Markets Actual Q1 Q2 Q3 Q4 2020
Currency 8.55 8.75 8.81 8.87 8.93 9.06
Stock Market (points) 964.04 895 883 872 861 839
Government Bond 10Y (%) 1.79 1.73 1.76 1.8 1.83 1.89
Overview Actual Q1 Q2 Q3 Q4 2020
GDP Growth Rate (%) 0.60 0.4 0.4 0.4 0.7 0.8
GDP Annual Growth Rate (%) 1.10 2.1 2.3 2.1 1.8 2.6
Unemployment Rate (%) 4.00 3.8 3.7 3.7 3.7 3.7
Inflation Rate (%) 3.50 1.9 2 1.8 1.7 1.5
Interest Rate (%) 0.75 1 1 1 1 1.5
Balance of Trade (NOK Million) 25037.00 25400 6300 33690 30700 34600
Current Account (NOK Million) 91780.00 55100 60200 59800 45100 34200
Current Account to GDP (%) 5.70 8 8 8 8 8.5
Government Debt to GDP (%) 36.20 32 32 32 32 30
Government Budget (% of GDP) 4.40 4.9 4.9 4.9 4.9 5.1
Business Confidence (Index Points) 8.90 8 8.6 9.1 7.5 5.1
Manufacturing PMI 55.90 54 54 53.2 53.2 52.5
Consumer Confidence (Index Points) 14.60 14 14 20.59 14 17
Retail Sales MoM (%) 0.90 1.1 -2 0.5 0.5 0.6
Corporate Tax Rate (%) 24.00 24 24 24 24 24
Personal Income Tax Rate (%) 38.52 38.52 38.52 38.52 38.52 38.52
GDP Actual Q1 Q2 Q3 Q4 2020
GDP Growth Rate (%) 0.60 0.4 0.4 0.4 0.7 0.8
GDP Annual Growth Rate (%) 1.10 2.1 2.3 2.1 1.8 2.6
GDP (USD Billion) 398.83 450 450 450 450 470
GDP Constant Prices (NOK Million) 811190.00 811358 815813 819707 825791 847262
Gross National Product (NOK Million) 867368.00 861087 892170 876475 882981 905938
Gross Fixed Capital Formation (NOK Million) 208126.00 196081 209494 210311 211872 217381
GDP per capita (USD) 91218.62 92200 92200 92200 92200 93000
GDP per capita PPP (USD) 64800.06 65800 65800 65800 65800 66300
GDP From Agriculture (NOK Million) 4007.00 5552 5565 4049 4079 4185
GDP From Construction (NOK Million) 50490.00 50113 51079 51550 51399 52735
GDP From Manufacturing (NOK Million) 52192.00 51822 52504 52740 53131 54513
GDP From Mining (NOK Million) 1182.00 1235 1238 1207 1203 1235
GDP From Public Administration (NOK Million) 48827.00 49313 49689 49852 49706 50998
GDP From Utilities (NOK Million) 5064.00 4988 5054 5117 5155 5289
Labour Actual Q1 Q2 Q3 Q4 2020
Unemployment Rate (%) 4.00 3.8 3.7 3.7 3.7 3.7
Unemployed Persons 81007.00 77250 76200 75900 74750 74250
Labor Force Participation Rate (%) 70.70 69.7 70.6 69.9 70.4 70.9
Wages in Manufacturing (Index Points) 101.60 156 101 101 157 160
Wage Growth (%) 2.42 2.6 2.6 2.8 3.2 3.4
Population (Million) 5.30 5.36 5.36 5.36 5.36 5.36
Retirement Age Women 62.00 62 62 62 62 62
Retirement Age Men 62.00 62 62 62 62 62
Wages (NOK/Month) 45570.00 46000 46000 46000 46000 46600
Prices Actual Q1 Q2 Q3 Q4 2020
Inflation Rate (%) 3.50 1.9 2 1.8 1.7 1.5
Consumer Price Index CPI (Index Points) 109.80 109 111 111 112 113
Harmonised Consumer Prices (Index Points) 110.70 110 111 112 113 114
