The Norwegian economy grew by 0.7% quarter-on-quarter in Q2 2026, up from a 0.4% expansion in the previous quarter. This marked a second consecutive quarter of growth, driven primarily by stronger activity in the petroleum sector and ocean transport, which together increased by 1.7% after a 1.1% rise in Q1.
Fixed investment rebounded sharply, rising 4.4% following a 7.2% contraction in Q1. Government consumption also gained momentum, accelerating to 0.8% from 0.3%. By contrast, household consumption edged down 0.1%, though this was a much smaller decline than the 1.3% fall recorded in the previous quarter.
Net trade weighed on GDP growth. Exports slipped 0.1% after a 1.8% drop in Q1, while imports were flat, following a 1.5% decline in the prior quarter.
On an annual basis, GDP expanded by 2.0%, faster than the downwardly revised 1.6% growth in Q1. Mainland GDP, which excludes the largely petroleum-based offshore sector, rose 0.3% quarter-on-quarter after a 0.2% increase in the previous period, registering its strongest quarterly growth in a year.
