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.

Overview	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
GDP Growth Rate	0.60	0.7	0.4	0.4	0.4	0.8	percent
Unemployment Rate	4.00	3.8	3.8	3.7	3.7	3.7	percent
Inflation Rate	3.10	2.9	1.9	2	1.8	1.5	percent
Interest Rate	0.75	0.75	1	1	1	1.5	percent
Balance of Trade	34898.50	19800	25400	6300	33690	14900	NOK Million
Government Debt to GDP	36.20	34	32	32	32	30	percent


MARKETS	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Currency	8.58	8.25	8.3	8.36	8.42	8.66
Stock Market	950.02 points	1062	1052	1041	1031	990
Government Bond 10Y	1.89 percent	1.97	2.01	2.05	2.08	2.25

GDP	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
GDP Growth Rate	0.60 percent	0.7	0.4	0.4	0.4	0.8
GDP Annual Growth Rate	1.10 percent	2.3	2.1	2.3	2.1	2.6
GDP	398.83 USD Billion	425	450	450	450	470
GDP Constant Prices	811190.00 NOK Million	818741	819788	825088	828225	855148
Gross National Product	867368.00 NOK Million	888740	870035	902314	885583	928261
Gross Fixed Capital Formation	208126.00 NOK Million	211787	198119	211876	212497	221204
GDP per capita	91218.62 USD	91500	92200	92200	92200	93000
GDP per capita PPP	64800.06 USD	65000	65800	65800	65800	66300
GDP From Agriculture	4007.00 NOK Million	5525	5609	5629	4091	5771
GDP From Construction	50490.00 NOK Million	49434	50113	51079	51550	51633
GDP From Manufacturing	52192.00 NOK Million	52600	52361	53101	53288	54939
GDP From Mining	1182.00 NOK Million	1222	1235	1238	1207	1277
GDP From Public Administration	48827.00 NOK Million	49228	49313	49689	49852	51417
GDP From Utilities	5064.00 NOK Million	4963	5040	5112	5170	5183

LABOUR	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Unemployment Rate	4.00 percent	3.8	3.8	3.7	3.7	3.7
Employed Persons	2704.00 Thousand	2720	2732	2742	2752	2808
Unemployed Persons	79700.00	78420	77250	76200	75900	74250
Labor Force Participation Rate	70.70 percent	69.6	69.7	70.6	69.9	70.9
Long Term Unemployment Rate	1.00 percent	0.99	0.98	0.96	0.95	0.87
Youth Unemployment Rate	9.70 percent	9.69	9.66	9.67	9.67	9.67
Productivity	120.26 Index Points	121	121	120	120	119
Labour Costs	134.20 Index Points	124	125	135	124	132
Job Vacancies	68400.00	66950	73205	77867	72380	72555
Wages in Manufacturing	101.60 Index Points	154	156	101	101	160
Wage Growth	2.42 percent	2.5	2.6	2.6	2.8	3.4
Population	5.30 Million	5.3	5.36	5.36	5.36	5.41
Retirement Age Women	62.00	62	62	62	62	62
Retirement Age Men	62.00	62	62	62	62	62
Part Time Employment	671.40 Thousand	660	668	673	662	665
Wages	45570.00 NOK/Month	45200	46000	46000	46000	46600
Employment Change	0.30 percent	0.39	0.34	0.34	0.35	0.32
Employment Rate	67.60 percent	67.22	67.33	68	67.96	68.01
Full Time Employment	1911.70 Thousand	1906	1897	1916	1927	1913

PRICES	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Inflation Rate	3.10 percent	2.9	1.9	2	1.8	1.5
Harmonised Consumer Prices	110.10 Index Points	110	110	111	112	113
Consumer Price Index CPI	109.30 Index Points	109	109	111	111	113
Core Consumer Prices	106.90 Index Points	107	107	108	109	111
Core Inflation Rate	1.60 percent	1.7	1.6	1.6	1.7	1.9
GDP Deflator	111.71 Index Points	113	113	114	114	114
Producer Prices	278.60 Index Points	289	262	272	280	309
Producer Prices Change	22.50 percent	19.5	7.5	4.5	4	3.2
Export Prices	155.10 Index Points	156	157	158	158	158
Import Prices	143.30 Index Points	145	145	145	145	145
Food Inflation	2.30 percent	2.4	2.6	2.5	2.8	3.4
Inflation Rate Mom	-0.20 percent	0.5	0.17	0.19	0.19	0.4
CPI Housing Utilities	113.80 Index Points	112	114	115	117	116
CPI Transportation	109.50 Index Points	109	109	112	111	112

MONEY	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Interest Rate	0.75 percent	0.75	1	1	1	1.5
Interbank Rate	1.20 percent	1.14	1.39	1.39	1.39	1.89
Money Supply M0	74807.00 NOK Million	82670	81284	81510	81501	81450
Money Supply M1	2098775.00 NOK Million	2096344	2095976	2095941	2095940	2095941
Money Supply M2	2252391.00 NOK Million	2283659	2308250	2331123	2353990	2555478
Foreign Exchange Reserves	534609.00 NOK Million	534020	535479	534643	534781	534796
Loans to Private Sector	1720326.00 NOK Million	1706010	1685881	1669015	1654407	1586418
Deposit Interest Rate	-0.25 percent	-0.25	0	0	0	0.5
Lending Rate	1.75 percent	1.75	2	2	2	2.5
Loan Growth	5.60 percent	5.36	5.12	4.93	4.78	4.19
Private Debt to GDP	284.60 percent	278	272	272	272	266
Central Bank Balance Sheet	8820009.00 NOK Million	8922489	9043110	9120207	9200534	9840786

