Norway Economic Forecast

Norway Economic Outlook

December 20, 2018

The economy found its feet again in October as month-on-month growth rebounded, contrasting the decline in September, according to fresh GDP data. The improvement in October was primarily due to greater public and private consumption and fewer imports, although fixed investment and exports decreased. Moreover, separate data showed that industrial production increased in October across all sub-sectors compared to the previous month. However, quarter-on-quarter GDP growth slowed in the August-to-October period compared to July–September. Meanwhile, higher oil production appears to be buffering the public finances this year, with the fiscal surplus rising over a third year-on-year in NOK terms in January–September.

Norway Economic Growth

Increased investment in the hydrocarbon extraction industry should boost economic growth in the new year. Moreover, the mainland economy—which excludes hydrocarbon extraction activity and related ocean transport—is expected to benefit from a tight labor market. FocusEconomics Consensus Forecast panelists expect total GDP to expand 2.1% in 2019, which is down 0.1 percentage points from last month’s forecast, and 2.0% in 2020. Mainland GDP is expected to grow 2.3% in 2019, which is up 0.1 percentage points from last month’s forecast, and 1.9% in 2020.

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Norway Facts

ValueChangeDate
Bond Yield1.79-0.65 %Jan 16
Exchange Rate8.54-0.38 %Jan 16
Stock Market840-0.08 %Jan 16

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