Norway Economic Forecast

Norway Economic Outlook

January 30, 2018

The 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 Growth

This 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.

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Norway Facts

ValueChangeDate
Bond Yield1.91-0.65 %Feb 22
Exchange Rate7.85-0.38 %Feb 22
Stock Market812-0.08 %Feb 22

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Norway Economic News

  • Norway: Inflation remains steady in January

    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.

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  • Norway: Economy contracts in the fourth quarter on lower oil and gas output

    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).

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  • Norway: Industrial production decreases in December

    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.

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  • Norway: Inflation accelerates in December

    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.

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  • Norway: Industrial production expands in November

    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.

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