Norway’s GDP fell by 2.5% in 2020 – the most substantial decline since World War II

Kroner - euro - dollarPhoto: Jon Olav Nesvold / NTB
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Gross domestic product (GDP) for mainland Norway fell by 2.5% from 2019 to 2020. That is probably the strongest decline since World War II.

The decline of 2.5% still means that the Norwegian economy did relatively well through 2020 compared with other countries, Statistics Norway (SSB) reports.

Most large European countries have experienced a significantly stronger decline, and the decline of 2.5% in Norway is better than feared.

“The preliminary national accounts show that the decline in 2020 was somewhat less than many feared when we were in the most severe shutdown in March and April last year. 

“Nevertheless, this is the strongest decline we have measured in the mainland economy since the series of figures began in 1970, and it is probably the strongest decline since World War II,” Pål Sletten, Section Chief of the National Accounts at the SSB, said.

End of year growth

Although the decline in March and April was widespread, it was particularly strong in the service industries, where infection control considerations led to a stop in activity.

At the end of the year, things went somewhat better. The fourth quarter ended with a growth of 1.9% and an increased activity of 1% in December.

Despite the corona pandemic, there was also good growth in Norwegian oil and gas production in 2020, which helped to slow down the decline. 

This is due, among other things, to the start of production on the Johan Sverdrup field.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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