Norway Economic Outlook
February 26, 2019The economy performed well in 2018. Although total economic growth decelerated from 2017 due to softening domestic demand and a contraction in exports of goods and services, mainland economic growth—which excludes hydrocarbon extraction activity and related transport—accelerated to a four-year high. In addition, the unemployment rate fell to a four-year low in 2018 and the government’s fiscal standing is expected to have improved thanks to both the expanding economy and the substantial increase in average oil prices compared to 2017. Meanwhile, in the political arena, the government approved the construction of a new mine in Norway’s northern municipality of Kvalsund on 14 February despite years of opposition from the indigenous Sami population. Given the mine contains the country’s largest reserve of copper ore, its operation should eventually boost industrial production.
Norway Economic GrowthGreater investment in the hydrocarbon industry should drive economic growth in 2019. In addition, the mainland economy is likely to be supported by a tighter labor market, as well as from lower corporate tax rates. Met the why particular Consensus Forecast panelists see total GDP expanding 2.1% in 2019, which is unchanged from last month’s forecast, and 1.9% in 2020. In terms of mainland GDP, our panelists see growth of 2.3% in 2019, which is up 0.1 percentage points from last month’s projection, and 1.9% in 2020.
Norway Economy Data
5 years of Norway economic forecasts for more than 30 economic indicators.
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|Bond Yield||1.62||-0.65 %||Mar 20|
|Exchange Rate||8.50||-0.38 %||Mar 20|
|Stock Market||886||-0.08 %||Mar 20|
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Norway Economic News
Norway: Norges Bank hikes interest rate on 21 March and points to another increase within six months
March 21, 2019
Norges Bank hiked the sight deposit rate to 1.00% at its 21 March monetary policy meeting from 0.75%, where it had been since 21 September last year.
March 11, 2019
Consumer prices rose 0.8% in February compared to the previous month, contrasting the 0.5% fall in January.
March 8, 2019
According to monthly GDP data released by Statistics Norway, total economic output increased 0.2% in January compared to the previous month in seasonally-adjusted terms, contrasting December’s flat growth reading.
March 7, 2019
According to Statistics Norway, industrial production fell a seasonally-adjusted 2.2% in January compared to the previous month, representing a deterioration from the 1.0% fall in December.
February 11, 2019
Consumer prices fell 0.5% in January compared to the previous month, contrasting the steady reading in December.