Current Account in Norway

Norway Current Account (USD bn) | Economic News & Forecasts

Norway - Current Account (billions of U.S. Dollars)

Economic 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 (USD bn) Data

2015   2016   2017   2018   2019  
Current Account Balance (USD bn)30.5  14.8  22.5  31.0  16.5  

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Norway Current Account (USD bn) Chart

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

Norway Facts

Value Change Date
Bond Yield1.58-0.65 %Jan 01
Exchange Rate8.78-0.38 %Jan 01

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