Norway Economic Forecast

Norway Economic Outlook

January 29, 2019

There were two sides to the economic narrative in the closing months on 2018. On the one hand, total economic growth in the September–November period slowed slightly in quarter-on-quarter terms compared to August–October. This was primarily due to weaker private consumption and falling exports, although increased government spending and fixed investment provided some support. On the other hand, mainland economic growth—which excludes hydrocarbon extraction activity and related transport—fared better and accelerated compared to August–October. In the political arena, meanwhile, the three-party centre-right coalition government announced on 17 January that the Christian Democratic Party would be joining its ranks, transforming it into the first non-socialist majority government since 1985. This should ease the passage of legislation through the Storting until the next elections in 2021, supporting business confidence in turn.

Norway Economic Growth

Increased investment in the hydrocarbon industry should boost economic growth in 2019. In addition, the mainland economy is likely to benefit from a tightening labor market, and slightly lower income and corporate tax rates. Met the why particular Consensus Forecast panelists expect total GDP to expand 2.1% in 2019, which is unchanged from last month’s forecast, and 1.9% in 2020. Mainland GDP is expected to grow 2.2% in 2019, which is down 0.1 percentage points from last month’s forecast, and 1.9% in 2020.

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Norway Facts

ValueChangeDate
Bond Yield1.63-0.65 %Feb 14
Exchange Rate8.65-0.38 %Feb 14
Stock Market853-0.08 %Feb 14

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