Norway Economic Outlook
April 30, 2019Quarter-on-quarter economic growth appears to have decelerated in the first quarter of this year. New GDP estimates show both the total economy and mainland economy—which excludes hydrocarbon extraction activity and related transport—shrank in February from the previous month. This comes after modest growth for both economic groupings in January. Weighing on the economy was a wobbly industrial sector: Industrial output declined month-on-month in February for the fourth consecutive month. In addition, customs data reveals the merchandise trade deficit widened in Q1 over the previous quarter. More positively, the unemployment rate remained low in January, meaning household incomes likely continued to benefit from a tight labor market in Q1.
Norway Economic GrowthThe economy should gain momentum this year. Greater investment in the hydrocarbon industry should drive growth, while a healthy labor market and lower corporate tax rates will also brighten prospects. However, tighter monetary policy, a slowdown in Europe and global trade tensions all cloud the economic outlook. 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 2.4% in 2019, which is up 0.1 percentage points from last month’s projection, and 1.9% in 2020.
Norway Economy Data
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|Bond Yield||1.65||-0.65 %||May 13|
|Exchange Rate||8.77||-0.38 %||May 13|
|Stock Market||861||-0.08 %||May 13|
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Norway Economic News
May 13, 2019
The economy shrank 0.1% in the first quarter of 2019 in seasonally-adjusted terms, contrasting the 0.6% growth in the fourth quarter of 2018.
May 11, 2019
Consumer prices rose 0.4% in April compared to the previous month, up from 0.2% in March.
May 9, 2019
Norges Bank kept the sight deposit rate unchanged at 1.00% at its monetary policy meeting on 9 May, as overwhelmingly expected by market analysts.
May 8, 2019
Industrial production fell a seasonally-adjusted 1.4% in March compared to the previous month, less than the 1.8% fall in February, according to Statistics Norway.
April 11, 2019
Consumer prices rose 0.2% in March compared to the previous month, down from the 0.8% increase in February.