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Norway GDP August 2023

Norway: Economy dips in August

GDP posted a 0.2% month-on-month contraction in seasonally adjusted terms in August, swinging from the 0.3% expansion tallied in the prior month. Meanwhile, the economy grew 0.2% in the June–August rolling quarter relative to the previous rolling quarter (March–May), decelerating marginally from the 0.3% increase posted in May–July.

Similarly, the mainland economy—which excludes hydrocarbons and related services—dropped 0.2% in August (July: +0.2% s.a. mom). During the three months to August, mainland GDP grew 0.2%, slowing from the 0.3% increase in May–July.

Domestically, the total GDP decline reflected deteriorating private consumption, which fell 0.1% month on month in seasonally adjusted terms in August (July: +0.8% s.a. mom). Consumption of goods—especially cars—fell, overshadowing an increase in services consumption. This more than offset improvements in both public spending and fixed investment. Government spending inched up to 0.6% in the month (July: +0.5% s.a. mom). Similarly, fixed investment returned to growth and expanded 0.8% month on month in August (July: -6.9% s.a. mom).

Turning to the external sector, exports of goods and services contracted a steeper 2.7% in August, deteriorating from the 1.0% fall posted in the prior month on lower crude oil and natural gas exports. Similarly, the decline in imports of goods and services also accelerated (August: -2.4% s.a. mom; July: -0.5% s.a. mom).

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