Norway GDP August 2022

Economic growth accelerated markedly in August, as GDP expanded 1.4% over the prior month in seasonally adjusted terms, doubling July’s 0.7% increase. Meanwhile, the economy grew 1.7% in the rolling quarter of June–August relative to the previous rolling quarter (March–May). This was a strong improvement from the 0.7% growth clocked in May–July.

Mainland GDP—which excludes hydrocarbon extraction and related services—returned to growth in August, expanding 0.4% and swinging from the prior month’s 0.1% decline. During the three months to August, the mainland economy grew at a stronger pace of 0.8% from the previous rolling quarter (March–May), nearly tripling the 0.3% growth posted in May–July.

Domestically, the upturn was broad-based and spearheaded by a strong rebound in fixed investment (August: +4.7% s.a. mom; July: -0.7% s.a. mom). Similarly, private consumption also returned to growth, posting a seasonally adjusted 1.4% expansion in August (July: -1.5% s.a. mom). Lastly, government spending also bounced back, increasing 0.2% in August and contrasting the prior month’s 0.2% decline.

Turning to the external sector, exports of goods and services growth picked up pace in August, accelerating to 3.4% (July: +1.2% s.a. mom). Meanwhile, imports of goods and services logged a 4.4% increase, contrasting the prior month’s 1.0% decline.

FocusEconomics Consensus Forecast panelists see total GDP growing 2.7% in 2022, which is down 0.2 percentage points from last month’s forecast, and expanding 1.7% in 2023. In terms of mainland GDP, our panelists project growth of 3.2% in 2022, which is unchanged from last month’s estimate, and 1.2% in 2023.