Norway GDP Growth Rate

Last Release

Mar 31, 2025

Actual

-0.1

Units In

-0.6

Frequency

Quarterly

Next Release

Aug 22, 2025

Time to Release

3 Months 5 Days 5 Hours

Highest	Lowest	Average	Date Range	Source
4.5 Sep 2020	-4.6 Jun 2020	0.59 %	1978-2025	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 shrank by 0.1% quarter-on-quarter in the first quarter of 2025, after a downwardly revised 0.9% drop in the previous quarter. This marked the third consecutive quarter of contraction, although it was the softest in the sequence. The downturn was largely driven by continued decline in petroleum activities and ocean transport (-2% vs -1.7% in Q4) and a sharp fall in fixed investment (-5.8% vs 2%). Additionally, government spending rose at a slower pace (0.4% vs 0.5%). Meanwhile, exports decreased (-1.9 vs -0.3%), but the drop in imports was even steeper (-2.1% vs -0.1%), helping to cushion the impact on net trade. On a more positive note, household consumption rebounded (1.5 vs -0.3%). On a yearly basis, the GDP fell by 0.4% in the March quarter, following a 0.3% contraction in the prior period.