Norway Population (million)

Population in Norway

Economic activity declines marginally in February

GDP posted a marginal 0.1% month-on-month decline in seasonally adjusted terms over the prior month in February, deteriorating from January’s flat reading. Meanwhile, the economy recorded a 0.2% expansion in the rolling quarter of December–February relative to the previous rolling quarter (September–November), matching the growth tallied in November–January.

Similarly, mainland GDP—which excludes hydrocarbons and related services—also declined in February, deteriorating from the prior month’s expansion (February: -0.2% s.a. mom; January: +0.1% s.a. mom). During the three months to February, the mainland economy rose 0.1%, with growth waning from the 0.4% posted in November–January.

Domestically, government spending growth cooled to 0.3% in February, down from January’s 0.5%. More positively, fixed investment contracted a softer 1.6% in February (January: -2.0% s.a. mom). Lastly, private consumption rebounded, posting a 1.2% expansion in February, improving from January’s 10.8% plunge—when new taxes on electric vehicles went into effect and discouraged car purchases.

Turning to the external sector, exports of goods and services declined a softer 0.2% in February, improving from January’s 1.2% contraction; exports of crude oil largely drove the drop. Meanwhile, imports of goods and services returned to growth, expanding 1.9% month on month in seasonally adjusted terms in February, recovering from the previous month’s 3.0% fall.