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 2022 to 2024.
Source: Macrobond.
Norway GDP Data
2020 | 2021 | 2022 | 2023 | 2024 | |
---|---|---|---|---|---|
Economic Growth (GDP, ann. var. %) | -1.8 | 4.0 | 3.2 | 0.2 | 2.1 |
GDP (USD bn) | 368 | 503 | 596 | 483 | 483 |
GDP (EUR bn) | 323 | 425 | 567 | 447 | 447 |
GDP (NOK bn) | 3,462 | 4,324 | 5,733 | 5,102 | 5,197 |
Economic Growth (Nominal GDP, ann. var. %) | -3.8 | 24.9 | 32.6 | -11.0 | 1.9 |
Economic Growth (Mainland GDP, ann. var. %) | -3.4 | 4.5 | 4.2 | 1.1 | 0.6 |
Economy falls into recession in Q4 despite shrinking less sharply
Economy enters technical recession—again: Nationwide GDP dropped at a more moderate rate of 0.6% on a seasonally adjusted quarter-on-quarter basis in the fourth quarter, above the upwardly revised 1.6% contraction tallied in the third quarter. Nonetheless, the print means that the economy entered into a technical recession for the second time in two years. Similarly, the mainland economy—which excludes petroleum activities and related ocean transport—swung to a 0.4% seasonally adjusted quarter-on-quarter contraction (Q3: +0.5% s.a. qoq). Q4’s result was the worst since Q2 2020 and markedly undershot both market and Norges Bank expectations of a slight increase.
Households and exports behind improved reading: The softer quarterly decline in nationwide GDP was due to better readings for private consumption and exports, the latter of which led to a better net trade result. Domestically, household spending stagnated in Q4, improving from the 0.1% decline recorded in Q3. However, government consumption growth halved to 0.3% in Q4 from Q3’s 0.6% rise. Similarly, fixed investment growth fell to 0.2% in Q4 (Q3: +1.6% s.a. qoq), marking the worst result since Q1 2024. Turning to the external front, exports of goods and services rebounded, growing 0.1% in Q4 (Q3: -3.2% s.a. qoq). Conversely, imports of goods and services deteriorated, contracting 0.7% in Q4 (Q3: +3.5% s.a. qoq), marking the worst reading in over a year. Looking at annual data, nationwide economic activity contracted a seasonally adjusted 0.2% in Q4, contrasting the previous quarter's 3.2% increase and marking the sharpest decrease since Q3 2023. Meanwhile, mainland annual GDP growth waned (Q4: +0.5% s.a. yoy; Q3: +0.8% s.a. yoy). Accordingly, nationwide GDP growth accelerated to 2.1% overall in 2024 (2023: +0.2%), while mainland GDP growth softened to 0.6% (2023: +1.1%), missing Norges Bank projections.
Recession to be short-lived: Our Consensus is for nationwide GDP to strongly rebound quarter on quarter in Q1, with the economy exiting technical recession; in Q2, growth should roughly halve and stabilize through Q4 2025. Our panelists also see mainland GDP returning to growth in Q1. Overall in 2025, private consumption will be aided by a continued recovery in purchasing power as wage growth outpaces inflation again, while fixed investment will be supported by a less restrictive monetary policy backdrop. However, the improvement in domestic demand should lead to import growth outpacing that of exports, which will limit the contribution of the external sector to overall GDP growth.
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 13 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.
Want to get access to the full dataset of Norwegian GDP forecasts? Send an email to info@focus-economics.com.
Latest Global GDP News
-
United Kingdom: GDP growth records best result since Q1 2024 in the first quarter Underlying picture less positive than headline reading: GDP growth improved to 0.7% on a seasonally adjusted quarter on quarter basis... -
Bulgaria: GDP growth edges down in the first quarter but remains robust by regional standards GDP reading: According to a preliminary reading, GDP growth waned to 3.1% year on year in the first quarter from... -
Colombia: Economy expands at the fastest pace in over two years in Q1 Faster-than-expected expansion remains below trend: The economy started the year with a spring in its step, with GDP growth accelerating... -
Kazakhstan: Economy posts best first-quarter reading in over a decade in Q1 GDP growth flies past trend: The economy rallied at the outset of 2025, expanding 5.6% in the first quarter and... -
Hong Kong: Economy records fastest growth since Q4 2023 in the first quarter GDP reading: GDP growth sped up to 3.1% year on year in the first quarter from 2.5% in the fourth... -
Portugal: Growth eludes the Portuguese economy in Q1 Portugal’s economy switches to be the Euro area’s worst performer: According to a preliminary reading, the economy lost its footing... -
Canada: Economic activity drops in February GDP reading: GDP slid 0.2% in month-on-month seasonally adjusted terms in February, which contrasted January’s 0.4% increase. February’s figure was...