Current Account in Norway

Norway Current Account | Economic News & Forecasts

Norway - Current Account

The economy performed well in 2018. Although total economic growth decelerated from 2017 due to softening domestic demand and a contraction in exports of goods and services, mainland economic growth—which excludes hydrocarbon extraction activity and related transport—accelerated to a four-year high. In addition, the unemployment rate fell to a four-year low in 2018 and the government’s fiscal standing is expected to have improved thanks to both the expanding economy and the substantial increase in average oil prices compared to 2017. Meanwhile, in the political arena, the government approved the construction of a new mine in Norway’s northern municipality of Kvalsund on 14 February despite years of opposition from the indigenous Sami population. Given the mine contains the country’s largest reserve of copper ore, its operation should eventually boost industrial production.

Norway - Current Account Data

2013  2014  2015  2016  2017  
Current Account (% of GDP)10.7  10.3  7.9  3.8  5.5  

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Norway Current Account Chart


Norway Current Account
Note: Current account balance as % of GDP.
Source: Statistics Norway and FocusEconomics calculations.

Norway Facts

ValueChangeDate
Bond Yield1.60-0.65 %Mar 11
Exchange Rate8.66-0.38 %Mar 11
Stock Market864-0.08 %Mar 11

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