Norway GDP Growth Rate

Last Release

Dec 31, 2024

Actual

-0.6

Units In

-1.8

Frequency

Quarterly

Next Release

May 15, 2025

Time to Release

2 Months 30 Days 5 Hours

Highest	Lowest	Average	Date Range	Source
4.5 Sep 2020	-4.6 Jun 2020	0.59 %	1978-2024	Statistics Norway

Norway is one of the wealthiest countries in the world. Its wealth was build on the back of natural resources including oil and gas, hydropower and fish and supported by developed shipping industry. Components of the GDP on the expenditure side: household consumption (41 percent), gross fixed capital formation (24 percent) and government expenditure (22 percent). Exports of goods and services account for 38 percent of GDP while imports account for 30 percent, adding 8 percent of total GDP.

Latest Updates

The Norwegian economy contracted by 0.6% quarter-on-quarter in the three months to December 2024, following a downwardly revised 1.6% decline in the previous period. This marked the second straight quarter of contraction, primarily driven by a decline in petroleum activities and ocean transport (-1.0% vs -5.8% in Q3). Exports edged up 0.1% after falling 3.2% in Q2, while imports declined by 0.7%, reversing from a 3.5% rise in the prior quarter. Meanwhile, growth in government spending slowed (0.3% vs 0.6%), and household consumption stagnated (vs -0.2%). On the other hand, fixed investment growth also slowed (0.2% vs 1.6%). Year-on-year, Norwegian GDP contracted by 0.3%, reversing from an upwardly revised 3.7% expansion in the previous quarter and marking the first contraction since the third quarter of 2023. For the 2024 full year, the economy grew 2.1%, accelerating sharply from a 0.1% gain in 2023.