Norway | Economic Forecasts | 2016-2020 Outlook

Overview Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
GDP Growth Rate 1.10 0.2 0.3 0.4 0.5 0.8 percent [+]
Unemployment Rate 4.20 5.1 4.9 4.8 4.7 4.3 percent [+]
Inflation Rate 2.50 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 23539.00 23113 20082 19223 19109 19122 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 8.46 8.5 8.59 8.67 8.84 10.1 [+]
Stock Market 763.30 764 756 748 733 617 points [+]
Government Bond 10Y 1.76 1.65 1.66 1.68 1.7 1.96 percent [+]
GDP Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
GDP Growth Rate 1.10 0.2 0.3 0.4 0.5 0.8 percent [+]
GDP Annual Growth Rate 1.80 1.9 2.4 2.7 2.4 2.7 percent [+]
GDP 386.58 398 399 382 407 478 USD Billion [+]
GDP Constant Prices 809776.00 810146 811709 813782 815697 835112 NOK Million [+]
Gross National Product 823091.00 778696 792330 777019 824948 819358 NOK Million [+]
Gross Fixed Capital Formation 180313.00 179551 179306 179600 180073 180436 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 4939.00 4909 4920 4920 4923 4919 NOK Million [+]
GDP From Construction 45532.00 45686 45892 46068 46228 46745 NOK Million [+]
GDP From Manufacturing 49080.00 49177 49059 49229 49060 49127 NOK Million [+]
GDP From Mining 1161.00 1185 1205 1165 1177 1170 NOK Million [+]
GDP From Public Administration 44155.00 44380 44523 44679 44830 46394 NOK Million [+]
GDP From Utilities 4539.00 4532 4529 4527 4526 4527 NOK Million [+]
LABOUR Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
Unemployment Rate 4.20 5.1 4.9 4.8 4.7 4.3 percent [+]
Employed Persons 2640.00 2637 2629 2625 2620 2590 Thousand [+]
Unemployed Persons 98943.00 103000 103000 97618 100000 90000 [+]
Labor Force Participation Rate 69.80 71 71 70.45 71.2 72.1 percent [+]
Long Term Unemployment Rate 1.10 1.18 1.22 1.22 1.24 1.39 percent [+]
Youth Unemployment Rate 10.30 10.13 10.17 10.16 10.16 10.16 percent [+]
Productivity 123.60 124 124 124 125 128 Index Points [+]
Labour Costs 115.30 120 120 125 117 120 Index Points [+]
Job Vacancies 49000.00 56565 56364 52230 50184 52159 [+]
Wages in Manufacturing 152.00 155 159 158 156 168 Index Points [+]
Wage Growth 6.00 5.86 7.98 9.17 6.04 6.63 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 1882.30 1871 1878 1913 1891 1898 Thousand [+]
Part Time Employment 649.70 657 662 642 647 648 Thousand [+]
Wages 43400.00 43739 43972 44205 44438 47476 NOK/Month [+]
PRICES Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
Inflation Rate 2.50 3.2 2.9 2.7 2.4 2 percent [+]
Harmonised Consumer Prices 105.00 105 105 105 105 105 Index Points [+]
Consumer Price Index CPI 104.70 103 102 97.73 95.58 92.44 Index Points [+]
Core Consumer Prices 103.60 104 112 110 115 112 Index Points [+]
Core Inflation Rate 1.60 1.72 1.42 1.26 1.14 0.93 percent [+]
GDP Deflator 98.02 98.73 99.04 99.27 99.43 99.65 Index Points [+]
Producer Prices 231.80 227 229 231 233 247 Index Points [+]
Producer Prices Change 18.80 6.2 4.1 2.9 2.5 2.6 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 0.10 0.21 -0.06 -0.23 -0.31 -0.37 percent [+]
Cpi Transportation 103.50 98.21 81.59 72.71 67.62 61.21 Index Points [+]
Inflation Rate Mom 0.40 0.3 0.5 0.23 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 0.96 1.02 0.92 0.93 0.94 0.94 percent [+]
Money Supply M0 83389.00 85457 85643 85255 85399 85421 NOK Million [+]
Money Supply M1 1858794.00 1859195 1859400 1859365 1859361 1859361 NOK Million [+]
Money Supply M2 2044708.00 2050729 2067754 2083484 2099585 2285287 NOK Million [+]
