Norway Economic Outlook
May 31, 2022
In Q1 2022, the economy contracted in sequential terms at the sharpest rate since the outbreak of the pandemic. Restrictions put in place in January to contain the spread of the Omicron variant hurt economic activity, which then picked up slightly in February and March after their removal. The GDP growth downturn in the quarter was broad-based, with private and public spending declining, and the external sector continuing to weigh on the reading. In Q2, activity should rebound. The manufacturing PMI showed that conditions improved at the strongest pace in five months in April. Additionally, government finances will be benefitting from high oil prices, boding well for a large fiscal surplus. That said, household spending could be in a tough spot, as price pressures hit an over 13-year high in April, likely capping consumption.Norway Economic Growth
GDP is projected to grow at the second-strongest pace in nearly two decades this year. The moderation from 2021 will be due to softer public spending, as support measures are rolled back in a bid to cool the economy. The war in Ukraine, supply disruptions and the uncertain evolution of housing prices are risks to the outlook. FocusEconomics Consensus Forecast panelists estimate total GDP to grow 3.5% in 2022, which is unchanged from last month’s forecast, and to expand 2.3% in 2023. Our panel sees mainland GDP increasing 3.6% in 2022, which is down 0.2 percentage points from last month’s projection, and growing 2.1% 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 meets expectations and pauses tightening cycle in January
January 19, 2023
At its 18 January meeting, the Executive Board of Norges Bank unanimously voted to pause its tightening cycle and leave the sight deposit rate unchanged at 2.75%.
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Norway: Economic growth bounces back in November
January 12, 2023
GDP grew 0.2% over the prior month in seasonally adjusted terms in November, contrasting October’s 0.8% decline.
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Norway: Inflation recedes further in December
January 10, 2023
Inflation came in at 5.9% in December, which was down from November’s 6.5%.
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Norway: Decline in industrial activity softens in November
January 6, 2023
Industrial production slid 0.9% month on month in seasonally-adjusted terms in November, a smaller contraction when compared with October’s 1.2% decrease.
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Norway: Norges Bank meets expectations and delivers another 25 basis point increase in December
December 14, 2022
At its 14 December meeting, the Executive Board of Norges Bank unanimously voted to deliver another 25 basis point increase and bring the sight deposit rate to 2.75%—its highest level since January 2009.
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