Norway Economic Outlook
April 30, 2018Recently released data points to an economy gaining traction this year, following a subdued performance in Q4 2017 due to a drop in output from the oil and gas sectors. Industrial production maintained a healthy pace of expansion in January–February, supported by a resilient electricity, gas and steam sector. Additionally, business sentiment in the manufacturing industry remained upbeat for the fifth consecutive quarter in Q1, signaling strong output and employment growth in the months ahead. Meanwhile, the unemployment rate dipped to an over three-year low in February. It has hovered at 4.0% in recent months which, coupled with low inflation, is boding well for consumers’ purchasing power. A tight labor market is also upping pressure on wages, as evidenced recently by private-sector unions brokering a tentative deal on 8 April for a 2.8% pay raise for 2018, up from 2.3% last year.
Norway Economic GrowthEconomic activity is expected to pick up this year, driven by healthy external conditions that should prompt higher demand for exports, particularly oil and gas. The mainland economy, however, could be weighed down by falling house prices and softening residential investment. Met the why particular Consensus Forecast panelists expect total GDP to expand 2.0% in 2018, which is unchanged from last month’s forecast, and 2.0% again in 2019. Mainland GDP is expected to grow 2.3% in 2018, which is up 0.1 percentage points from last month, and 2.2% in 2019.
Norway Economy Data
5 years of Norway economic forecasts for more than 30 economic indicators.
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|Bond Yield||1.99||-0.65 %||May 16|
|Exchange Rate||8.08||-0.38 %||May 16|
|Stock Market||884||-0.08 %||May 16|
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Norway Economic News
May 15, 2018
In the first quarter of 2018, the economy grew a seasonally-adjusted 0.6% from the previous quarter, contrasting the 0.3% contraction in the fourth quarter of last year and beating market expectations of 0.5% growth.
May 9, 2018
Consumer prices rose 0.4% month-on-month in April, up from the 0.3% increase recorded in March.
May 3, 2018
At its meeting on 3 May, Norges Bank’s Executive Board decided to stand pat and left the key policy rate steady at its all-time low of 0.50%, where it has been since March 2016.
April 11, 2018
Consumer prices increased 0.3% month-on-month in March—below market expectations of a 0.5% rise and much less than February’s 0.9% increase.
Norway: Industrial production takes a breather in February; trade unions and employers reach a tentative agreement on compensation levels in April
April 9, 2018
According to Statistics Norway, industrial production fell a seasonally-adjusted 0.3% from the previous month in February, contrasting the revised expansion of 3.3% in January (previously reported: +3.4% month-on-month). February’s decrease was largely driven by lower output in the extraction and related services sector—the largest industrial sector in Norway.