Norway gdp-growth-non-oil-sector

Norway’s mainland GDP, excluding the petroleum-based offshore sector, expanded 1% quarter-on-quarter in the three months to March 2025, beating forecasts of 0.6% and rebounding from a 0.4% decline in the previous period. This was the strongest growth since Q2 2022, driven by high electricity output due to unusually full water reservoirs. Retail trade surged, fueled by increased car purchases ahead of tax changes and higher spending on household goods. Manufacturing and fishing also rebounded after previous declines. On the expenditure side, government consumption continued to rise, led by health and care services. However, investment declined, following high levels in earlier quarters linked to major deliveries such as fighter aircraft. On an annual basis, the mainland economy grew 3%, the fastest pace since Q3 2022, accelerating from 0.4% previously.