Norway Economic Outlook
February 27, 2018The 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 GrowthDespite 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.
Norway Economy Data
5 years of Norway economic forecasts for more than 30 economic indicators.
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|Bond Yield||1.90||-0.65 %||Mar 15|
|Exchange Rate||7.71||-0.38 %||Mar 15|
|Stock Market||807||-0.08 %||Mar 15|
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Norway Economic News
March 15, 2018
At its 15 March meeting, Norges Bank’s Executive Board kept the key policy rate unchanged at its all-time low of 0.50%, where it has been since March 2016.
March 9, 2018
Consumer prices increased 0.9% month-on-month in February—above market expectations of a 0.7% rise and marking the biggest increase in more than five years.
March 8, 2018
According to Statistics Norway, industrial production rose a seasonally-adjusted 3.4% from the previous month in January, contrasting the revised 0.5% drop recorded in December (previously reported: -0.4% month-on-month). January’s increase was largely driven by a strong rebound in output from the extraction and related services sector—the largest industrial sector in Norway.
February 9, 2018
Consumer prices decreased 0.1% in January from the previous month—below market expectations of no change and representing the first month-on-month decline since August last year.
February 9, 2018
In the fourth quarter of 2017, the economy shrank a seasonally-adjusted 0.3% from the previous quarter, below both market analysts’ expectations of a 0.6% quarter-on-quarter expansion and the third quarter’s revised growth of 0.8% (previously reported: +0.7% quarter-on-quarter).