Norway GDP May 2021


Norway: Economy bounces back in May

July 7, 2022

Economic output rebounded in May, as GDP expanded 0.4% over the prior month in seasonally-adjusted terms, swinging from the 0.4% decline recorded in April. Meanwhile, the economy grew 0.9% in the rolling quarter of March–May relative to the previous rolling quarter (December–February). The expansion came in below the 1.3% growth logged in February–April.

Mainland GDP—which excludes hydrocarbon extraction and related services—contracted 0.2% in May. The result was a mild improvement from the 0.3% decline clocked in April. In the rolling quarter of March–May, the mainland economy grew 0.7% from the previous quarter (December–February), a deterioration from the 1.5% expansion recorded in February–April.

Domestically, the monthly upturn was spearheaded by a rebound in fixed investment, which grew 2.1% in May (April: -5.1% s.a. mom). Meanwhile, government spending growth moderated to 0.1%, a softer expansion than the 1.0% growth clocked in the prior month. Lastly, private spending swung to a contraction in May, declining 0.5% (April: +0.7% s.a. mom).

Turning to the external sector, exports of goods and services returned to growth, clocking in a 4.0% monthly expansion in May (April: -6.7% s.a. mom). Similarly, imports of goods and services also rebounded (May: +3.4% s.a. mom; April: -3.0% s.a. mom).

FocusEconomics Consensus Forecast panelists see total GDP growing 3.2% in 2022, which is down 0.3 percentage points from last month’s forecast, and expanding 2.4% in 2023. In terms of mainland GDP, our panelists project growth of 3.5% in 2022, which is down 0.1 percentage points from last month’s estimate, and 2.0% in 2023.

Author:, Economist

Sample Report

Looking for forecasts related to GDP in Norway? Download a sample report now.


Norway GDP Chart

Norway GDP Monthly May 2022

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

Norway Economic News

More news

Search form