Current Account in Norway
Norway - Current AccountEconomic growth shifted into a higher gear in Q3, with activity recording a broad-based improvement. The further easing of domestic Covid-19 restrictions led to strong growth in the services industries, which have been most affected by the curbs, with consumers switching their spending patterns away from goods. Moreover, employment in Q3 reached similar levels to Q4 2019. Additionally, the external sector contributed to overall growth, with exports of oil and gas benefiting from higher prices in the quarter, which translated into a strengthening of the trade surplus. However, momentum is seemingly cooling at the outset of Q4, with the manufacturing PMI dropping to a five-month low in October. Meanwhile, the new government has recently proposed changes to the 2022 draft budget tabled by the outgoing government on 12 October. Amendments include cutting electricity charges and raising the wealth tax.
Norway - Current Account Data
|Current Account (% of GDP)||7.7||4.0||5.7||7.2||4.0|
5 years of economic forecasts for more than 30 economic indicators.
Norway Current Account Chart
Source: Statistics Norway and FocusEconomics calculations.
|Bond Yield||1.58||-0.65 %||Jan 01|
|Exchange Rate||8.78||-0.38 %||Jan 01|
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November 19, 2021
The economy gained further traction in the third quarter, with GDP expanding 3.8% on a seasonally-adjusted quarter-on-quarter basis, accelerating markedly from the prior quarter’s 1.0% increase.
November 10, 2021
Consumer prices dropped 0.26% from the previous month in October, swinging from September's 1.03% rise.
November 8, 2021
Industrial output expanded 3.3% in month-on-month seasonally-adjusted terms in September, which was above August's 2.7% increase.
November 4, 2021
At its 3 November monetary policy meeting, the Executive Board of Norges Bank unanimously decided to keep the sight deposit rate unchanged at 0.25%, after raising it at the previous meeting on 22 September.
October 11, 2021
Consumer prices increased 1.03% in September over the previous month, after the flat result seen in August.