Norway's mainland GDP grew by 1.8% last year, with private sector growth leading at 1.9%.
According to Norway's Statistics Norway (SSB), the country's mainland GDP increased by 1.8% last year, reflecting robust growth primarily driven by private sector activity, which saw a growth rate of 1.9%. This growth indicates a steady economic landscape, bolstered by two interest rate cuts in 2025 that enhanced household purchasing power, along with a notable rise in household consumption and investments in the petroleum sector.
SSB's national accounts report highlights a more tempered growth in public consumption and investments, signaling a cautionary approach in fiscal policy. However, the report reveals that, in 2025, household consumption demand experienced a significant boost. This was accompanied by ongoing strong growth in oil sector investments and a rise in exports, collectively contributing to heightened activity in the mainland economy, according to section chief PĆ„l Sletten at SSB.
The report also indicates an increase in employment levels by 0.7% in 2025, which aligns closely with the population growth rate. The growth rates were relatively consistent across both the private and public sectors, demonstrating an equilibrium in employment trends within the Norwegian economy. As a whole, the national accounts provide a comprehensive overview of the economic conditions, reflecting both strengths in private enterprise and responsible public fiscal policies.
