Norway skyline at night

Norway GDP October 2019

Norway: Economic growth accelerates at fastest pace since June 2018

Economic output jumped 1.2% in October, compared to the previous month in seasonally-adjusted terms, contrasting September’s 0.5% decrease (previously reported: -0.4% month-on-month seasonally-adjusted). In the rolling quarter August–October period, the total economy contracted 0.1% from the previous rolling quarter, following a flat reading in the July–September period.

Mainland GDP—which excludes hydrocarbon extraction and related transport—expanded 0.1% in October from the previous month in seasonally-adjusted terms, following a flat reading in September. In August–October, mainland GDP expanded 0.3% from the previous rolling quarter, down from 0.7% in the July–September period.

In October, robust gross fixed capital formation largely led the month-on-month increase in economic output, while a weaker contraction in private consumption weighed less on the headline figure than it did in the previous month. On the external front, exports and imports of goods and services decreased notably in October.

Going forward, strong wage growth and a healthy labor market should continue to support household spending and, thus, economic growth. Moreover, increased oil and gas extraction from the Johan Sverdrup offshore oil platform, which came online in early October, should support investment and exports. Nevertheless, recent monetary tightening will likely limit growth in domestic demand.

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 X Download Fullscreen