Markets Actual Q4 Q1 Q2 Q3 2022
Currency 8.42 8.62 8.71 8.79 8.87 9.05
Stock Market (points) 1308.00 1245 1213 1182 1152 1094
Government Bond 10Y (%) 1.66 1.74 1.81 1.87 1.94 2.09

Overview Actual Q4 Q1 Q2 Q3 2022
GDP Growth Rate (%) 1.10 1.4 1.4 0.8 0.7 0.6
GDP Annual Growth Rate (%) 6.10 3 3.4 3.8 4 3.7
Unemployment Rate (%) 5.10 5.1 4.8 4.5 4.3 4.2
Inflation Rate (%) 4.10 2.8 2.6 2.2 2 1.9
Interest Rate (%) 0.25 0.5 0.75 1 1 1.25
Balance of Trade (NOK Million) 53709.00 18200 28300 27800 -8300 19300
Current Account (NOK Million) 93244.00 36200 74300 67800 42300 45100
Current Account to GDP (% of GDP) 2.00 10.4 11.1 11.1 11.1 11.1
Government Debt to GDP (% of GDP) 46.00 44 44 41 41 41
Government Budget (% of GDP) -3.40 -0.2 -0.2 2.5 2.5 2.5
Business Confidence (points) 11.30 9 10 7 5 4
Manufacturing PMI (points) 59.20 57.5 56 56.2 55.1 54.6
Consumer Confidence (points) 10.90 12.5 14 7.5 6.9 4.5
Retail Sales MoM (%) -3.80 1.2 0.4 -0.2 0.7 0.8
Corporate Tax Rate (%) 22.00 24 22 22 22 22
Personal Income Tax Rate (%) 38.20 38.52 38.2 38.2 38.2 38.2

GDP Actual Q4 Q1 Q2 Q3 2022
GDP Growth Rate (%) 1.10 1.4 1.4 0.8 0.7 0.6
GDP Annual Growth Rate (%) 6.10 3 3.4 3.8 4 3.7
GDP (USD Billion) 362.01 400 440 440 440 440
GDP Constant Prices (NOK Million) 905355.00 875301 927882 925689 939758 962213
Gross National Product (NOK Million) 948764.00 1000323 931239 969215 984817 965695
Gross Fixed Capital Formation (NOK Million) 213794.00 225865 220483 217499 221918 228641
GDP per capita (USD) 90884.61 91500 92100 92100 92100 92100
GDP per capita PPP (USD) 63585.90 64200 64800 64800 64800 64800
GDP From Agriculture (NOK Million) 5892.00 5931 5683 6031 6116 5893
GDP From Construction (NOK Million) 50927.00 54200 53166 53813 52862 55133
GDP From Manufacturing (NOK Million) 55645.00 56956 56317 57685 57760 58401
GDP From Mining (NOK Million) 999.00 1314 1506 1018 1037 1562
GDP From Public Administration (NOK Million) 55983.00 52816 57286 57690 58110 59405
GDP From Utilities (NOK Million) 5670.00 5462 5902 5840 5885 6120

Labour Actual Q4 Q1 Q2 Q3 2022
Unemployment Rate (%) 5.10 5.1 4.8 4.5 4.3 4.2
Unemployed Persons 89451.00 85100 85100 78500 72600 69100
Labor Force Participation Rate (%) 72.70 72.4 72 72.3 72.5 72.5
Labour Costs (points) 145.80 136 131 133 150 135
Wage Growth (%) 3.39 3.2 3 2.9 3 3
Wages in Manufacturing (points) 116.00 115 114 116 119 117
Population (Million) 5.37 5.42 5.46 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 50071 50310 51418 52222 51819

