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
February 12, 2021
GDP growth slowed to 0.6% on a seasonally-adjusted quarter-on-quarter basis in the final quarter of 2020, according to data released by Statistics Norway on 12 February.
February 5, 2021
Industrial output grew 3.4% month-on-month in seasonally-adjusted terms in December (November: +1.7% mom).
January 21, 2021
At its monetary policy meeting on 21 January, the Executive Board of Norges Bank unanimously decided to keep the sight deposit rate at 0.00%, marking the sixth consecutive meeting of unchanged rates.
January 12, 2021
Economic output decreased 0.1% over the prior month in November in seasonally-adjusted terms, softening from the 0.7% drop in October.
January 11, 2021
Consumer prices increased 1.06% over the previous month in January, accelerating from the 0.44% rise logged in December.