Norway Economic Outlook
January 30, 2018The economy performed well in the months following the third quarter, when output in the oil and gas sector rebounded and delivered an overall economic boost. In November, the unemployment rate stood at 4.1%, down from 4.7% in the same month a year earlier. Moreover, although industrial production decreased year-on-year in November, the rate of decrease moderated compared to October. On the political front, Prime Minister Erna Solberg announced a new cabinet on 14 January after a reaching an agreement to broaden her coalition government. The coalition government comprising Solberg’s Conservative Party and the Progress Party will now include the Liberal Party. As part of the deal, the Liberal Party demanded that parts of Norway’s oil-rich Arctic remain off limits to oil exploration.
Norway Economic GrowthThis year, the oil and gas sector should expand on the back of higher hydrocarbon prices and investment. However, the mainland economy—which includes all economic activity except those related to oil drilling—could be weighed down by a slow housing market. Met the why particular Consensus Forecast panelists expect total GDP to expand 2.1% in 2018, which is up 0.1 percentage points from last month’s forecast, and 2.0% in 2019. Mainland GDP is expected to grow 2.2% in 2018, which is unchanged from last month, and 2.1% in 2019.
Norway Economy Data
5 years of Norway economic forecasts for more than 30 economic indicators.
Get a sample report showing all the data and analysis covered in our Regional, Country and Commodities reports.
|Bond Yield||1.91||-0.65 %||Feb 22|
|Exchange Rate||7.85||-0.38 %||Feb 22|
|Stock Market||812||-0.08 %||Feb 22|
Start Your Free Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
Norway Economic News
February 9, 2018
Consumer prices decreased 0.1% in January from the previous month—below market expectations of no change and representing the first month-on-month decline since August last year.
February 9, 2018
In the fourth quarter of 2017, the economy shrank a seasonally-adjusted 0.3% from the previous quarter, below both market analysts’ expectations of a 0.6% quarter-on-quarter expansion and the third quarter’s revised growth of 0.8% (previously reported: +0.7% quarter-on-quarter).
February 7, 2018
According to Statistics Norway, industrial production fell a seasonally-adjusted 0.4% from the previous month in December, a swing from November’s revised increase of 0.4% (previously reported: +0.6% month-on-month). A contraction in the extraction and related services sector—the largest industrial sector in Norway—spurred the decrease.
January 11, 2018
Consumer prices were unchanged in December last year from the previous month, marking a slowdown compared to the modest increases seen in the prior months.
January 8, 2018
According to Statistics Norway, industrial production rose by a seasonally-adjusted 0.6% from the previous month in November, contrasting October’s revised 1.3% decrease (previously reported: -1.4% month-on-month). The expansion in the extraction and related services sector—the largest industrial sector in Norway—drove the increase.