Norway GDP July 2022

Norway

Norway: Economy returns to growth in July

September 8, 2022

Economic growth returned in July, as GDP expanded 0.3% over the prior month in seasonally adjusted terms, swinging from the 0.5% decline recorded in June. Meanwhile, the economy grew 0.2% in the rolling quarter of May–July relative to the previous rolling quarter (February–April). It contrasted with the 0.5% decline logged in April–June.

Mainland GDP—which excludes hydrocarbon extraction and related services—contracted 0.3% in July, a deterioration from June’s 0.3% expansion. During the three months to July, the mainland economy declined 0.1% from the previous rolling quarter (February–April), a slight improvement from the 0.2% contraction recorded in April–June.

Domestically, there was a broad-based deterioration. Government spending clocked a 0.7% decline in July, having flatlined in June. Moreover, private consumption logged a 1.5% contraction in July, contrasting with June’s 0.3% expansion. Lastly, fixed investment contracted by a sharper 1.6% in July, compared with June’s 0.8% decline.

The external sector was the engine of growth: Exports of goods and services rebounded in July, expanding by a seasonally adjusted 1.1% month on month (June: -3.3%). Conversely, imports of goods and services declined at a milder 0.7% in July (June: -0.8% s.a. mom).

FocusEconomics Consensus Forecast panelists see total GDP growing 2.9% in 2022, which is down 0.2 percentage points from last month’s forecast, and expanding 2.1% in 2023. In terms of mainland GDP, our panelists project growth of 3.2% in 2022, which is down 0.2 percentage points from last month’s estimate, and 1.7% in 2023.


Author:, Economist

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Norway GDP Monthly July 2022

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


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