, fixed investment growth accelerated to 1.1% in seasonally-adjusted month-on-month terms from October’s 0.7% increase. Additionally, private consumption grew at a quicker pace of 1.2% in November (October: +1.1% s.a. mom). Lastly, government spending swung back to growth, clocking in a mild 0.1% increase (October: -0.1% s.a. mom).

Turning to the external sector, it detracted from overall growth, though exports of goods and services shrank at a more moderate pace of 1.4% month-on-month in November (October: -2.6% s.a. mom). Meanwhile, imports of goods and services returned to growth, increasing 3.1% month-on-month (October: -1.0% s.a. mom).

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest