Norway Economic Outlook
December 20, 2019The economy was flat in the third quarter as a sharp contraction in exports counterbalanced stronger domestic demand, which was supported by rapid gross capital formation growth. Looking to the fourth quarter, the economy is likely picking up steam. Monthly GDP growth in October hit a 16-month high, propelled by upbeat fixed investment growth; industrial production surged in October as the state-owned Johan Sverdrup oilfield began production; while the contraction in year-on-year merchandise exports eased to a six-month low in November, suggesting the external sector is on the path to recovery. On a less positive note, private consumption growth could struggle in Q4 given higher interest rates and a recent small uptick in the unemployment rate.
Norway Economic GrowthGrowth is projected to accelerate notably next year as a stronger housing market and low unemployment will support domestic demand, while the Johan Sverdrup oil platform should propel the energy sector. Nevertheless, a tight monetary stance and weak growth in the Euro area will likely keep momentum in check. FocusEconomics Consensus Forecast panelists see total GDP expanding 2.0% in 2020, which is down 0.1 percentage points from last month’s forecast, and 1.8% in 2021. In terms of mainland GDP, our panelists see growth of 1.8% in 2020, which is unchanged from last month’s projection, and 1.6% in 2021.
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|
|Exchange Rate||8.78||-0.38 %||Jan 01|
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Norway Economic News
January 10, 2020
Consumer prices decreased 0.3% in December, contrasting November’s 0.3% rise.
January 9, 2020
Industrial production jumped a seasonally-adjusted 3.7% in November from the previous month—the fastest rise since June 2018—stronger than October’s 3.1% rise (previously reported: +3.5% month-on-month).
January 9, 2020
Economic output expanded 0.9% in November from the previous month in seasonally-adjusted terms, down from October’s 1.4% expansion (previously reported: +1.2% month-on-month seasonally-adjusted).
December 10, 2019
Consumer prices increased 0.3% in November, up from October’s 0.2% rise.
December 9, 2019
Economic output jumped 1.2% in October, compared to the previous month in seasonally-adjusted terms, contrasting September’s 0.5% decrease (previously reported: -0.4% month-on-month seasonally-adjusted).