Norway skyline at night

Norway GDP August 2018

Norway: The economy wobbles in August, but remains on a strong growth trajectory

According to monthly GDP data released by Statistics Norway, the total economy contracted 0.1% in August over the previous month in seasonally-adjusted terms, matching July’s revised reading (previously reported: -0.2% month-on-month). However, in the June–August period, the total economy expanded a solid 1.1% over the previous rolling quarter, up from 0.9% in March–May.

Mainland GDP—which excludes hydrocarbon extraction activity and related transport—fell a seasonally-adjusted 0.2% in August over the previous month, contrasting the revised 0.3% expansion in July (previously reported: +0.2% month-on-month). Mainland GDP rose 0.6% in June–August, down from 0.8% in March–May.

On an expenditure-basis, the economy had a mixed performance in August. Private consumption growth from the previous month was feeble, largely due to a decrease in spending on goods. Government consumption grew at the same pace in August as it did in July. Meanwhile, fixed investment decreased, contrasting strong growth in July. The external sector, however, performed strongly in August, as exports increased and imports decreased.

In term of production activity, the economy was hit by the drought in August, which weighed on the agriculture sector. Together with the fisheries sector, these two areas of production deducted almost 0.5 percentage points off mainland economic growth in August.

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