Markets Actual Q3 Q4 Q1 Q2 2022
Currency 8.70 8.78 8.87 8.95 9.04 9.22
Stock Market (points) 1236.12 1205 1175 1145 1116 1061
Government Bond 10Y (%) 1.44 1.5 1.55 1.61 1.67 1.8

Overview Actual Q3 Q4 Q1 Q2 2022
GDP Growth Rate (%) 1.10 3.2 1.4 1 0.8 0.6
GDP Annual Growth Rate (%) 6.10 2.8 3 3.4 3.8 3.7
Unemployment Rate (%) 5.10 5 5.1 4.8 4.5 4.2
Inflation Rate (%) 3.40 3.3 2.8 2.6 2.2 1.9
Interest Rate (%) 0.00 0.25 0.5 0.75 1 1.25
Balance of Trade (NOK Million) 42576.00 -8400 18200 28300 27800 19300
Current Account (NOK Million) 93244.00 65100 36200 74300 67800 45100
Current Account to GDP (% of GDP) 2.00 10.4 10.4 11.1 11.1 11.1
Government Debt to GDP (% of GDP) 46.00 44 44 44 41 41
Government Budget (% of GDP) -3.40 -0.2 -0.2 2.5 2.5 2.5
Business Confidence (points) 11.30 15 9 10 7 4
Manufacturing PMI (points) 62.20 59.8 57.5 56 56.2 54.6
Consumer Confidence (points) 10.90 4.6 12.5 14 7.5 4.5
Retail Sales MoM (%) -3.10 0.6 1.2 0.4 -0.2 0.8
Corporate Tax Rate (%) 22.00 22 22 22 22 22
Personal Income Tax Rate (%) 38.20 38.2 38.2 38.2 38.2 38.2

GDP Actual Q3 Q4 Q1 Q2 2022
GDP Growth Rate (%) 1.10 3.2 1.4 1 0.8 0.6
GDP Annual Growth Rate (%) 6.10 2.8 3 3.4 3.8 3.7
GDP (USD Billion) 362.01 400 400 440 440 440
GDP Constant Prices (NOK Million) 905355.00 918355 927882 925689 939758 962213
Gross National Product (NOK Million) 948764.00 845372 931239 969215 984817 965695
Gross Fixed Capital Formation (NOK Million) 213794.00 217184 220483 217499 221918 228641
GDP per capita (USD) 90884.61 91500 91500 92100 92100 92100
GDP per capita PPP (USD) 63585.90 64200 64200 64800 64800 64800
GDP From Agriculture (NOK Million) 5892.00 5731 5683 6031 6116 5893
GDP From Construction (NOK Million) 50927.00 52487 53166 53813 52862 55133
GDP From Manufacturing (NOK Million) 55645.00 54408 56317 57685 57760 58401
GDP From Mining (NOK Million) 999.00 1319 1506 1018 1037 1562
GDP From Public Administration (NOK Million) 55983.00 56441 57286 57690 58110 59405
GDP From Utilities (NOK Million) 5670.00 5788 5902 5840 5885 6120

Labour Actual Q3 Q4 Q1 Q2 2022
Unemployment Rate (%) 5.10 5 5.1 4.8 4.5 4.2
Unemployed Persons 93914.00 91500 85100 85100 78500 69100
Labor Force Participation Rate (%) 72.70 72.5 72.4 72 72.3 72.5
Labour Costs (points) 145.80 131 131 133 150 135
Wage Growth (%) 3.39 3.6 3.2 3 2.9 3
Wages in Manufacturing (points) 116.00 114 114 116 119 117
Population (Million) 5.37 5.42 5.42 5.46 5.46 5.46
Retirement Age Women 62.00 62 62 62 62 62
Retirement Age Men 62.00 62 62 62 62 62
Wages (NOK/Month) 50750.00 49769 50310 51418 52222 51819

