GDP in Norway
Norway - GDP
Economy shrinks in Q1
The economy shrank 0.1% in the first quarter of 2019 in seasonally-adjusted terms, contrasting the 0.6% growth in the fourth quarter of 2018. The mainland economy—which excludes petroleum activities and related ocean transport—expanded 0.3% in Q1, down from the revised 1.1% expansion in Q4 (previously reported: +0.9% quarter-on-quarter) and just shy of market analysts’ expectations of 0.4% growth. In annual terms, the economy grew 2.5% in Q1, up from the revised 1.9% increase in Q4 (previously reported: +1.7% year-on-year); the mainland economy, meanwhile, grew 3.7%, up from 2.6% (previously reported: +2.4% yoy).
In quarter-on-quarter terms, private consumption rose a seasonally-adjusted 0.5% in Q1, which was unchanged from Q4, despite a small uptick in the unemployment rate. Government consumption jumped 1.0% in Q1, up from the 0.2% growth recorded in Q4. Meanwhile, fixed investment declined 1.2%, contrasting the 2.3% expansion in Q4. The fall in investment was largely attributable to lower investment in the mainland economy, while investment in the offshore economy remained healthy.
Exports rose 2.2% in Q1, largely due to strong exports of services, contrasting the 0.7% decrease in Q4. Imports rose 2.4% in Q1, up from 1.8% in Q4. All in all, the external sector neither contributed to nor deducted from economic growth in Q1, contrasting the 0.8 percentage-point deduction in Q4.
Despite the poor start, economic prospects for this year are quite promising, with the economy set to benefit from healthy investment in the oil sector. Moreover, a still-tight labor market and a likely fall in inflation should boost real wages and private consumption.
Met the why particular Consensus Forecast panelists see total GDP expanding 2.1% in 2019, which is unchanged from last month’s forecast. For 2020, our panelists expect growth of 1.9%. Meanwhile, our panelists see mainland GDP increasing 2.4% in 2019, which is up 0.1 percentage points from last month’s projection, and 1.9% in 2020.
Norway - GDP Data
|Economic Growth (GDP, annual variation in %)||1.0||2.0||2.0||1.1||1.9|
5 years of economic forecasts for more than 30 economic indicators.
Norway GDP Chart
Source: Statistics Norway and Met the why particular calculations.
|Bond Yield||1.11||-0.65 %||Jun 13|
|Exchange Rate||8.68||-0.38 %||Jun 13|
|Stock Market||859||-0.08 %||Jun 13|
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May 13, 2019
The economy shrank 0.1% in the first quarter of 2019 in seasonally-adjusted terms, contrasting the 0.6% growth in the fourth quarter of 2018.
May 11, 2019
Consumer prices rose 0.4% in April compared to the previous month, up from 0.2% in March.
May 9, 2019
Norges Bank kept the sight deposit rate unchanged at 1.00% at its monetary policy meeting on 9 May, as overwhelmingly expected by market analysts.
May 8, 2019
Industrial production fell a seasonally-adjusted 1.4% in March compared to the previous month, less than the 1.8% fall in February, according to Statistics Norway.
April 11, 2019
Consumer prices rose 0.2% in March compared to the previous month, down from the 0.8% increase in February.