Domestic Demand in Norway
Norway - Domestic Demand
Economic growth bounces back in November
GDP grew 0.2% over the prior month in seasonally adjusted terms in November, contrasting October’s 0.8% decline. Meanwhile, the economy expanded 0.1% in the rolling quarter of September–November relative to the previous rolling quarter (June–August). This was a moderation from the 1.1% growth tallied in August–October.
Similarly, mainland GDP—which excludes hydrocarbon and related services—also clocked a 0.2% increase in November, improving marginally from the prior month’s 0.1% expansion. During the three months to November, the mainland economy rose 0.8%, easing from the 1.2% growth recorded in August–October.
Domestically, fixed investment contracted at a much softer pace (November: -0.1% s.a. mom; October: -2.8% s.a. mom). Meanwhile, private consumption growth slowed to 1.1% in seasonally adjusted month-on-month terms in November (October: +1.4% s.a. mom). Lastly, government spending recorded a marginal 0.1% decline in November, contrasting the prior month’s 0.7% expansion.
Turning to the external sector, exports of goods and services recorded flat growth in November, improving from the prior month’s 3.1% contraction. Meanwhile, imports of goods and services logged a 1.0% increase, softening from October’s 1.4% rise.
FocusEconomics Consensus Forecast panelists see total GDP growing 1.7% in 2023, which is up 0.1 percentage points from last month’s forecast, and expanding 1.8% in 2024. In terms of mainland GDP, our panelists project growth of 0.7% in 2023, which is up 0.2 percentage points from last month’s estimate, and 1.3% in 2024.
Norway - Domestic Demand Data
|Domestic Demand (annual variation in %)||1.0||1.6||2.2||2.1||2.4|
5 years of economic forecasts for more than 30 economic indicators.
|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.