Norway skyline at night

Norway GDP February 2021

Norway: Economy returns to growth in February

Economic output increased 0.7% over the prior month in seasonally-adjusted terms in February—the strongest reading in five months—contrasting the 1.6% decline recorded in January. Meanwhile, the economy contracted 1.7% in the rolling quarter of December–February relative to the previous quarter (September–November). This fall was more significant when compared to the 1.3% contraction logged in November–January.

Mainland GDP—which excludes hydrocarbon extraction and related services—also expanded at the quickest pace in five months in February, with growth coming in at 0.5%. This was an improvement from January’s 0.9% contraction. In the rolling quarter of December–February, the mainland economy declined 0.7% from the previous rolling quarter (September–November), deteriorating from the 0.2% growth recorded in November–January.

Domestically, the upturn was spearheaded by private consumption returning to growth, which came in at 1.6% in seasonally-adjusted month-on-month terms in February, contrasting January’s 3.2% decline. Moreover, government spending also rebounded, although growth was marginal at 0.1% (January: -0.1% s.a. mom). Lastly, fixed investment contracted at a markedly softer pace of 0.6% in February, improving from January’s 5.4% decline.

Turning to the external sector, exports of goods and services swung to a 4.4% expansion in February, contrasting January’s 8.4% fall. Similarly, imports of goods and services rebounded to a 3.3% increase (January: -2.5% s.a. mom).

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest