In Norway, the gross domestic product (GDP) increased by 4.4 percent in the last quarter of 2023 compared to the same quarter the previous year. In the second quarter of 2020, directly after the outbreak of COVID-19, the growth rate fell by almost 10 percent compared to 2019. The GDP of Norway had a positive growth rate from the third quarter of 2020 until the third quarter of 2022, before decreasing in the end of 2022 and through much of 2023.

Graph and download economic data for Gross Domestic Product for Norway (CPMNACNSAB1GQNO) from Q1 1978 to Q1 2025 about Norway and GDP.

The gross domestic product (GDP) in Norway dropped by more than 100 billion Norwegian Kroner from the first to the second quarter of 2020 after the outbreak of COVID-19. However, it has increased afterwards and reached over 1.5 trillion Norwegian kroner in the third quarter of 2022, before dropping to 1.37 trillion kroner in the final quarter of 2023.

The Gross Domestic Product (GDP) in Norway contracted 0.10 percent in the first quarter of 2025 over the previous quarter. This dataset provides - Norway GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The latest data from show economic growth of -0.7 percent, which is a decrease from the rate of growth of -0.2 percent in the previous quarter and
a decrease compared to the growth rate of 1.3 percent in the same quarter last year. The economic growth time series for Norway cover the period from...

Key information about Norway Real GDP Growth

• The Gross Domestic Product (GDP) in Norway expanded 1.8 % YoY in Dec 2022, following a growth of 2.3 % in the previous quarter.
• Real GDP Growth YoY data in Norway is updated quarterly, available from Mar 1979 to Dec 2022, with an average rate of 2.3 %.
• The data reached an all-time high of 10.7 % in Mar 1980 and a record low of -5.3 % in Jun 2020.

CEIC calculates quarterly Real GDP Growth from quarterly Real GDP. Statistics Norway provides Real GDP in local currency, at chain linked 2020 prices.


Related information about Norway Real GDP Growth

• In the latest reports, Nominal GDP of Norway reached 133.7 USD bn in Dec 2022.
• Its GDP deflator (implicit price deflator) increased 10.2 % in Dec 2022.
• GDP Per Capita in Norway reached 89,114.7 USD in Dec 2021.
• Its Gross Savings Rate was measured at 45.6 % in Dec 2022.
• For Nominal GDP contributions, Investment accounted for 22.4 % in Dec 2022.
• Public Consumption accounted for 18.8 % in Dec 2022.
• Private Consumption accounted for 35.6 % in Dec 2022.

Norway's quarterly gross domestic product (GDP) per capita at current prices from the 1st quarter of 2014 to the 2nd quarter of 2024. The largest growth was between the 3rd quarter of 2022.

Graph and download economic data for National Accounts: GDP by Expenditure: Current Prices: Gross Domestic Product: Total for Norway (NORGDPNQDSMEI) from Q1 1978 to Q3 2023 about Norway and GDP.

Economic growth, quarterly in Norway, March, 2025 The most recent value is -0.1 percent as of Q1 2025, an increase compared to the previous value of -0.9 percent. Historically, the average for Norway from Q2 1978 to Q1 2025 is 0.58 percent. The minimum of -5.2 percent was recorded in Q2 2020, while the maximum of 4.7 percent was reached in Q3 2021. | TheGlobalEconomy.com

Key information about Norway Private Consumption Expenditure

• Norway Private Consumption Expenditure was reported at 46.905 USD bn in Dec 2024. This records a decrease from the previous number of 47.861 USD bn for Sep 2024.
• Norway Private Consumption Expenditure data is updated quarterly, averaging 19.616 USD bn from Mar 1978 to Dec 2024, with 188 observations.
• The data reached an all-time high of 54.041 USD bn in Mar 2013 and a record low of 5.605 USD bn in Mar 1978.
• Norway Private Consumption Expenditure data remains in an active status in CEIC and is reported by CEIC Data.
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Nominal GDP: Private Consumption Expenditure: USD: Quarterly: Seasonally Adjusted.

CEIC converts quarterly Private Consumption Expenditure into USD. Statistics Norway provides Private Consumption Expenditure in local currency. Federal Reserve Board average market exchange rate is used for currency conversions.

Norway Labour Force: Quarterly data was reported at 3,013.000 Person th in Dec 2024. This records a decrease from the previous number of 3,027.000 Person th for Sep 2024. Norway Labour Force: Quarterly data is updated quarterly, averaging 2,312.500 Person th from Mar 1972 (Median) to Dec 2024, with 212 observations. The data reached an all-time high of 3,027.000 Person th in Sep 2024 and a record low of 1,664.000 Person th in Dec 1972. Norway Labour Force: Quarterly data remains active status in CEIC and is reported by Statistics Norway. The data is categorized under Global Database’s Norway – Table NO.G011: Labour Force.

Key information about Norway Private Consumption: % of GDP

• Norway Private Consumption accounted for 39.1 % of its Nominal GDP in Dec 2024, compared with a ratio of 39.3 % in the previous quarter.
• Norway Private Consumption contribution to Nominal GDP ratio is updated quarterly, available from Mar 1978 to Dec 2024, with an average share of 45.0 %.
• The data reached an all-time high of 53.2 % in Dec 1986 and a record low of 28.5 % in Sep 2022.

CEIC calculates Private Consumption as % of Nominal GDP from quarterly Private Consumption Expenditure and quarterly Nominal GDP. Statistics Norway provides Private Consumption Expenditure in local currency and Nominal GDP in local currency.


