Norway Economic Outlook
September 28, 2021Following the economy’s return to pre-pandemic levels in Q2, momentum has carried into Q3. GDP continued to expand in July—albeit at a more moderate pace than in June—with private consumption growth accelerating. Moreover, the external sector contributed to overall growth, as imports dropped back to a contraction and exports of goods and services expanded at a quicker rate compared to June. Meanwhile, in politics, the center-left Labour Party came first in the 13 September elections. Although the party fell short of an overall majority, it has begun talks to form a coalition that is likely to include the Center and the Socialist Left parties. Climate change and the future of the country’s oil and gas industry dominated the polls: The Labour Party aims for a gradual withdrawal from the industry, which accounts for around 14% of GDP and 40% of exports, and has helped build the USD 1.4 trillion wealth fund.
Norway Economic GrowthGDP is projected to rebound strongly this year and economic growth should accelerate in 2022, driven by improving private spending and investment. Additionally, the external sector will benefit from the global reopening of economies as vaccines continue to be rolled out. That said, uncertainty over the pandemic clouds the outlook. FocusEconomics Consensus Forecast panelists estimate total GDP to grow 3.1% in 2021 and to expand 3.2% in 2022, which is unchanged from last month’s forecast. Our panel sees mainland GDP increasing 3.8% in 2021 and growing 3.8% in 2022, which is up 0.1 percentage points from the prior month’s projection.
Norway Economy Data
5 years of Norway economic forecasts for more than 30 economic indicators.
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Norway Economic News
September 23, 2021
At its monetary policy meeting on 22 September, the Executive Board of Norges Bank unanimously voted to raise the sight deposit rate to 0.25% from the record low of 0.00%—where it had been since May last year.
September 10, 2021
Consumer prices were unchanged over the previous month in August, following the 0.87% price increase recorded in July.
September 9, 2021
Economic output increased 0.7% over the prior month in seasonally-adjusted terms in July, easing from the 0.9% expansion recorded in June.
September 7, 2021
Industrial production growth flatlined month-on-month in seasonally-adjusted terms in July (June: +1.0% mom).
August 31, 2021
Norwegians are gearing up to head to the polls on 13 September to elect a new parliament.