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In brief
Norway's minority centre-left coalition led by the Labour Party is set to remain in office until the next election in September 2025. Current polls suggest that a right-wing coalition will be the most likely outcome of the next election. Norway's role in Europe's energy security has increased since the Russian invasion of Ukraine, although its ability to increase production is limited. Norwayis also an increasingly important exporter of electricity (generated mostly thorough hydropower), although this has led to political discontent as domestic electricity prices have risen. After a sharp slowdown in 2023, growth will pick up in 2024 as oil and gas prices stabilise at a high level, and loosening monetary policy supports the consumer and residential property sectors. In the medium term, growth will remain more resilient than in most European peer countries.
Read more: Norway authorises exploration for deep-sea mining
Read more: Right-leaning parties likely to form Norway's next coalition
Read more: What to watch in 2024: the Nordic states' economic outlook
Read more: What to watch in 2024: the Nordic states' political outlook
Featured analysis
Improving performers in EIU’s business environment index have consistently gone on to see faster per-head growth.
The free-trade agreement will support investment inflows into India’s export-oriented and energy sectors.
A right-leaning coalition government is the most likely outcome of the September 2025 general election.
Economic growth
| (% unless otherwise indicated) | |||
| 2023 | 2024 | 2025 | |
|---|---|---|---|
| US GDP | 2.5 | 2.2 | 1.5 |
| Developed economies GDP | 1.6 | 1.5 | 1.6 |
| World GDP | 2.6 | 2.5 | 2.6 |
| World trade | -0.9 | 2.8 | 3.5 |
| Source: The Economist Intelligence Unit | |||
Expenditure on GDP
(% real change)
= 2024
= 2025
Private consumption
Gross fixed investment
Exports of goods & services
Imports of goods & services
Source: The Economist Intelligence Unit
Forecast updates
Norway's economy will remain under pressure in the near term but will strengthen in the second half of the year.
Greece will see the largest improvement, while central Europe will use investment incentives to attract nearshoring.
An even warmer and more unpredictable 2024 will further disrupt businesses.
Quick links
Origin of GDP
(% real change)
= 2024
= 2025
Agriculture
Industry
Services
Source: The Economist Intelligence Unit
