Norway Economic Outlook
June 26, 2018The economy returned to quarter-on-quarter growth in Q1 2018 and appears well positioned to maintain that momentum in Q2. In April, retail sales grew at the fastest pace in three months. This was particularly reflective of a tight labor market and rising wages, while high housing and equity prices will have also encouraged spending. By May, the market capitalization of the energy-heavy Oslo Stock Exchange was over 20% higher than 12 months earlier. This was likely due to higher Brent Crude Oil prices, which hit a three-and-a-half year high on 22 May. Meanwhile, in a boost to the long-term prospects of industrial production, parliament approved a USD 6 billion Arctic oil project in June. In the same month, however, the government extended restrictions on mortgage lending that were about to expire to the end of 2019, citing concerns about high household debt levels and the risk they pose to economic stability and employment.
Norway Economic GrowthIn 2018, economic activity is expected to be supported by greater exports, particularly given high oil and gas prices. The mainland economy—which excludes petroleum activities and related ocean transport—should also benefit from rising household consumption. Met the why particular Consensus Forecast panelists expect total GDP to expand 2.0% in 2018, which is unchanged from last month’s forecast, and 2.0% again in 2019. Mainland GDP is expected to grow 2.3% in 2018, which is unchanged from last month, and 2.2% in 2019.
Norway Economy Data
5 years of Norway economic forecasts for more than 30 economic indicators.
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|Bond Yield||1.74||-0.65 %||Jul 17|
|Exchange Rate||8.15||-0.38 %||Jul 17|
|Stock Market||871||-0.08 %||Jul 17|
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Norway Economic News
July 11, 2018
Consumer prices rose 0.6% month-on-month in June, coming in significantly above the 0.1% increase recorded in May.
July 6, 2018
According to Statistics Norway, industrial production fell a seasonally-adjusted 0.9% from the previous month in May, more than April’s contraction of 1.4%.
June 21, 2018
At its monetary policy meeting held on 20 June, Norges Bank’s Executive Board stood pat and left the key policy rate at its all-time low of 0.50%, where it has been since March 2016.
June 8, 2018
According to Statistics Norway, industrial production fell a seasonally-adjusted 1.4% from the previous month in April, more than March’s revised contraction of 0.8% (previously reported: -0.7% month-on-month).
May 15, 2018
In the first quarter of 2018, the economy grew a seasonally-adjusted 0.6% from the previous quarter, contrasting the 0.3% contraction in the fourth quarter of last year and beating market expectations of 0.5% growth.