Exchange Rate in Norway
Norway - Exchange Rate
Norwegian krone tumbles on falling oil prices
The Norwegian krone (NOK) has been depreciating markedly against all major currencies since October, in parallel with the sharp downward trend in oil prices. On 15 December, the NOK reached the lowest level against the euro since January 2009, trading at NOK 9.31 per EUR. This was 10.0% weaker than the level observed on the same day of the previous month. On an annual basis, the Norwegian krone lost 9.6% of its value against the euro. On the same day, the krone lost 10.8% month-on-month against the U.S. dollar to 7.48 NOK per USD, which marked the lowest trading value since 2002. On an annual basis the NOK has weakened 21.1% against the greenback. The krone also nosedived against the Swedish krona, reaching the parity for the first time in 22 years.
The krone has tumbled in the last few months in the wake of the recent fall in oil prices, which drove the Brent crude to slide below USD 60 per barrel for the first since July 2009. In an attempt to prevent a severe economic downturn in the oil-rich nation, on 11 December the Norges Bank decided to cut its main interest rate to a record low 1.25%, thereby exacerbating the freefall of the krone.
FocusEconomics Consensus Forecast panelists expect the krone to trade at 8.23 per EUR by the end of 2015. For 2016, the panel projects that the krone will strengthen further to 8.11 per USD.
Norway - Exchange Rate Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Exchange Rate (vs USD) | 6.07 | 7.47 | 8.84 | 8.64 | 8.21 |
Norway Exchange Rate Chart
Source: Thomson Reuters
Norway Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.60 | -0.65 % | Mar 11 |
| Exchange Rate | 8.66 | -0.38 % | Mar 11 |
| Stock Market | 864 | -0.08 % | Mar 11 |
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Economic News
Norway: Inflation ticks down in February, but core inflation accelerates quickly
March 11, 2019
Consumer prices rose 0.8% in February compared to the previous month, contrasting the 0.5% fall in January.
Norway: Economic growth picks up in January after a flat December
March 8, 2019
According to monthly GDP data released by Statistics Norway, total economic output increased 0.2% in January compared to the previous month in seasonally-adjusted terms, contrasting December’s flat growth reading.
Norway: Industrial production falls in January for third consecutive month
March 7, 2019
According to Statistics Norway, industrial production fell a seasonally-adjusted 2.2% in January compared to the previous month, representing a deterioration from the 1.0% fall in December.
Norway: Inflation moderates in January but remains well above Norges Bank’s target
February 11, 2019
Consumer prices fell 0.5% in January compared to the previous month, contrasting the steady reading in December.
Norway: Strong mainland economy supports growth in Q4
February 8, 2019
The economy grew a seasonally-adjusted 0.5% in the fourth quarter, down from 0.6% in the third quarter and hampered by the large fall in oil prices observed in the period.
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