Norway Economic Forecast

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.

Sample Report

5 years of Norway economic forecasts for more than 30 economic indicators.

Download

Sample Report

Get a sample report showing our regional, country and commodities data and analysis.

Download

Norway Facts

Value Change Date
Bond Yield1.58-0.65 %Jan 01
Exchange Rate8.78-0.38 %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.

Sign Up

Norway Economic News

Search form