Core Consumer Prices (Index Points) 107.20 107 108 109 109 111
Core Inflation Rate (%) 2.10 1.6 1.6 1.7 1.7 1.9
Producer Prices (Index Points) 260.30 262 272 280 280 288
Producer Prices Change (%) 7.80 7.5 4.5 4 3.6 3.2
Food Inflation (%) 3.40 2.6 2.5 2.8 3.2 3.4
Inflation Rate Mom (%) 0.00 0.17 0.19 0.19 0.6 0.4
CPI Housing Utilities (Index Points) 115.60 114 115 117 117 118
CPI Transportation (Index Points) 109.40 109 112 111 112 113
Money Actual Q1 Q2 Q3 Q4 2020
Interest Rate (%) 0.75 1 1 1 1 1.5
Interbank Rate (%) 1.27 1.25 1.25 1.25 1.25 1.25
Deposit Interest Rate (%) -0.25 -0.25 -0.25 -0.25 -0.25 -0.25
Lending Rate (%) 1.75 1.75 1.75 1.75 1.75 1.75
Loan Growth (%) 5.50 5.42 5.31 5.22 5.15 4.97
Private Debt to GDP (%) 284.60 272 272 272 272 266
Trade Actual Q1 Q2 Q3 Q4 2020
Balance of Trade (NOK Million) 25037.00 25400 6300 33690 30700 34600
Current Account (NOK Million) 91780.00 55100 60200 59800 45100 34200
Current Account to GDP (%) 5.70 8 8 8 8 8.5
Imports (NOK Million) 53186.69 54700 69100 60313 65700 70200
Exports (NOK Million) 78223.51 80100 75400 94003 82400 85100
Terms of Trade (Index Points) 105.38 109 109 109 109 109
Crude Oil Production (BBL/D/1K) 1329.00 1531 1531 1531 1540 1500
Government Actual Q1 Q2 Q3 Q4 2020
Government Debt to GDP (%) 36.20 32 32 32 32 30
Government Budget (% of GDP) 4.40 4.9 4.9 4.9 4.9 5.1
Government Budget Value (NOK Million) 29995.00 -5890 6008 28458 1245 -4490
Government Spending (NOK Million) 198549.00 201604 202581 202719 202123 207378
Government Spending to GDP (%) 50.30 49.7 49.7 50.3 49.7 49.4
Taxes Actual Q1 Q2 Q3 Q4 2020
Corporate Tax Rate (%) 24.00 24 24 24 24 24
Personal Income Tax Rate (%) 38.52 38.52 38.52 38.52 38.52 38.52
Sales Tax Rate (%) 25.00 25 25 25 25 25
Social Security Rate (%) 22.30 22.3 22.3 22.3 22.3 22.3
Social Security Rate For Companies (%) 14.10 14.1 14.1 14.1 14.1 14.1
Social Security Rate For Employees (%) 8.20 8.2 8.2 8.2 8.2 8.2
Business Actual Q1 Q2 Q3 Q4 2020
Business Confidence (Index Points) 8.90 8 8.6 9.1 7.5 5.1
Manufacturing PMI 55.90 54 54 53.2 53.2 52.5
Industrial Production (%) 2.60 4.1 3.8 0.34 2.9 2.5
Industrial Production Mom (%) -1.50 0.6 0.4 0.04 0.5 0.4
Manufacturing Production (%) 2.80 4.2 4 2.39 3.6 3
Consumer Actual Q1 Q2 Q3 Q4 2020
Consumer Confidence (Index Points) 14.60 14 14 20.59 14 17
Retail Sales MoM (%) 0.90 1.1 -2 0.5 0.5 0.6
Retail Sales YoY (%) 0.50 2.2 2.4 2.5 1.9 2
Consumer Spending (NOK Million) 369151.00 369790 374016 373027 375796 385566
Personal Savings (%) 5.60 7 7.2 7.1 7.3 8.7
Gasoline Prices (USD/Liter) 1.86 1.75 1.71 1.67 1.63 1.63
Household Spending (%) 0.30 -0.7 0.4 0.5 0.5 0.5


This page has economic forecasts for Norway including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Norway economy.