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Norway GDP July 2023

Norway: Economic growth accelerates in July

GDP posted a 0.3% month-on-month expansion in seasonally adjusted terms in July, accelerating from the 0.1% increase tallied in June. Meanwhile, the economy grew 0.3% in the rolling quarter May–July relative to the previous rolling quarter (February–April), picking up from the 0.1 increase posted in April–June.

Similarly, growth in mainland GDP—which excludes hydrocarbons and related services—doubled to 0.2% in July (June: +0.1% s.a. mom). During the three months to July, the mainland economy grew 0.4%, improving markedly from the flat result in April–June.

Domestically, the acceleration of the total economy was spearheaded by private consumption returning to growth in July and increasing 0.9% month on month (June: -0.5% s.a. mom). The uptick was largely due to Norwegians’ consumption abroad and higher electricity consumption amid colder-than-usual weather in the month. Meanwhile, government spending growth was unchanged at June’s 0.5% in July. Less positively, fixed investment swung into a steep contraction in July, declining 7.3% month on month, deteriorating notably from June’s 0.7% rise. The downturn was largely attributed to falling housing investment.

Turning to the external sector, exports of goods and services fell 1.3% from the previous month in July, swinging from June’s 3.1% increase amid reduced crude oil exports. Meanwhile, imports of goods and services declined at a milder pace of 0.2% in July, a softer contraction than the 2.8% one posted in June. Consequently, the external sector detracted from overall growth.

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