Prices Actual Q4 Q1 Q2 Q3 2022
Inflation Rate (%) 4.10 2.8 2.6 2.2 2 1.9
Consumer Price Index CPI (points) 117.50 116 118 118 120 118
Harmonised Consumer Prices (points) 118.90 117 118 119 121 119
Core Consumer Prices (points) 114.20 114 116 116 116 116
Core Inflation Rate (%) 1.20 1.5 2 1.9 1.8 1.9
Producer Prices (points) 152.40 138 137 142 164 145
Producer Prices Change (%) 57.80 29 16 11.5 7.5 5.1
Food Inflation (%) -3.80 0.3 1 1.5 1.4 1.8
Inflation Rate Mom (%) 1.00 0.4 0.2 0.2 0.4 0.3
CPI Housing Utilities (points) 127.30 116 123 121 130 118
CPI Transportation (points) 115.50 116 116 116 117 117

Money Actual Q4 Q1 Q2 Q3 2022
Interest Rate (%) 0.25 0.5 0.75 1 1 1.25
Interbank Rate (%) 0.68 0.93 1.18 1.43 1.43 1.68
Deposit Interest Rate (%) -0.75 -0.5 -0.25 0 0 0.25
Lending Rate (%) 1.25 1.5 1.75 2 2 2.25
Loan Growth (%) 5.30 5.8 6 5.6 5.2 4.5
Private Debt to GDP (%) 316.00 318 312 312 312 312

Trade Actual Q4 Q1 Q2 Q3 2022
Balance of Trade (NOK Million) 53709.00 18200 28300 27800 -8300 19300
Current Account (NOK Million) 93244.00 36200 74300 67800 42300 45100
Current Account to GDP (% of GDP) 2.00 10.4 11.1 11.1 11.1 11.1
Imports (NOK Million) 75791.73 66200 76200 77100 73400 69100
Exports (NOK Million) 129500.88 84400 104500 104900 65100 88400
Crude Oil Production (BBL/D/1K) 1681.00 1750 1750 1800 1800 1800

Government Actual Q4 Q1 Q2 Q3 2022
Government Debt to GDP (% of GDP) 46.00 44 44 41 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 -11660 -62200 -80100 -25800 3900
Government Spending (NOK Million) 220854.00 213800 226435 223879 229246 214600
Government Spending to GDP (% of GDP) 58.40 54 51 51 51 51
Government Revenues (NOK Million) 324179.00 336000 345100 342600 338400 365900
Fiscal Expenditure (NOK Million) 392343.00 398200 425200 368400 348200 362000

Taxes Actual Q4 Q1 Q2 Q3 2022
Corporate Tax Rate (%) 22.00 24 22 22 22 22
Personal Income Tax Rate (%) 38.20 38.52 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 Q4 Q1 Q2 Q3 2022
Business Confidence (points) 11.30 9 10 7 5 4
Manufacturing PMI (points) 59.20 57.5 56 56.2 55.1 54.6
Industrial Production (%) 2.70 3.6 4 2.8 2.5 2
Industrial Production Mom (%) 2.70 1.6 0.8 1.1 -0.8 0.6
Manufacturing Production (%) 2.20 4.2 4.6 3.7 3.2 2.6
Leading Economic Index (%) 1.40 1.8 1.4 1 1.1 0.6

Consumer Actual Q4 Q1 Q2 Q3 2022
Consumer Confidence (points) 10.90 12.5 14 7.5 6.9 4.5
Retail Sales MoM (%) -3.80 1.2 0.4 -0.2 0.7 0.8
Retail Sales YoY (%) -2.90 3 4.2 3.6 3.4 2.5
Consumer Spending (NOK Million) 365860.00 399059 378013 363868 379763 392000
Disposable Personal Income (NOK Million) 368458.00 373036 376109 382459 383196 386838
Personal Savings (%) 18.90 12 11.5 9.6 9 8.5
Consumer Credit (NOK Million) 3933708.00 3921515 3969863 4055364 4091056 4066611
Household Spending (%) -1.80 1.4 0.5 -0.3 0.6 0.7
Gasoline Prices (USD/Liter) 1.97 1.87 1.78 1.69 1.6 1.52

Housing Actual Q4 Q1 Q2 Q3 2022
Housing Index (points) 307.12 318 327 322 321 322


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.