Norway | Economic Forecasts | 2016-2020 Outlook

Overview Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
GDP Growth Rate -0.50 0.2 0.3 0.4 0.5 0.8 percent [+]
Unemployment Rate 4.80 5.1 4.9 4.8 4.7 4.3 percent [+]
Inflation Rate 3.50 3.2 2.9 2.7 2.4 2 percent [+]
Interest Rate 0.50 0.5 0.5 0.5 0.5 1.25 percent [+]
Balance of Trade 23279.00 12243 12047 12041 12052 12055 NOK Million [+]
Government Debt to GDP 31.70 34.37 35.17 35.97 36.78 42.72 percent [+]
MARKETS Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
Currency 8.33 8.91 9 9.09 9.18 10.49 [+]
Stock Market 777.10 751 743 736 728 613 points [+]
Government Bond 10Y 1.63 1.73 1.75 1.77 1.63 2.04 percent [+]
GDP Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
GDP Growth Rate -0.50 0.2 0.3 0.4 0.5 0.8 percent [+]
GDP Annual Growth Rate -0.90 1.9 2.4 2.7 2.4 2.7 percent [+]
GDP 386.58 398 399 382 407 478 USD Billion [+]
GDP Constant Prices 800841.00 802655 803957 805614 807505 832150 NOK Million [+]
Gross National Product 758609.00 794086 801419 804090 823018 888858 NOK Million [+]
Gross Fixed Capital Formation 181363.00 181000 186458 188766 193898 227890 NOK Million [+]
GDP per capita 89492.84 89976 89930 89884 89839 90465 USD [+]
GDP per capita PPP 64272.16 64716 64790 64865 64939 65908 USD [+]
GDP From Agriculture 4918.00 4880 4910 4900 4900 4900 NOK Million [+]
GDP From Construction 44701.00 45009 45127 45213 45281 45526 NOK Million [+]
GDP From Manufacturing 48861.00 48756 48665 48796 48680 48728 NOK Million [+]
GDP From Mining 1222.00 1203 1225 1190 1187 1182 NOK Million [+]
GDP From Public Administration 44023.00 44420 44596 44759 44927 46605 NOK Million [+]
GDP From Utilities 4461.00 4454 4452 4452 4452 4452 NOK Million [+]
LABOUR Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
Unemployment Rate 4.80 5.1 4.9 4.8 4.7 4.3 percent [+]
Employed Persons 2655.00 2670 2673 2677 2681 2703 Thousand [+]
Unemployed Persons 101464.00 103000 103000 101387 100000 90000 [+]
Labor Force Participation Rate 71.20 71 71 70.94 71.2 72.1 percent [+]
Long Term Unemployment Rate 1.20 1.33 1.38 1.42 1.46 1.79 percent [+]
Youth Unemployment Rate 10.50 11.03 11.01 11.02 11.02 11.02 percent [+]
Labour Costs 123.20 122 120 124 118 121 Index Points [+]
Productivity 120.82 123 123 123 123 126 Index Points [+]
Job Vacancies 56700.00 53467 53918 48016 45480 47410 [+]
Wages in Manufacturing 155.80 155 155 155 158 172 Index Points [+]
Wage Growth 11.60 6.47 8.25 9 8.22 11.92 percent [+]
Population 5.21 5.23 5.24 5.25 5.26 5.43 Million [+]
Retirement Age Women 67.00 67 67 67 67 67 [+]
Retirement Age Men 67.00 67 67 67 67 67 [+]
Employment Change 0.10 0.13 0.17 0.19 0.2 0.29 percent [+]
Employment Rate 74.70 66.54 66.62 66.58 66.07 65.03 percent [+]
Full Time Employment 1911.80 1870 1877 1912 1889 1896 Thousand [+]
Part Time Employment 643.10 667 669 647 661 660 Thousand [+]
Wages 43400.00 43739 43972 44205 44438 47476 NOK/Month [+]
PRICES Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
Inflation Rate 3.50 3.2 2.9 2.7 2.4 2 percent [+]