Prices Actual Q3 Q4 Q1 Q2 2022
Inflation Rate (%) 3.40 3.3 2.8 2.6 2.2 1.9
Consumer Price Index CPI (points) 116.30 117 116 118 118 118
Harmonised Consumer Prices (points) 117.40 117 117 118 119 119
Core Consumer Prices (points) 113.70 114 114 116 116 116
Core Inflation Rate (%) 1.00 1.1 1.5 2 1.9 1.9
Producer Prices (points) 141.10 137 138 137 142 145
Producer Prices Change (%) 50.10 42 29 16 11.5 5.1
Food Inflation (%) -2.90 -2.6 0.3 1 1.5 1.8
Inflation Rate Mom (%) 0.00 0.3 0.4 0.2 0.3 0.3
CPI Housing Utilities (points) 123.40 115 116 123 121 118
CPI Transportation (points) 116.40 118 116 118 119 118

Money Actual Q3 Q4 Q1 Q2 2022
Interest Rate (%) 0.00 0.25 0.5 0.75 1 1.25
Interbank Rate (%) 0.50 0.75 1 1.25 1.5 1.75
Deposit Interest Rate (%) -1.00 -0.75 -0.5 -0.25 0 0.25
Lending Rate (%) 1.00 1.25 1.5 1.75 2 2.25
Loan Growth (%) 5.30 5.4 5.8 6 5.6 4.5
Private Debt to GDP (%) 316.00 318 318 312 312 312

Trade Actual Q3 Q4 Q1 Q2 2022
Balance of Trade (NOK Million) 42576.00 -8400 18200 28300 27800 19300
Current Account (NOK Million) 93244.00 65100 36200 74300 67800 45100
Current Account to GDP (% of GDP) 2.00 10.4 10.4 11.1 11.1 11.1
Imports (NOK Million) 73152.00 70700 66200 76200 77100 69100
Exports (NOK Million) 115725.90 62300 84400 104500 104900 88400
Crude Oil Production (BBL/D/1K) 1675.00 1750 1750 1800 1800 1800

Government Actual Q3 Q4 Q1 Q2 2022
Government Debt to GDP (% of GDP) 46.00 44 44 44 41 41
Government Budget (% of GDP) -3.40 -0.2 -0.2 2.5 2.5 2.5
Government Budget Value (NOK Million) -68164.00 -58000 -62200 -80100 -25800 3900
Government Spending (NOK Million) 220854.00 220700 226435 223879 229246 234813
Government Spending to GDP (% of GDP) 58.40 54 54 51 51 51
Government Revenues (NOK Million) 324179.00 308000 336000 345100 342600 365900
Fiscal Expenditure (NOK Million) 392343.00 366000 398200 425200 368400 362000

Taxes Actual Q3 Q4 Q1 Q2 2022
Corporate Tax Rate (%) 22.00 22 22 22 22 22
Personal Income Tax Rate (%) 38.20 38.2 38.2 38.2 38.2 38.2
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 Q3 Q4 Q1 Q2 2022
Business Confidence (points) 11.30 15 9 10 7 4
Manufacturing PMI (points) 62.20 59.8 57.5 56 56.2 54.6
Industrial Production (%) 1.30 2.2 3.6 4 2.8 2
Industrial Production Mom (%) 0.00 -1 1.6 0.8 1.1 0.6
Manufacturing Production (%) 5.50 3.8 4.2 4.6 3.7 2.6
Leading Economic Index (%) 1.40 3.7 1.8 1.4 1 0.6

Consumer Actual Q3 Q4 Q1 Q2 2022
Consumer Confidence (points) 10.90 4.6 12.5 14 7.5 4.5
Retail Sales MoM (%) -3.10 0.6 1.2 0.4 -0.2 0.8
Retail Sales YoY (%) -4.10 2 3 4.2 3.6 2.5
Consumer Spending (NOK Million) 365860.00 376728 378013 363868 379763 392000
Disposable Personal Income (NOK Million) 361682.00 362974 373145 373979 375426 386952
Personal Savings (%) 18.90 12.5 12 11.5 9.6 8.5
Consumer Credit (NOK Million) 3917838.00 3871224 3921515 3969863 4055364 4066611
Household Spending (%) 1.20 0.8 1.4 0.5 -0.3 0.7
Gasoline Prices (USD/Liter) 1.92 1.82 1.73 1.65 1.56 1.49

Housing Actual Q3 Q4 Q1 Q2 2022
Housing Index (points) 309.77 312 318 327 322 322


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.