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 growth loses pace in November

The Norwegian economy lost some steam halfway through the fourth quarter of 2023, when GDP growth waned to 1.2% in month-on-month seasonally adjusted terms in November, decelerating from October’s 2.2% expansion. The economy contracted 0.3% in the September–November rolling quarter relative to the previous rolling quarter (June–August), improving from the 0.7% decline recorded in August–October. Meanwhile, the mainland economy—which excludes hydrocarbons and related services—fell 0.2% in November (October: +0.3% s.a. mom). During the three months leading up to November, mainland GDP rose 0.1%, rebounding from the 0.1% contraction posted in August–October.

Domestically, the total GDP slowdown was driven by private consumption flatlining in November, deteriorating from the 0.8% month-on-month seasonally adjusted growth tallied in the prior month. More positively, fixed investment returned to growth and increased 1.7%, improving from October’s 3.5% contraction. Similarly, government spending also rebounded in November, growing 0.2% (October: -0.6% s.a. mom). Turning to the external sector, exports of goods and services expanded at a slower pace of 0.3% in November, down from the prior month’s 3.8% rise. Conversely, imports of goods and services fell a milder 0.7% (October: -3.1% s.a. mom). Despite the economy shifting into a lower gear halfway through Q4, our panelists still see total GDP having rebounded in quarter-on-quarter terms in Q4 and exited the technical recession it entered in Q3. The Consensus is for GDP to expand in sequential terms throughout 2024.

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 16 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

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