Harmonised Consumer Prices 104.90 106 106 106 106 106 Index Points [+]
Consumer Price Index CPI 146.00 148 149 149 150 160 Index Points [+]
Core Consumer Prices 135.80 136 136 136 136 136 Index Points [+]
Core Inflation Rate 2.50 2.57 2.52 2.48 2.45 2.4 percent [+]
GDP Deflator 96.61 97.72 98.19 98.67 99.15 105 Index Points [+]
Producer Prices 225.00 215 215 215 215 215 Index Points [+]
Producer Prices Change 7.20 -1.8 -0.5 -0.1 0.2 1.8 percent [+]
Export Prices 139.00 134 135 135 135 135 Index Points [+]
Import Prices 131.20 128 128 128 128 128 Index Points [+]
Food Inflation 1.70 1.67 1.59 1.54 1.52 1.51 percent [+]
Cpi Transportation 154.70 156 157 157 158 168 Index Points [+]
Inflation Rate Mom -0.50 0.3 0.5 0.29 0.7 0.4 percent [+]
MONEY Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
Interest Rate 0.50 0.5 0.5 0.5 0.5 1.25 percent [+]
Interbank Rate 1.02 1.15 1.14 1.14 1.14 1.14 percent [+]
Money Supply M0 86651.00 78773 80402 83602 83550 83570 NOK Million [+]
Money Supply M1 1852632.00 1987266 2056072 2126234 2198233 3268177 NOK Million [+]
Money Supply M2 2027907.00 2060770 2065870 2075007 2074858 1983218 NOK Million [+]
Foreign Exchange Reserves 522369.00 512820 512763 512750 512747 512746 NOK Million [+]
Loans to Private Sector 1620754.00 1615963 1616977 1617880 1618684 1623605 NOK Million [+]
Deposit Interest Rate -0.50 -0.5 -0.5 -0.5 -0.5 -0.5 percent [+]
Central Bank Balance Sheet 7913297.00 8063373 8165761 8260612 8352472 9222649 NOK Millions [+]
Private Debt to GDP 278.69 279 279 279 278 273 percent [+]
Lending Rate 1.50 1.5 1.5 1.5 1.5 1.5 percent [+]
Loan Growth 4.80 4.72 4.63 4.55 4.49 4.19 percent [+]
TRADE Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
Balance of Trade 23279.00 12243 12047 12041 12052 12055 NOK Million [+]
Exports 72520.00 65171 65567 65482 65427 65441 NOK Million [+]
Imports 49175.00 51683 51396 51686 51649 51672 NOK Million [+]
Current Account 24898.00 19906 19376 18906 18459 13876 NOK Million [+]
Current Account to GDP 9.00 7.5 7.5 9.79 7.5 9.2 percent [+]
External Debt 0.00 0 0 0 0 0 NOK Million [+]
Terms of Trade 105.95 104 104 105 104 104 Index Points [+]
Capital Flows 28191.00 37592 107855 29444 70594 74264 NOK Million [+]
Gold Reserves 36.70 36.76 36.76 36.76 36.76 36.76 Tonnes [+]
Crude Oil Production 1430.00 1633 1632 1632 1632 1632 BBL/D/1K [+]
Foreign Direct Investment 26658.00 32494 9381 -7530 8081 8298 NOK Million [+]
Terrorism Index 2.08 1.95 1.84 1.73 1.62 1.32 [+]
Weapons Sales 155.00 123 131 139 141 135 USD Million [+]
GOVERNMENT Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
Government Debt to GDP 31.70 34.37 35.17 35.97 36.78 42.72 percent [+]
Government Budget 5.70 8.51 8.01 7.5 7 9.12 percent of GDP [+]
Government Budget Value -18920.00 -14452 -20730 -21414 -28417 -26872 NOK Million [+]
Government Spending 180929.00 182458 183237 184021 184809 194235 NOK Million [+]
Government Spending to GDP 48.50 46.55 47.02 47.5 47.97 47.16 percent [+]
Government Revenues 272071.00 295879 314209 274518 289489 295522 NOK Million [+]
Government Debt 596070.00 577687 498211 567338 494680 474645 NOK Million [+]
