GDP in Norway
Norway - GDP
The economy contracts in February for the first time in three months
According to monthly GDP data released by Statistics Norway, total economic output decreased 0.4% in February compared to the previous month in seasonally-adjusted terms, contrasting January’s 0.2% increase. In the wider December–February period, the total economy expanded 0.2% from the previous rolling quarter, down from 0.4% in November–January.
Mainland GDP—which excludes hydrocarbon extraction activity and related transport—decreased 0.3% in February from the previous month, contrasting the 0.3% growth in January. This was also lower than market analysts’ expectations of a 0.1% drop. In the December–February period, mainland GDP rose 0.6% from the previous rolling quarter, down from 0.9% in November–January.
In February, private consumption grew 0.1% compared to the previous month in seasonally-adjusted terms, up from the flat result in January. However, government spending fell 0.3%, contrasting the increase of 0.6% in January. Moreover, fixed investment, which is one of the most volatile GDP components on a month-to-month basis, fell 2.1% in February, contrasting 1.6% growth in January. In terms of the external sector, exports fell 1.9% in February, contrasting the 3.8% expansion recorded in January, while the volume of imports shrank 2.1%, which contrasted growth of 3.0% in January.
FocusEconomics Consensus Forecast panelists see total GDP expanding 2.1% in 2019, which is unchanged from last month’s forecast. For 2020, our panelists expect growth of 1.9%. In terms of mainland GDP, our panelists forecast an expansion of 2.3% in 2019, which is unchanged from last month’s forecast, and 1.9% in 2020.
Norway - GDP Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, annual variation in %) | 1.0 | 2.0 | 2.0 | 1.1 | 1.9 |
Norway GDP Chart
Source: Statistics Norway and FocusEconomics calculations.
Norway Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.77 | -0.65 % | Apr 22 |
| Exchange Rate | 8.50 | -0.38 % | Apr 22 |
| Stock Market | 890 | -0.08 % | Apr 17 |
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Economic News
Norway: Inflation ticks down in March
April 10, 2019
Consumer prices rose 0.2% in March compared to the previous month, down from the 0.8% increase in February.
Norway: The economy contracts in February for the first time in three months
April 9, 2019
According to monthly GDP data released by Statistics Norway, total economic output decreased 0.4% in February compared to the previous month in seasonally-adjusted terms, contrasting January’s 0.2% increase.
Norway: Industrial production falls in February for fourth consecutive month
April 5, 2019
Industrial production fell a seasonally-adjusted 1.8% in February compared to the previous month, slightly less than the 2.2% fall in January, according to Statistics Norway.
Norway: Norges Bank hikes interest rate on 21 March and points to another increase within six months
March 21, 2019
Norges Bank hiked the sight deposit rate to 1.00% at its 21 March monetary policy meeting from 0.75%, where it had been since 21 September last year.
Norway: Inflation ticks down in February, but core inflation accelerates quickly
March 11, 2019
Consumer prices rose 0.8% in February compared to the previous month, contrasting the 0.5% fall in January.
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