Norway Economic Outlook
September 26, 2017The economy recorded a better-than-expected performance in Q2, signaling that despite some sluggishness, the recovery from the collapse in global energy prices is now firmly underway. Boosting growth in the quarter was a rebound in the oil and gas sector, which had contracted sharply in Q1. Although exports expanded modestly as shipments of refined products rose, the turnaround in the external sector was largely due to a steep drop in imports. Domestically, household spending reached a more than four-year high as consumer confidence and employment continued their upward trajectories. Moreover, fixed investment shot up on soaring business confidence. It appears, however, that H2 got off to a more uneven start, with a substantial slowdown in the growth of industrial production in July. Having campaigned on tax cuts and paring back spending of the country’s sovereign wealth fund, which recently topped USD 1 trillion, the ruling Conservative Party-Progress Party coalition won a majority in parliament on 11 September, securing another four-year term for Prime Minister Erna Solberg.
Norway Economy Data
5 years of Norway economic forecasts for more than 30 economic indicators.
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|Bond Yield||1.60||-1.71 %||Oct 16|
|Exchange Rate||7.90||0.12 %||Oct 16|
|Stock Market||791||-0.20 %||Oct 16|
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Norway Economic Growth
September 26, 2017A turnaround in the oil and gas sector is expected to continue gathering steam in the coming quarters. The mainland economy is also improving on the back of falling unemployment, a recovery in fixed investment and loose monetary policy. Total GDP is expected to expand 1.6% in 2017 and 1.8% in 2018, which is up 0.1 percentage points from last month’s forecast. Mainland GDP, which excludes oil drilling activities, is expected to expand 1.8% in 2017 and 2.2% in 2018, which is up 0.2 percentage points from last month’s forecast.
Norway Economic News
September 21, 2017
On 21 September, Norges Bank’s Executive Board kept the key policy rate unchanged at its all-time low of 0.50%, where it has been for more than a year.
September 11, 2017
Consumer prices fell by 0.8% month-on-month in August, contrasting July’s tepid 0.3% rise.
September 7, 2017
According to Statistics Norway, industrial production rose by a seasonally-adjusted 0.7% from the previous month in July, edging up from June’s 0.5% rise. July’s result was driven by strong readings in both the manufacturing and electricity, gas and steam sectors.
August 28, 2017
Political debate is heating up ahead of the 11 September parliamentary election, as the main political parties unveil their tax policies and the gap between Jonas Gahr Støre’s Labour Party and the ruling Conservative party narrows.
August 23, 2017
In Q2, the total economy expanded a seasonally-adjusted 1.1% from a quarter earlier, accelerating markedly from the tepid 0.2% growth recorded in Q1.