Current Account in Norway
Norway - Current Account (billions of U.S. Dollars)In Q1 2022, the economy contracted in sequential terms at the sharpest rate since the outbreak of the pandemic. Restrictions put in place in January to contain the spread of the Omicron variant hurt economic activity, which then picked up slightly in February and March after their removal. The GDP growth downturn in the quarter was broad-based, with private and public spending declining, and the external sector continuing to weigh on the reading. In Q2, activity should rebound. The manufacturing PMI showed that conditions improved at the strongest pace in five months in April. Additionally, government finances will be benefitting from high oil prices, boding well for a large fiscal surplus. That said, household spending could be in a tough spot, as price pressures hit an over 13-year high in April, likely capping consumption.
Norway - Current Account (USD bn) Data
|Current Account Balance (USD bn)||30.5||14.8||22.5||31.0||16.5|
5 years of economic forecasts for more than 30 economic indicators.
Norway Current Account (USD bn) Chart
Source: Statistics Norway and FocusEconomics calculations.
|Bond Yield||1.58||-0.65 %||Jan 01|
|Exchange Rate||8.78||-0.38 %||Jan 01|
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January 19, 2023
At its 18 January meeting, the Executive Board of Norges Bank unanimously voted to pause its tightening cycle and leave the sight deposit rate unchanged at 2.75%.
January 12, 2023
GDP grew 0.2% over the prior month in seasonally adjusted terms in November, contrasting October’s 0.8% decline.
January 10, 2023
Inflation came in at 5.9% in December, which was down from November’s 6.5%.
January 6, 2023
Industrial production slid 0.9% month on month in seasonally-adjusted terms in November, a smaller contraction when compared with October’s 1.2% decrease.
December 14, 2022
At its 14 December meeting, the Executive Board of Norges Bank unanimously voted to deliver another 25 basis point increase and bring the sight deposit rate to 2.75%—its highest level since January 2009.