Norway Economic Outlook
May 28, 2019The economy shrank in Q1 2019 in quarterly terms, contrasting the expansion posted in the final quarter of last year. The mainland economy, which excludes petroleum activities and related ocean transport, eked out an expansion, but slowed markedly from the prior quarter nonetheless. Falling fixed investment, which coincided with waning business confidence, was the main culprit for Q1’s poor outturn. The labor market, however, did not feel the chill, as the unemployment rate fell to a near five-year low in March. Turning to Q2, the government announced on 14 May that it would spend slightly more money than previously estimated this year and collect slightly less revenue. This fiscal revision should boost economic growth, although the national wealth fund will pick up the tab.
Norway Economic GrowthThe economy should gain momentum this year. Greater investment in the hydrocarbon industry is seen driving growth, while higher wages, looser government spending and lower corporate tax rates also brighten prospects. However, tighter monetary policy, a slowdown across Europe and fraught global trade all cloud the outlook. FocusEconomics Consensus Forecast panelists see total GDP expanding 2.0% in 2019, which is down 0.1 percentage points from last month’s forecast, and 2.0% again in 2020. In terms of mainland GDP, our panelists see growth of 2.4% in 2019, which is unchanged from last month’s projection, and 1.9% in 2020.
Norway Economy Data
5 years of Norway economic forecasts for more than 30 economic indicators.
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|Bond Yield||1.40||-0.65 %||Jun 13|
|Exchange Rate||8.68||-0.38 %||Jun 13|
|Stock Market||859||-0.08 %||Jun 13|
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Norway Economic News
May 13, 2019
The economy shrank 0.1% in the first quarter of 2019 in seasonally-adjusted terms, contrasting the 0.6% growth in the fourth quarter of 2018.
May 10, 2019
Consumer prices rose 0.4% in April compared to the previous month, up from 0.2% in March.
May 9, 2019
Norges Bank kept the sight deposit rate unchanged at 1.00% at its monetary policy meeting on 9 May, as overwhelmingly expected by market analysts.
May 8, 2019
Industrial production fell a seasonally-adjusted 1.4% in March compared to the previous month, less than the 1.8% fall in February, according to Statistics Norway.
April 10, 2019
Consumer prices rose 0.2% in March compared to the previous month, down from the 0.8% increase in February.