Current Account in Norway

Norway Current Account | Economic News & Forecasts

Norway - Current Account

The 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

2013  2014  2015  2016  2017  
Current Account (% of GDP)10.7  10.3  7.9  4.0  5.7  

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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

Bond Yield1.13-0.65 %Sep 04
Exchange Rate9.03-0.38 %Sep 04
Stock Market859-0.08 %Sep 04

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