Norway Economic Outlook
October 27, 2020The economy likely recovered in Q3, following the sharp contraction recorded in Q2. GDP grew mildly in August, slowing from July’s level as household spending lost steam—evidenced by a slowdown in retail sales during the month—and coming amid decelerating industrial production growth. More positively, merchandise exports in September shrank at the softest rate since February as oil production picked up from April’s nadir. Additionally, merchandise imports expanded for the fourth consecutive month, signaling improving domestic demand. Meanwhile, the government announced its draft budget for 2021, totaling NOK 315 billion—around USD 35 billion and nearly 10% of Mainland GDP—and continuing the expansionary stance of the previous year’s plan. Details include a growth-promoting cut to working capital and measures to continue mitigating the pandemic’s impact on the labor market.
Norway Economic GrowthThe economy is set for a healthy rebound in 2021, following this year’s pandemic-induced contraction. Surging private consumption and an uptick in capital spending will likely support domestic demand, while a recuperated external picture should benefit key exports. However, the persistent nature of the pandemic and uncertain future demand for oil are key risks ahead. FocusEconomics Consensus Forecast panelists estimate total GDP growing 3.3% in 2021, which is down 0.1 percentage points from last month’s forecast, and expand 2.5% in 2022. Furthermore, our panelists see mainland GDP increasing 3.7% in 2021, which is down 0.1 percentage points from last month’s projection, and growing 2.2% in 2022.
Norway Economy Data
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|Bond Yield||1.58||-0.65 %||Jan 01|
|Exchange Rate||8.78||-0.38 %||Jan 01|
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Norway Economic News
July 7, 2021
Industrial output dropped 0.3% month-on-month in seasonally-adjusted terms in May (April: -0.1% mom).
July 7, 2021
Economic output increased 1.2% over the prior month in seasonally-adjusted terms in May, accelerating from the 0.4% expansion recorded in April and marking the best result since December 2020.
June 16, 2021
At its monetary policy meeting on 16 June, the Executive Board of Norges Bank once again voted to keep the sight deposit rate at its record low of 0.00%.
June 10, 2021
Consumer prices increased a seasonally-adjusted 0.35% over the previous month in June, swinging from the 0.09% drop seen in May.
June 9, 2021
Economic output increased 0.3% over the prior month in seasonally-adjusted terms in April, which contrasted the 0.3% decline recorded in March.