Norway skyline at night

Norway GDP

Norway GDP

Economic Growth in Norway

The economy of Norway recorded an average growth rate of 1.6% in the decade to 2022. In 2022, the real GDP growth was 3.3%. For more GDP information, visit our dedicated page.

Norway GDP Chart

Note: This chart displays Economic Growth (GDP, annual variation in %) for Norway from 2014 to 2023.
Source: Statistics Norway.

Norway GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 1.2 1.1 -1.8 4.0 3.0
GDP (USD bn) 439 409 368 503 593
GDP (EUR bn) 372 365 323 425 565
GDP (NOK bn) 3,577 3,597 3,462 4,324 5,708
Economic Growth (Nominal GDP, ann. var. %) 7.6 0.6 -3.8 24.9 32.0
Economic Growth (Mainland GDP, ann. var. %) 2.3 2.4 -3.4 4.5 3.7

Economic activity set back in February

The Norwegian economy stumbled halfway through the first quarter; total GDP contracted 0.9% in seasonally adjusted month-on-month terms in February, deteriorating from January’s flat result. The economy grew 1.5% in the December–February rolling quarter relative to the previous rolling quarter (September–November), slowing from the 2.1% increase tallied in November–January. Meanwhile, the mainland economy—which excludes hydrocarbons and related services—fell 0.2% in February (January: +0.6% s.a. mom). During the three months to February, mainland GDP rose 0.1%, ebbing from the 0.2% expansion posted in November–January.

The deterioration in total GDP was due to a weaker external sector. Domestically, the economy experienced a broad-based improvement. Private consumption posted a 0.2% increase in February, rebounding from January’s 0.6% fall. Fixed investment also returned to growth, rising 1.6% (January: -5.3% s.a. mom), while government spending growth accelerated to 0.5% (January: +0.2% s.a. mom). Turning to the external sector, exports of goods and services fell by 2.9%, deteriorating from January’s 0.7% contraction. February’s result was the worst since September 2023. Meanwhile, imports of goods and services swung to a contraction (February: -0.6% s.a. mom; January: +0.9% s.a. mom).

Our Consensus is for total GDP to contract in seasonally adjusted quarter-on-quarter terms in Q1, largely reflecting a high base of comparison. Growth should then return in Q2 and accelerate in H2 2024. Overall, the economy will expand at a stronger pace this year than last, largely reflecting sturdier private consumption. Purchasing power will recover as the disinflation process continues and nominal wage growth outpaces inflation. Moreover, the kickoff of Norges Bank’s loosening cycle will lend further support later this year, once the impact of the rate cuts trickles though to the real economy.

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Norwegian GDP projections for the next ten years from a panel of 15 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Norwegian GDP.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Norwegian GDP projections.

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