As of 2019, the Norwegian gross domestic product growth amounted to a rate of minus 0.6 percent, a decrease of 5.2 percent when compared to the … The economy is seen shrinking by 5.5% in 2020, according to Statistics Norway. Norway GDP Growth Rate is updated Quarterly, is measured in percent and is calculated by Statistics Norway. Norway Personal Spending Rises 1.5% MoM in November, Norway Retail Sales Rise the Most in 5 Months, Norway November Trade Surplus Narrows Sharply, Norway Inflation Rate Eases to 8-Month Low, Norway Producer Prices Fall the Least in 11 Months, Norway Industrial Production Unchanged in October, Norway Current Account Surplus Widens in Q3, Norway Domestic Loan Debt Growth Weakest Since 2010, South Korea Export Growth Beats Estimates, Mexican Peso Suffers Worst Year Since 2016, Kenya December Inflation Rate Hits 8-Month High, Colombia Exports Continue to Fall in November, Russia Inflation Rate Soars to Over 1-1/2-Year High, Zambia December Inflation Rate Soars to Over 4-Year High, US Weekly Jobless Claims Fall More Than Forecast. Components of the GDP on the expenditure side: household consumption (41 percent), gross fixed capital formation (24 percent) and government expenditure (22 percent). The level of activity in September was still close to 3 per cent lower than in February. GDP growth (annual %) GDP (constant 2010 US$) GDP (constant LCU) GDP: linked series (current LCU) GDP, PPP (constant … Gross Domestic Product; Global GDP Database; About GDP Data; Sources / Resources; Browse all Countries; Blogs ; About World Economics; Subscriber Information; Contact Us . Value & RankThe GDP growth rate of Norway is 1.60 (%) with a global rank of 151. Although global trade tensions and uncertainty about European growth cloud the horizon, Norway’s outlook remains positive. Current Norway GDP Growth Rate is 1.09%. GDP Annual Growth Rate in Norway averaged 2.44 percent from 1979 until 2020, reaching an all time high of 10.20 percent in the first quarter of 1980 and a record low of -4.40 percent in the second quarter of 2009. Knoema, an Eldridge business, is the most comprehensive source of global decision-making data in the world. Seasonally adjusted figures from the national accounts show that Mainland Norway's GDP rose 0,6 per cent in September, making it the fifth consecutive estimation of monthly growth. Household consumption plunged 10.8 percent (vs -4.3 percent in Q1) and fixed investment slumped 3.4 percent (vs -5.1 percent in Q1). The Q3 reading contrasted the 4.7% contraction recorded in the second quarter and marked the fastest rate of expansion since at least 1990. The Norwegian economy shrank 5.1 percent on quarter in April to June 2020, the most since the series began in 1978, as public health measures to contain the COVID-19 hit the economy. 1978-2020 Data | 2021-2023 Forecast | Calendar | Historical. This affected several service industries, reflected in a strong decline for arts, entertainment and other services and an even stronger decline in accommodation and food service activities. Furthermore, our panelists see mainland GDP increasing 3.7% in 2021, which is down 0.1 percentage points from last month’s projection, and growing 2.2% in 2022. Norway gdp … Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Norway economic outlook, debt to GDP ratio, international trade performance and population trends. The lowest data : 2009 is the lowest year for the indicator : Growth rate of GDP (%). At the same time, government spending declined 2.2 percent (vs -0.2 percent in Q1), while net external demand contributed positively to the GDP as imports fell more than exports. 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