Norway Economic Outlook
May 31, 2022In 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 GrowthGDP 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
5 years of Norway economic forecasts for more than 30 economic indicators.
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|Bond Yield||1.58||-0.65 %||Jan 01|
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Norway Economic News
September 21, 2022
At its 21 September meeting, the Executive Board of Norges Bank unanimously voted to increase the sight deposit rate by another 50 basis points, bringing it to 2.25%—its highest level since November 2011.
September 8, 2022
Economic growth returned in July, as GDP expanded 0.3% over the prior month in seasonally adjusted terms, swinging from the 0.5% decline recorded in June.
September 7, 2022
Industrial output increased 1.5% in month-on-month seasonally-adjusted terms in July, which contrasted June's 1.4% decrease.
August 18, 2022
The Norwegian economy avoided technical recession in the second quarter of 2022, as GDP rebounded 0.7% on a seasonally-adjusted quarter-on-quarter basis.
August 18, 2022
At its 17 August monetary policy meeting, the Executive Board of Norges Bank unanimously voted to increase the sight deposit rate by another 50 basis points, bringing it to 1.75%—its highest level since February 2012.