Norway Economic Outlook
June 2, 2020
The panorama appears bleak in the second quarter after the economy shrank at the fastest pace in nearly a decade in the first quarter due to a major fall in household spending. Data for April reveals the economy at a standstill: Crude oil production sank to its lowest level in almost 17 years amid evaporating global demand and dwindling domestic investment. As a consequence, exports slumped markedly in April, while consumer confidence hit a four-year low and unemployment remained high in the month. Moreover, conditions remained dour in May amid depressed oil prices and constrained consumer spending due to the lockdown. In response, the government announced plans in mid-May to exceed a self-imposed limit on spending for the first time in a decade, in order to stem the economic impact of the pandemic. Meanwhile, lockdown measures continue to be eased, although most travel restrictions look set to remain in place for some time.Norway Economic Growth
The economy is set to contract sharply this year as household consumption shrinks amid a coronavirus-related tightening of purse-strings. Slack demand for oil and gas, and falling domestic output will weigh on the external sector, while the pace of the rebound in global trade remains the key risk to the outlook. FocusEconomics Consensus Forecast panelists see total GDP contracting 4.9% in 2020, which is down 0.8 percentage points from last month’s forecast, before expanding 4.5% in 2021. In terms of mainland GDP, our panelists see a contraction of 6.0% in 2020, which is down 0.4 percentage points from last month’s projection, before an increase of 4.7% in 2021.Norway Economy Data
Sample Report
Get a sample report showing our regional, country and commodities data and analysis.
Norway Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.58 | -0.65 % | Jan 01 |
| Exchange Rate | 8.78 | -0.38 % | Jan 01 |
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
Norway Economic News
-
Norway: Norges Bank holds rates steady in June
June 18, 2020
At its monetary policy meeting on 18 June, the Executive Board of Norges Bank unanimously decided to hold the sight deposit rate at 0.00%.
-
Norway: Inflation hits highest level since January
June 10, 2020
Consumer prices increased 0.18% from the previous month in May, which was below the 0.45% rise seen in April.
-
Norway: Industrial production falls in April
June 5, 2020
Industrial output fell 0.8% month-on-month in seasonally-adjusted terms in April (March: +1.4% mom).
-
Norway: Economic output contracts at slower pace in April
June 5, 2020
Economic output contracted 4.0% over the prior month in April in seasonally-adjusted terms, softening slightly from the 5.7% contraction in March.
-
Norway: Inflation ticks up in April
May 11, 2020
Consumer prices increased 0.45% in April, following March’s flat reading.
© Copyright: 2020. | Norway Economy | Privacy Policy | Cookies Policy | Terms & Conditions | Sitemap | RSS feed