Foreign Exchange Reserves 515255.00 515070 514886 514864 514859 514857 NOK Million [+]
Loans to Private Sector 1621727.00 1623684 1627743 1631539 1634922 1655786 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 5.10 5.01 5.04 5.04 5.05 5.06 percent [+]
TRADE Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
Balance of Trade 23539.00 23113 20082 19223 19109 19122 NOK Million [+]
Exports 71244.00 72833 72750 72386 72391 72437 NOK Million [+]
Imports 47704.00 50482 50633 50426 50450 50378 NOK Million [+]
Current Account 59304.00 47529 40135 39499 47672 44081 NOK Million [+]
Current Account to GDP 9.00 7.5 7.5 9.79 7.5 9.2 percent [+]
External Debt 5247666.00 5254331 5257949 5253893 5261016 5260988 NOK Million [+]
Terms of Trade 105.95 104 104 105 104 104 Index Points [+]
Capital Flows 35688.00 75681 112010 31688 72186 79185 NOK Million [+]
Gold Reserves 36.70 36.76 36.76 36.76 36.76 36.76 Tonnes [+]
Crude Oil Production 1784.00 1696 1696 1696 1696 1696 BBL/D/1K [+]
Foreign Direct Investment -189382.00 67665 81910 12903 -46744 2391 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 181956.00 182666 183490 184279 185068 194562 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 515617.00 585174 510567 576178 506899 485755 NOK Million [+]
Fiscal Expenditure 290991.00 322565 343639 310311 343522 386453 NOK Million [+]
Asylum Applications 410.00 1046 1075 1051 1049 1049 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 0.00 -0.22 1.18 2.56 3.28 2.73 [+]
Manufacturing PMI 52.60 52.51 51.96 52.08 52.09 52.08 [+]
Industrial Production 1.30 0.6 1.5 -0.37 2 2.5 percent [+]
Industrial Production Mom 3.40 -1 2.1 0.06 -0.1 0.8 percent [+]
Manufacturing Production -0.90 0.5 0.8 -1.89 1.8 2.7 percent [+]
Capacity Utilization 76.80 75.79 75.27 75.08 75.01 75.12 percent [+]
New Orders 106.70 94.4 108 96.26 106 106 Index Points [+]
Changes in Inventories 38054.00 36920 38240 38473 38100 38003 NOK Million [+]
Bankruptcies 419.00 373 367 369 371 371 Companies and persons [+]
Car Registrations 15265.00 15491 15578 15558 15558 15558 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 15311.00 14272 11177 11453 13631 12735 Gigawatt-hour [+]
Corruption Index 85.00 86 86 86 86 86 Points [+]
Corruption Rank 6.00 4.78 5.13 5.47 5.82 5.46 [+]
Steel Production 50.97 49.21 49.76 49.8 49.86 49.85 Thousand Tonnes [+]
Mining Production 32.90 14.98 13.11 14.36 14.15 14.16 percent [+]
CONSUMER Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
Consumer Confidence 5.20 2.5 1.2 -1 -2.6 0 [+]
Retail Sales MoM 1.40 0.5 0.5 0.6 0.4 0.9 percent [+]
Retail Sales YoY -0.80 5.1 5.1 -1.22 0.5 1.4 percent [+]
Consumer Spending 335409.00 336800 338323 339971 341535 360265 NOK Million [+]
Disposable Personal Income 347777.00 346795 353722 354588 359508 395054 NOK Million [+]
Personal Savings 7.70 8.8 8.8 7.26 9.2 8.4 percent [+]
Consumer Credit 3080216.00 3111164 3155714 3200188 3244574 3766960 NOK Million [+]
Gasoline Prices 1.79 1.87 1.92 1.9 1.91 1.91 USD/Liter [+]
Household Spending 0.90 1.2 1.2 0.18 2 2.1 percent [+]
Households Debt To Gdp 101.10 104 106 107 108 112 percent of GDP [+]
Households Debt To Income 189.35 191 192 192 193 206 percent [+]
HOUSING Actual Q1/17 Q2/17 Q3/17 Q4/17 2020
Housing Index 199.30 200 200 200 200 200 Index Points [+]
Building Permits 2608.00 2663 2909 2964 2911 2916 [+]
Home Ownership Rate 82.80 83.95 83.83 83.7 83.57 83.93 percent [+]
New Home Sales 35621.00 31322 33796 31539 33598 32942 [+]
Housing Starts 3141.00 3225 3178 3172 3171 3171 [+]
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. 3/27/2017