Current Account in Norway

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

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

Norway’s total GDP growth accelerated modestly in Q2, after flatlining in Q1. A pick-up in domestic demand was chiefly behind the headline figure—driven by a hefty expansion in fixed investment, which more than offset softer household spending growth. Conversely, exports continued to contract on a sharp downturn in exports of vessels, oil platforms and aircrafts. Turning to Q3, growth will likely continue to gain momentum. Total GDP data for July posted the strongest month-on-month expansion since June 2018. However, a surge in investment—mainly in the petroleum industry—somewhat flattered the print, as private consumption declined due to a steep fall in motor vehicle and petrol sales. Nevertheless, the economy should receive a boost from increased public spending in H2, while a weaker krone in recent months should boost export competitiveness and support foreign demand.

Norway - Current Account (USD bn) Data

2013  2014  2015  2016  2017  
Current Account Balance (USD bn)53.7  53.0  31.4  14.8  22.4  

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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

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

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