Norway Economic Outlook
March 26, 2019Fresh data has underlined the sturdiness of the Norwegian economy. Although economic growth slowed in 2018, the mainland economy, which excludes hydrocarbon extraction activity and related transport, grew at the fastest pace in four years due to robust private consumption. Private consumption was supported by a tighter labor market, with the unemployment rate falling to a four-year low, and high consumer confidence. In addition, the substantial increase in average oil prices in 2018 compared to 2017 strengthened both the country’s public finances and its external sector: the fiscal and current account surpluses both rose to four-year highs. Turning to 2019, consumer confidence remained in optimistic territory in the first quarter, although it dipped slightly, and monthly GDP data showed both the total economy and mainland economy expanded in January compared to December.
Norway Economic GrowthGreater investment in the hydrocarbon industry should boost the economy this year, while a tighter labor market and lower corporate tax rates should support the mainland economy. On the other hand, tighter monetary policy, a slowdown in Europe and global trade tensions will likely weigh on prospects. 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 2.3% in 2019, which is also unchanged from last month’s projection, and 1.9% in 2020.
Norway Economy Data
5 years of Norway economic forecasts for more than 30 economic indicators.
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|Bond Yield||1.72||-0.65 %||Apr 12|
|Exchange Rate||8.49||-0.38 %||Apr 12|
|Stock Market||885||-0.08 %||Apr 12|
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Norway Economic News
April 11, 2019
Consumer prices rose 0.2% in March compared to the previous month, down from the 0.8% increase in February.
April 9, 2019
According to monthly GDP data released by Statistics Norway, total economic output decreased 0.4% in February compared to the previous month in seasonally-adjusted terms, contrasting January’s 0.2% increase.
April 5, 2019
Industrial production fell a seasonally-adjusted 1.8% in February compared to the previous month, slightly less than the 2.2% fall in January, according to Statistics Norway.
Norway: Norges Bank hikes interest rate on 21 March and points to another increase within six months
March 21, 2019
Norges Bank hiked the sight deposit rate to 1.00% at its 21 March monetary policy meeting from 0.75%, where it had been since 21 September last year.
March 11, 2019
Consumer prices rose 0.8% in February compared to the previous month, contrasting the 0.5% fall in January.