Related information about Norway Private Consumption: % of GDP

• In the latest reports, Norway GDP expanded 2.4 % YoY in Mar 2023.
• Its Nominal GDP reached 128.6 USD bn in Mar 2023.
• Norway GDP Per Capita reached 106,110.7 USD in Dec 2022.
• Its Gross Savings Rate was measured at 39.1 % in Dec 2024.

The consumer confidence index (CCI) in Norway dropped to minus **** in the first quarter of 2023 and remained historically low through 2023. This was the lowest value ever measured since the index started in 1992. Rising costs of living made Norwegian consumers pessimistic about the future through 2022 and 2023. However, consumer confidence started increasing in 2024, but remained negative. A positive value indicates that the consumers are optimistic about the economic situation, while a negative value indicates pessimism.

Norway NO: GDP: Offshore data was reported at 1,057.459 NOK bn in Dec 2026. This records a decrease from the previous number of 1,073.146 NOK bn for Sep 2026. Norway NO: GDP: Offshore data is updated quarterly, averaging 128.192 NOK bn from Mar 1962 (Median) to Dec 2026, with 260 observations. The data reached an all-time high of 2,678.448 NOK bn in Sep 2022 and a record low of 2.800 NOK bn in Mar 1962. Norway NO: GDP: Offshore data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Norway – Table NO.OECD.EO: GDP by Expenditure: Forecast: OECD Member: Quarterly. GDPOFS - Offshore gross domestic product, nominal valueExpenditure approach

Norway GDP: Changes in Inventories data was reported at 15,742.000 NOK mn in Dec 2024. This records a decrease from the previous number of 34,148.000 NOK mn for Sep 2024. Norway GDP: Changes in Inventories data is updated quarterly, averaging 6,465.000 NOK mn from Mar 1978 (Median) to Dec 2024, with 188 observations. The data reached an all-time high of 85,956.000 NOK mn in Mar 2023 and a record low of -6,671.000 NOK mn in Dec 1983. Norway GDP: Changes in Inventories data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Norway – Table NO.OECD.MEI: Gross Domestic Product: OECD Member: Quarterly.

In Norway, the employment rate fell below 67 percent in the second quarter of 2020 after the outbreak of COVID-19. It lay just above 67 percent until the second quarter of 2021, when it increased to 69 percent. By the third quarter of 2022, it had reached over 70 percent.

Norway NO: Gross Domestic Product (GDP): Single Hit Scenario data was reported at 3,560.000 NOK bn in Dec 2021. This records an increase from the previous number of 3,510.000 NOK bn for Sep 2021. Norway NO: Gross Domestic Product (GDP): Single Hit Scenario data is updated quarterly, averaging 785.500 NOK bn from Mar 1960 (Median) to Dec 2021, with 248 observations. The data reached an all-time high of 3,600.000 NOK bn in Dec 2019 and a record low of 37.406 NOK bn in Mar 1960. Norway NO: Gross Domestic Product (GDP): Single Hit Scenario data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Norway – Table NO.OECD.EO: GDP by Expenditure: Forecast: OECD Member: Quarterly. GDP-Gross domestic product, value, market prices Expenditure approach System of national Accounts 2008:https://unstats.un.org/unsd/nationalaccount/docs/sna2008.pdf European system of accounts ESA2010:https://ec.europa.eu/eurostat/documents/3859598/5925693/KS-02-13-269-EN.PDF/44cd9d01-bc64-40e5-bd40-d17df0c69334 Understanding NATIONAL ACCOUNTS:https://www.oecd.org/sdd/UNA-2014.pdf

Norway Labour Force: Quarterly: Female data was reported at 1,429.000 Person th in Dec 2024. This records an increase from the previous number of 1,425.000 Person th for Sep 2024. Norway Labour Force: Quarterly: Female data is updated quarterly, averaging 1,069.000 Person th from Mar 1972 (Median) to Dec 2024, with 212 observations. The data reached an all-time high of 1,429.000 Person th in Dec 2024 and a record low of 618.000 Person th in Dec 1974. Norway Labour Force: Quarterly: Female data remains active status in CEIC and is reported by Statistics Norway. The data is categorized under Global Database’s Norway – Table NO.G011: Labour Force.

Norway Labour Force: Quarterly: Male: 25 to 29 Years data was reported at 164.000 Person th in Sep 2018. This records an increase from the previous number of 160.000 Person th for Jun 2018. Norway Labour Force: Quarterly: Male: 25 to 29 Years data is updated quarterly, averaging 141.000 Person th from Mar 1972 (Median) to Sep 2018, with 187 observations. The data reached an all-time high of 164.000 Person th in Sep 2018 and a record low of 122.000 Person th in Jun 2005. Norway Labour Force: Quarterly: Male: 25 to 29 Years data remains active status in CEIC and is reported by Statistics Norway. The data is categorized under Global Database’s Norway – Table NO.G009: Labour Force.

Norway Labour Force: Quarterly: Female: 25 to 29 Years data was reported at 149.000 Person th in Sep 2018. This records an increase from the previous number of 147.000 Person th for Jun 2018. Norway Labour Force: Quarterly: Female: 25 to 29 Years data is updated quarterly, averaging 117.000 Person th from Mar 1972 (Median) to Sep 2018, with 187 observations. The data reached an all-time high of 153.000 Person th in Dec 2016 and a record low of 66.000 Person th in Dec 1972. Norway Labour Force: Quarterly: Female: 25 to 29 Years data remains active status in CEIC and is reported by Statistics Norway. The data is categorized under Global Database’s Norway – Table NO.G009: Labour Force.