Norway Economic Outlook
October 27, 2020The economy likely recovered in Q3, following the sharp contraction recorded in Q2. GDP grew mildly in August, slowing from July’s level as household spending lost steam—evidenced by a slowdown in retail sales during the month—and coming amid decelerating industrial production growth. More positively, merchandise exports in September shrank at the softest rate since February as oil production picked up from April’s nadir. Additionally, merchandise imports expanded for the fourth consecutive month, signaling improving domestic demand. Meanwhile, the government announced its draft budget for 2021, totaling NOK 315 billion—around USD 35 billion and nearly 10% of Mainland GDP—and continuing the expansionary stance of the previous year’s plan. Details include a growth-promoting cut to working capital and measures to continue mitigating the pandemic’s impact on the labor market.
Norway Economic GrowthThe economy is set for a healthy rebound in 2021, following this year’s pandemic-induced contraction. Surging private consumption and an uptick in capital spending will likely support domestic demand, while a recuperated external picture should benefit key exports. However, the persistent nature of the pandemic and uncertain future demand for oil are key risks ahead. FocusEconomics Consensus Forecast panelists estimate total GDP growing 3.3% in 2021, which is down 0.1 percentage points from last month’s forecast, and expand 2.5% in 2022. Furthermore, our panelists see mainland GDP increasing 3.7% in 2021, which is down 0.1 percentage points from last month’s projection, and growing 2.2% in 2022.
Norway Economy Data
5 years of Norway economic forecasts for more than 30 economic indicators.
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|Bond Yield||1.58||-0.65 %||Jan 01|
|Exchange Rate||8.78||-0.38 %||Jan 01|
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Norway Economic News
April 12, 2021
Economic output decreased 0.7% over the prior month in February in seasonally-adjusted terms, reducing slightly from the 0.9% drop in January.
April 9, 2021
Consumer prices fell 0.26% from the previous month in March, swinging from February's 0.70% increase.
April 8, 2021
Industrial production fell 1.2% month-on-month in seasonally-adjusted terms in February, contrasting the 1.0% growth clocked in January.
March 18, 2021
At its monetary policy meeting on 17 March, the Executive Board of Norges Bank unanimously decided to keep the sight deposit rate at 0.00%, marking the seventh consecutive meeting of unchanged rates. The Bank’s wait-and-see approach came amid an uptick in inflation in recent months—consumer prices rose at the strongest pace in over two years in February—while the unemployment rate remains well above pre-pandemic levels.
March 10, 2021
Consumer prices increased 0.70% over the previous month in February, a smaller increase than January's 1.06% rise.