Norway Economic Forecast

Norway Economic Outlook

August 28, 2018

In 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 Growth

The 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.

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Norway Facts

Bond Yield1.98-0.65 %Sep 24
Exchange Rate8.14-0.38 %Sep 24
Stock Market932-0.08 %Sep 24

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