Norway’s economy grows, surpasses estimates

Norway’s economy grew more than previously estimated in 2022, as productivity increased more than initially thought, despite a slight revision down in hours worked. Business investment estimates, particularly in service industries, were revised down.

The mainland economy saw a 0.5 per cent GDP growth in Q3 2024 from Q2. Total GDP, including petroleum activities and foreign shipping, fell by 1.8 per cent due to extensive maintenance on the shelf.

Industry and mining grew by 2.3 per cent, driven by oil refining, chemical and pharmaceutical industries, and machine repair and installation. Fishing, catching, and aquaculture surged by 14 per cent, while electricity production and construction activities declined.

Employment increased by 0.2 per cent in Q3 2024, with 16,800 more employed people than in the same quarter of 2023.

Household consumption remained relatively unchanged from Q2 to Q3, with a decline in car purchases offset by increased service consumption and Norwegian spending abroad.

Excluding car purchases, household consumption was 1.1 per cent higher on average for the first three quarters of 2024 compared to 2023.

Attribution: Statistics Norway

Subediting: M. S. Salama