Current Account in Norway
Norway - Current AccountThe economy is expected to gain momentum in the second quarter, as GDP data for April and May posted firm month-on-month expansions, driven mainly by strong fixed investment. Furthermore, the external sector was robust, thanks to stronger exports of goods and services. Although private consumption declined on a tough base of comparison, underlying labor market conditions were healthy as reflected by the low unemployment rate and brisk year-on-year wage growth in Q2. Less positively, a weak June reading saw industrial production decline quarter-on-quarter in Q2, driven by a sharp contraction in extraction and related services output, which was only partially offset by a rebound in manufacturing. Looking at the third quarter, growth is likely faster than regional peers, aided by the strong labor market. That said, DNB’s July manufacturing PMI fell into contractionary territory on lower demand and output.
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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August 15, 2019
The executive board of Norges Bank unanimously decided to keep the sight deposit rate unchanged at 1.25% at its monetary policy meeting on 15 August.
August 9, 2019
Consumer prices jumped 0.7% in July, up from June’s 0.1% increase.
August 8, 2019
Industrial production declined a seasonally-adjusted 1.4% in June from the previous month, contrasting May’s 0.6% increase.
July 10, 2019
Consumer prices ticked up 0.1% in June, contrasting the 0.3% decrease posted in May.
July 9, 2019
Economic output increased 0.4% in May compared to the previous month in seasonally-adjusted terms, up from April’s revised 0.3% increase (previously reported: +0.2% month-on-month).