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Norway GDP April 2023

Norway: Economy contracts in April

GDP posted a 0.3% month-on-month decline in seasonally adjusted terms over the prior month in April, offsetting March’s 0.3% increase and marking the worst reading since October 2022. Meanwhile, the economy grew 0.2% in the rolling quarter February–April relative to the previous rolling quarter (November–January), matching the growth tallied in January–March.

Similarly, mainland GDP—which excludes hydrocarbons and related services—also contracted in April, deteriorating from the prior month’s expansion (April: -0.4% s.a. mom; March: +0.2% s.a. mom); both goods and services consumption took a hit. During the three months to April, the mainland economy declined 0.1%, deteriorating from the 0.1% growth posted in January–March.

Domestically, falling private consumption and fixed investment drove the overall GDP decline. Household spending fell 1.8% in April (March: +1.3% s.a. mom). Additionally, fixed investment plunged 4.2% in the same month, contrasting the prior month’s 1.9% expansion. More positively, government spending growth rose to 0.4% in April, improving from the prior month’s flat reading.

Turning to the external sector, exports of goods and services fell 1.2% in April, deteriorating from March’s 3.4% increase. That said, exports of petroleum increased in the month. Meanwhile, imports of goods and services declined at a steeper pace of 2.4% in April (March: -1.3% s.a. mom).

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