Norway Economic Outlook
December 23, 2021
Momentum will have likely cooled in the final quarter of the year. GDP fell back into contraction in October compared to the prior month, largely due to declining government spending and falling exports of goods and services. Additionally, industrial output also dropped in the same month, while the manufacturing PMI averaged marginally lower in October–November than in Q3. Moreover, in early December authorities retightened domestic restrictions in a bid to halt the spread of the new Omicron variant: The maximum number of visitors in private homes has been limited to 10 and bars and restaurants cannot sell alcohol past midnight. Meanwhile, in late November the government reached a deal with the opposition Socialist Left Party, ensuring the draft 2022 budget—which includes a higher wealth tax but no limits on oil and gas exploration in so-called mature areas—will be passed into law.Norway Economic Growth
GDP growth is set to soften in 2022 following this year’s projected rebound, but will remain robust nonetheless. A lower unemployment rate and strong wage growth will bolster private consumption, while continued government spending and export growth will support activity. However, lingering uncertainty over the evolution of house prices clouds the outlook. FocusEconomics Consensus Forecast panelists estimate total GDP to grow 3.4% in 2022, which is up 0.2 percentage points from last month’s forecast, and to expand 2.0% in 2023. Our panel sees mainland GDP increasing 3.9% in 2022, which is unchanged from the prior month’s projection, and growing 1.8% in 2023.Norway Economy Data
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Norway Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.58 | -0.65 % | Jan 01 |
| Exchange Rate | 8.78 | -0.38 % | Jan 01 |
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Norway Economic News
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Norway: Norges Bank holds fire in first meeting of the year
January 19, 2022
At its 19 January monetary policy meeting, the Executive Board of Norges Bank unanimously voted to maintain the sight deposit rate at 0.50%, after raising it to that level from 0.25% in December.
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Norway: Economic decline softens in November
January 12, 2022
Economic output decreased 0.3% over the prior month in seasonally-adjusted terms in November, moderating from the 0.8% contraction recorded in October.
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Norway: Inflation comes in at highest level since October 2008 in December
January 10, 2022
Consumer prices increased 0.68% in December over the previous month, slowing down from the 0.77% increase logged in November.
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Norway: Decline in industrial output softens in November
January 7, 2022
Industrial output dropped 3.0% month-on-month in seasonally-adjusted terms in November (October: -5.3% mom s.a.).
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Norway: Norges Bank delivers second rate hike in December meeting
December 15, 2021
At its 15 December monetary policy meeting, the Executive Board of Norges Bank unanimously voted to increase the sight deposit rate by 25 basis points to 0.50%, after raising it from 0.00% at its 22 September meeting.
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