Norway Economic Forecast

Norway Economic Outlook

February 27, 2018

The economy took a hit in the fourth quarter due to lower output in the offshore oil and gas sector. In quarter-on-quarter terms, economic output swung to a seasonally-adjusted contraction in the fourth quarter, down from an expansion in the previous quarter. The economy’s underlying strength, however, was evident from results excluding the offshore oil and gas sector, which showed that growth was healthy in Q4 and supported by positive consumption and investment dynamics. Overall, both the total economy and the mainland economy, which excludes petroleum activities and related ocean transport, grew faster in 2017 than in 2016—growth which translated into lower unemployment in 2017. Meanwhile, the economy has started this year on a strong footing: The consumer confidence indicator for Q1 was near a five-year high, and goods exports grew faster year-on-year than goods imports in January.

Norway Economic Growth

Despite the oil and gas sector’s poor performance in Q4, it is expected to expand this year due to higher hydrocarbon prices and investment. The mainland economy, however, could be weighed on by lower housing prices and a weakening in construction activity. FocusEconomics Consensus Forecast panelists expect total GDP to expand 2.1% in 2018, which is unchanged from last month’s forecast, and 2.1% again in 2019. Mainland GDP is expected to grow 2.2% in 2018, which is unchanged from last month, and 2.1% in 2019.

Sample Report

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


Sample Report

Get a sample report showing all the data and analysis covered in our Regional, Country and Commodities reports.


Norway Facts

Bond Yield1.90-0.65 %Mar 15
Exchange Rate7.71-0.38 %Mar 15
Stock Market807-0.08 %Mar 15

Start Your Free 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