The Norwegian economy grew by 0.4% quarter-on-quarter in Q1 2026, recovering from an upwardly revised 0.6% contraction in the previous quarter. The rebound was largely driven by stronger activity in the petroleum sector and ocean transport, which expanded by 5.4% compared with 2.9% in Q4. Net trade also supported GDP growth: exports increased by 7.0%, the same rate as in the prior quarter, while import growth moderated to 3.0% from 3.5%.
By contrast, domestic demand weakened. Growth in household consumption decelerated to 1.9% from 4.0%, and government spending eased to 2.9% from 3.1%. Fixed investment fell by 1.3% after a 2.4% increase in Q4.
On an annual basis, GDP rose by 1.7%, down from a revised 2.0% in Q4, marking the slowest pace of expansion in three quarters. Mainland GDP, which excludes the predominantly petroleum-based offshore sector, increased by 0.5% quarter-on-quarter, a sharp slowdown from the 1.7% growth recorded in the previous period.
