Norway Economic Outlook
July 24, 2018
Latest indicators suggest that the economy grew at a good pace in Q2, following a weak start to the year. Retail sales in May grew at the fastest pace since December 2017 amid a tight labor market and high wage growth. Moreover, data suggests that house prices bottomed out at the beginning of 2018 and are slowly recovering, as evidenced by price increases in Q2. The recovery in house prices has been supported by low interest rates and declining unemployment. Meanwhile, exports of goods increased at the fastest pace in over a year in Q2, buttressed by higher oil prices. However, complicating the economic picture for Q2 is industrial production, which contracted for the fourth consecutive month in May.Norway Economic Growth
The economy is expected to grow at a robust pace this year and next on the back of higher prices for Norwegian commodities such as oil and natural gas. The mainland economy—which excludes petroleum activities and related ocean transport—should benefit from a tight labor market and favorable credit conditions. FocusEconomics Consensus Forecast panelists expect total GDP to expand 2.1% in 2018, which is up 0.1 percentage points from last month’s forecast, and 2.0% in 2019. Mainland GDP is expected to grow 2.4% in 2018, which is up 0.1 percentage points from last month, and 2.2% in 2019.Norway Economy Data
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Norway Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.83 | -0.65 % | Aug 07 |
| Exchange Rate | 8.20 | -0.38 % | Aug 07 |
| Stock Market | 905 | -0.08 % | Aug 07 |
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Norway Economic News
Norway: Inflation accelerates in July
August 10, 2018
Consumer prices rose 0.7% month-on-month in July, coming in above the 0.6% increase recorded in June.
Norway: Industrial output rebounds in June
August 7, 2018
According to Statistics Norway, industrial production rebounded a seasonally-adjusted 4.7% over the previous month in June, up from May’s 0.9% contraction and returning to expansion following four consecutive months of declining industrial output.
Norway: Inflation accelerates in June
July 10, 2018
Consumer prices rose 0.6% month-on-month in June, coming in significantly above the 0.1% increase recorded in May.
Norway: Industrial output contract for fourth consecutive month in May
July 6, 2018
According to Statistics Norway, industrial production fell a seasonally-adjusted 0.9% from the previous month in May, more than April’s contraction of 1.4%.
Norway: Key policy rate left unchanged in June, but a hike in September looks almost certain
June 21, 2018
At its monetary policy meeting held on 20 June, Norges Bank’s Executive Board stood pat and left the key policy rate at its all-time low of 0.50%, where it has been since March 2016.
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