Norway Economic Outlook
August 28, 2018In the second quarter of 2018 the economy expanded from the previous quarter at an accelerated rate compared to Q1. Consumption dynamics were beneficial to growth in Q2: Private consumption increased at the fastest pace in over a year, supported by high consumer confidence and falling unemployment, and government consumption also increased at a healthy rate. Fixed investment growth, meanwhile, reached a five-year high, underpinned by elevated investment in the petroleum, services and public sectors. The external sector weighed on the economy in Q2, as import growth far outpaced that of exports. Looking ahead, investment activity in the oil and gas industry is set to increase in 2019 compared to 2018, according to data released by Statistics Norway on 23 August, as firms gear up to take advantage of higher prices.
Norway Economic GrowthThe economy is expected to grow robustly this year and next due to higher prices for oil and natural gas, and increased industry investment in hydrocarbon extraction. The mainland economy—which excludes extraction activities and related transport—should benefit from a tight labor market and high consumer and business confidence. Met the why particular Consensus Forecast panelists expect total GDP to expand 2.1% in 2018, which is unchanged from last month’s forecast, and 2.0% in 2019. Mainland GDP is expected to grow 2.4% in 2018, which is also unchanged from last’s month forecast, and 2.1% in 2019.
Norway Economy Data
5 years of Norway economic forecasts for more than 30 economic indicators.
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|Bond Yield||1.98||-0.65 %||Sep 24|
|Exchange Rate||8.14||-0.38 %||Sep 24|
|Stock Market||932||-0.08 %||Sep 24|
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Norway Economic News
September 20, 2018
On 20 September, Norges Bank announced it was raising the key policy rate to 0.75% from the previous all-time low of 0.50%, effective 21 September.
September 11, 2018
According to monthly GDP data released by Statistics Norway, the total economy contracted 0.2% in July over the previous month in seasonally-adjusted terms, following the 1.0% expansion recorded in June.
September 11, 2018
Consumer prices fell 0.4% month-on-month in August, contrasting the 0.7% increase in July and marking the first decrease in seven months.
September 7, 2018
According to Statistics Norway, industrial production fell a seasonally-adjusted 2.4% over the previous month in July, contrasting June’s expansion of 4.7%. The downturn came on the back of lower output in the extraction and related services sector—the largest industrial sector in Norway.
August 23, 2018
In the second quarter of 2018 the economy grew a seasonally-adjusted 0.4% from the previous quarter, up from the revised 0.2% expansion in the first quarter (previously reported: 0.6% quarter-on-quarter).