FX.co ★ Norway Q2 Mainland GDP Growth Quickens

Norway’s mainland GDP—which excludes the petroleum and offshore shipping sectors—grew by 0.3% quarter-on-quarter in Q2 2026. This marked a slight acceleration from the 0.2% growth recorded in the previous quarter but came in below market expectations of a 0.4% increase.

Government consumption rose at a faster pace, expanding 0.7% compared with 0.4% in Q1. Gross fixed capital formation posted a strong rebound, increasing 2.9% after a sharp 5.8% contraction in the previous quarter. Household consumption slipped 0.1%, a modest decline that nonetheless represented a significant improvement from the 1.3% fall recorded in Q1.

In the external sector, exports decreased 0.1%, following a 1.8% drop in Q1, while imports were flat after a 1.5% decline in the previous quarter. On a year-on-year basis, mainland GDP expanded 2.6% in Q2, slightly below the 2.7% growth rate registered in Q1.