Current Account in Norway
Norway - Current AccountThe economy likely gained further impetus in the third quarter, after growth accelerated in the second quarter as investment soared. Total GDP growth on a monthly basis averaged higher in July–August compared to the second quarter, despite declining at the sharpest pace since September 2018 in August; August’s contraction was mainly due to a steep fall in fixed investment, on the heels of July’s surge. Particularly, private and public consumption growth rebounded in August, although a subdued global growth outlook continued to hit the external sector, with merchandise exports declining notably year-on-year in Q3. Turning to the fourth quarter, state-owned Equinor began production at the Johan Sverdrup offshore oil platform in early October, which should account for roughly one-third of Norway’s oil production once it is fully up and running.
Norway - Current Account Data
|Current Account (% of GDP)||10.7||10.3||7.9||4.0||5.7|
5 years of economic forecasts for more than 30 economic indicators.
Norway Current Account Chart
Source: Statistics Norway and FocusEconomics calculations.
|Bond Yield||1.13||-0.65 %||Sep 04|
|Exchange Rate||9.03||-0.38 %||Sep 04|
|Stock Market||859||-0.08 %||Sep 04|
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October 7, 2019
Industrial production decreased a seasonally-adjusted 2.1% in August from the previous month, contrasting July’s 0.6% rise.
September 19, 2019
The executive board of Norges Bank unanimously decided to raise the sight deposit rate to 1.50% from 1.25% at its monetary policy meeting on 18 September.
September 10, 2019
Consumer prices fell 0.7% in August, contrasting July’s 0.7% increase.
September 6, 2019
Industrial production increased a seasonally-adjusted 0.5% in July from the previous month, contrasting June’s 1.3% decline.
August 29, 2019
The economy expanded 0.3% in the second quarter of 2019 in quarter-on-quarter seasonally-adjusted terms, after flatlining in Q1 (previously reported: -0.1% quarter-on-quarter).