TRADE	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Balance of Trade	34898.50 NOK Million	19800	25400	6300	33690	14900
Exports	99517.64 NOK Million	79200	80100	75400	94003	85100
Imports	64619.13 NOK Million	59400	54700	69100	60313	70200
Current Account	80938.00 NOK Million	45800	55100	60200	29800	34200
Current Account to GDP	5.70 percent	7.7	8	8	8	8.5
External Debt	5222383.00 NOK Million	5220385	5221431	5220365	5221207	5220826
Terms of Trade	108.23 Index Points	108	109	109	109	109
Capital Flows	139446.00 NOK Million	56970	58521	74171	71172	67970
Crude Oil Production	1555.00 BBL/D/1K	1525	1524	1524	1524	1500
Terrorism Index	0.00	0	0	0	0	0
Weapons Sales	134.00 USD Million	178	166	154	142	183
Foreign Direct Investment	-33665.00 NOK Million	-12205	-22263	-29800	-27315	-23926

GOVERNMENT	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Government Debt to GDP	36.20 percent	34	32	32	32	30
Government Budget	4.40 percent of GDP	4.7	4.9	4.9	4.9	5.1
Government Budget Value	29995.00 NOK Million	1795	-5890	6008	28458	-11660
Government Spending	198549.00 NOK Million	202063	201604	202581	202719	211048
Government Spending to GDP	50.30 percent	50	49.7	49.7	50.3	49.4
Government Revenues	324043.00 NOK Million	328937	346138	347740	335377	344435
Government Debt	629080.00 NOK Million	663053	707373	652834	690713	613234
Fiscal Expenditure	294048.00 NOK Million	326592	352028	341732	306919	356095
Military Expenditure	6329.60 USD Million	6380	6395	6410	6425	6617
Asylum Applications	280.00 persons	873	923	927	926	926

BUSINESS	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Business Confidence	8.90 Index Points	9.5	8	8.6	9.1	5.1
Manufacturing PMI	56.00	54.5	54	54	53.2	52.5
Industrial Production	0.70 percent	4	4.1	3.8	0.34	2.5
Industrial Production Mom	-1.50 percent	0.2	0.6	0.4	0.04	0.4
Manufacturing Production	1.50 percent	4.5	4.2	4	2.39	3
Capacity Utilization	79.20 percent	78.93	78.78	78.77	78.76	78.73
Changes in Inventories	29903.00 NOK Million	27080	27210	27448	27829	27955
Bankruptcies	419.00 Companies and Individuals	393	395	395	395	395
Car Registrations	14055.00	14455	14440	14464	14460	14461
Internet Speed	23539.08 KBps	29776	30644	31522	32277	38804
IP Addresses	2663340.00 IP	2715078	2718238	2718019	2719409	2719570
Leading Economic Index	0.30 percent	0.28	0.18	0.22	0.2	0.21
Mining Production	-11.70 percent	-1.71	0.16	1.01	1.36	1.6
Steel Production	50.50 Thousand Tonnes	45.48	46.89	47.24	47.21	47.22
Competitiveness Index	78.16 Points	78.66	78.66	78.66	78.66	81.16
Competitiveness Rank	16.00	16	16	16	16	16
Ease of Doing Business	7.00	7	8	8	8	8
Electricity Production	11198.00 Gigawatt-hour	14046	12674	10815	11985	12487
Corruption Index	85.00 Points	85	85	85	85	85
Corruption Rank	3.00	3	3	3	3	3

CONSUMER	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Consumer Confidence	14.60 Index Points	17	14	14	20.59	17
Retail Sales MoM	-0.70 percent	0.2	1.1	-2	0.5	0.6
Retail Sales YoY	0.70 percent	2.5	2.2	2.4	2.5	2
Consumer Spending	369151.00 NOK Million	374127	373633	378269	376903	390764
Disposable Personal Income	300593.00 NOK Million	292547	277844	298137	279952	293381
Personal Savings	6.60 percent	6.9	7	7.2	7.1	8.7
Consumer Credit	3416168.00 NOK Million	3465112	3514799	3564268	3613610	4052200
Gasoline Prices	1.96 USD/Liter	1.93	1.89	1.86	1.82	1.69
Household Spending	-1.40 percent	0.9	-0.7	0.4	0.5	0.5
Households Debt To GDP	101.60 percent of GDP	102	102	102	102	102
Households Debt To Income	197.54 percent	199	200	200	201	205

HOUSING	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Housing Index	115.10 Index Points	114	114	114	114	114
Housing Starts	2451.00 units	2584	2600	2602	2602	2603
New Home Sales	26830.00	27068	27419	27676	27860	28330
Building Permits	2536.00	2605	2633	2635	2634	2634
Home Ownership Rate	82.60 percent	83.31	83.48	83.65	83.82	84.12

TAXES	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Corporate Tax Rate	24.00 percent	24	24	24	24	24
Personal Income Tax Rate	38.52 percent	38.52	38.52	38.52	38.52	38.52
Sales Tax Rate	25.00 percent	25	25	25	25	25
Social Security Rate	22.30 percent	22.3	22.3	22.3	22.3	22.3
Social Security Rate For Companies	14.10 percent	14.1	14.1	14.1	14.1	14.1
Social Security Rate For Employees	8.20 percent	8.2	8.2	8.2	8.2	8.2

CLIMATE	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Temperature	-2.91 celsius	-3.9	-7.82	3.82	2.37	0.12
Precipitation	163.15 mm	100	78.35	90.37	90.37	85.12

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Norway - Economic Forecasts - 2018-2020 Outlook

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