Current Account in Norway

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

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

The economy shrank at the fastest pace since Q3 2010 in the first quarter, as a preliminary GDP reading projected an unprecedented contraction in March. Containment measures weighed heavily on domestic demand in the quarter—private consumption was estimated to have plunged at the steepest pace on record—while frail global demand for oil and gas weighed heavily on energy exports. The economy should remain depressed in the second quarter as the energy sector reels from Norway's first mandated cuts to crude oil production in 18 years, which is expected to begin in June. Moreover, household spending should continue to decrease as newly registered unemployed has surged in recent months. That said, the government is gradually loosening lockdown measures and roughly 90% of those newly unemployed workers are considered to be temporarily laid-off, which could spark a strong rebound as the economy reopens.

Norway - Current Account (USD bn) Data

2014   2015   2016   2017   2018  
Current Account Balance (USD bn)53.0  31.4  14.8  22.4  30.8  

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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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