Norway GDP April 2021

Norway

Norway: Economy contracts in April

June 13, 2022

Economic output declined 0.6% over the prior month in seasonally-adjusted terms in April, contrasting the 1.0% expansion recorded in March. Meanwhile, the economy grew 1.1% in the rolling quarter of February–April relative to the previous rolling quarter (November–January). This expansion was well above the 0.1% growth logged in January–March.

Mainland GDP—which excludes hydrocarbon extraction and related services—contracted 0.5% in April. The result contrasted the 1.2% expansion clocked in March. In the rolling quarter of February–April, the mainland economy grew 1.3% from the previous quarter (November–January), improving from the 0.8% expansion recorded in January–March.

Domestically, the monthly downturn was spearheaded by the decline in fixed investment, which contracted 4.5% in seasonally-adjusted month-on-month terms in April (March: +5.2% s.a. mom). Additionally, private consumption growth slowed to 0.6% in April, down from March’s 3.3%. These deteriorations more than offset the rebound in government spending, which increased 0.6% in April and improved from a 0.3% contraction in the prior month.

Turning to the external sector, exports of goods and services swung to a contraction in April, declining 3.9% (March: +4.4 s.a. mom). Meanwhile, imports of goods and services growth moderated to 0.2%, deteriorating from the 2.1% growth clocked in March.

FocusEconomics Consensus Forecast panelists see total GDP growing 3.5% in 2022, which is unchanged from last month’s forecast, and expanding 2.3% in 2023. In terms of mainland GDP, our panelists project growth of 3.6% in 2022, which is down 0.2 percentage points from last month’s estimate, and 2.1% in 2023.


Author:, Economist

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Norway GDP Monthly April 2022

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


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