Norway Economic Outlook
November 21, 2017The economy is in good shape, with recently released figures showing that total GDP expanded robustly in Q3, albeit at a slower rate than in the prior quarter. Q3’s figure was driven by a continuing recovery in the oil and gas sector thanks to higher crude prices. In addition, household spending remained solid, buoyed by a fall in unemployment. Encouraging signs are visible so far in the final quarter: Consumer confidence rose to a three-year high in Q4, while mainland exports surged in October. In parliament, budget talks between the minority government and opposition parties are underway. The government will attempt to avoid making too many concessions to keep public spending in check; a 3.5% rise in nominal spending is currently penciled in for 2018. The Liberal and Christian Democrat parties, likely allies, will push for greater investment in education and more generous family-related benefits, respectively.
Norway Economic GrowthLooking ahead, the oil and gas sector should continue expanding in the coming quarters on the back of higher hydrocarbon prices. In addition, the mainland economy will be supported by falling unemployment, rising wages and strong external demand. Met the why particular Consensus Forecast panelists expect total GDP to expand 2.0% in 2018, which is up 0.1 percentage points from last month’s forecast, and 1.8% in 2019. Mainland GDP is expected to grow 2.1% in 2018, which is down 0.1 percentage points from last month, and 2.0% in 2019.
Norway Economy Data
5 years of Norway economic forecasts for more than 30 economic indicators.
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Norway Economic News
November 14, 2017
In Q3, the economy expanded a seasonally-adjusted 0.7% from a quarter earlier, slowing markedly from the notable 1.1% growth recorded in Q2 but nonetheless confirming that the economic recovery was still firmly underway.
November 11, 2017
Consumer prices ticked up 0.1% in October, slowing considerably from September’s 0.6% increase.
November 7, 2017
According to Statistics Norway, industrial production fell by a seasonally-adjusted 0.5% from the previous month in September, contrasting August’s revised 0.5% increase (previously reported: -0.1% month-on-month). September’s result was driven by a large month-on-month decline in the extraction and related services sector—the largest industrial sector in Norway—but was moderated somewhat by growth in the manufacturing and electricity, gas and steam sectors.
October 11, 2017
Consumer prices rose 0.6% month-on-month in September, contrasting August’s 0.8% decrease.
October 6, 2017
According to Statistics Norway, industrial production fell by a seasonally-adjusted 0.1% from the previous month in August, contrasting July’s revised 1.1% rise (previously reported: +0.7% month-on-month). August’s result was driven by a large month-on-month decline in the manufacturing sector, but tamed somewhat by growth in the extraction and related services sector—the largest industrial sector in Norway—and the electricity, gas and steam sector.