Fiscal Expenditure 290991.00 322565 343639 310311 343522 386453 NOK Million [+]
Asylum Applications 225.00 1074 1081 1058 1057 1058 persons [+]
Military Expenditure 7376.80 7376 7405 7434 7442 7723 USD Million [+]
BUSINESS Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
Business Confidence -5.00 -0.22 1.18 2.56 3.28 2.73 [+]
Manufacturing PMI 51.40 50.93 50.57 50.68 50.7 50.69 [+]
Industrial Production 1.30 0.6 1.5 -1.05 2 2.5 percent [+]
Industrial Production Mom 0.50 -1 2.1 0.04 -0.1 0.8 percent [+]
Manufacturing Production -4.20 0.5 0.8 -3.96 1.8 2.7 percent [+]
Capacity Utilization 77.50 78.03 78.06 78.06 78.05 78 percent [+]
New Orders 102.50 99.05 112 101 112 112 Index Points [+]
Changes in Inventories 34289.00 36906 38446 38870 38526 38284 NOK Million [+]
Bankruptcies 272.00 428 398 388 383 383 Companies and persons [+]
Car Registrations 15450.00 14128 14131 14131 14131 14131 Cars [+]
Competitiveness Index 5.44 5.44 5.44 5.44 5.44 5.43 Points [+]
Competitiveness Rank 11.00 10.97 10.97 10.97 10.97 13.38 [+]
Ease of Doing Business 6.00 7.79 7.96 8.13 8.3 7.7 [+]
Electricity Production 13167.00 13108 11539 11472 12556 12185 Gigawatt-hour [+]
Corruption Index 87.00 86.77 86.83 86.9 86.89 86.87 Points [+]
Corruption Rank 5.00 4.78 5.13 5.47 5.82 5.46 [+]
Steel Production 57.22 50.82 51.13 51.11 51.12 51.12 Thousand Tonnes [+]
Mining Production 9.50 -1.04 0.69 1.29 1.54 1.7 percent [+]
CONSUMER Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
Consumer Confidence 0.35 2.5 1.2 -1 -2.6 -1.06 [+]
Retail Sales MoM 0.20 0.5 0.5 0.6 0.4 0.9 percent [+]
Retail Sales YoY 0.40 5.1 5.1 0.16 0.5 1.4 percent [+]
Consumer Spending 333175.00 336182 337611 339168 340696 358939 NOK Million [+]
Disposable Personal Income 342808.00 348009 354616 354548 360587 396889 NOK Million [+]
Personal Savings 5.80 8.8 8.8 6.17 9.2 8.4 percent [+]
Consumer Credit 3053319.00 3110070 3154518 3198828 3243005 3762816 NOK Million [+]
Household Spending 0.90 1.2 1.2 0.18 2 2.1 percent [+]
Households Debt To Gdp 98.90 102 103 103 104 107 percent of GDP [+]
Households Debt To Income 189.35 191 192 192 193 206 percent [+]
Gasoline Prices 1.61 1.54 1.54 1.54 1.54 1.54 USD/Liter [+]
HOUSING Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
Housing Index 199.30 200 200 200 200 200 Index Points [+]
Building Permits 3806.00 2806 2892 2911 2895 2896 [+]
Housing Starts 3230.00 2964 2966 2967 2967 2967 [+]
Home Ownership Rate 82.80 83.95 83.83 83.7 83.57 83.93 percent [+]
New Home Sales 34687.00 31322 33796 31539 33598 32942 [+]
TAXES Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
Corporate Tax Rate 25.00 25 25 25 25 25 percent [+]
Personal Income Tax Rate 38.70 38.7 38.7 38.7 38.7 38.7 percent [+]
Sales Tax Rate 25.00 25 25 25 25 25 percent [+]
Social Security Rate 22.30 22.3 22.3 22.3 22.3 22.3 percent [+]
Social Security Rate For Companies 14.10 14.1 14.1 14.1 14.1 14.1 percent [+]
Social Security Rate For Employees 8.20 8.2 8.2 8.2 8.2 8.2 percent [+]





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. 1/24/2017