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 4.40 5.1 4.9 4.8 4.7 4.3 percent [+]
Inflation Rate 2.80 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 25045.75 21790 19044 18378 18318 18335 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 8.38 8.91 9 9.09 9.18 10.49 [+]
Stock Market 763.34 751 743 736 728 613 points [+]
Government Bond 10Y 1.64 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 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 4.40 5.1 4.9 4.8 4.7 4.3 percent [+]
Employed Persons 2637.00 2643 2636 2634 2631 2613 Thousand [+]
Unemployed Persons 99923.00 103000 103000 98722 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 10.70 11.03 11.01 11.02 11.02 11.02 percent [+]
Labour Costs 115.30 121 119 123 116 118 Index Points [+]
Productivity 123.60 124 124 124 125 128 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 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 2.80 3.2 2.9 2.7 2.4 2 percent [+]
Harmonised Consumer Prices 104.50 104 104 104 104 104 Index Points [+]
Consumer Price Index CPI 104.30 66.89 82.89 91.6 84.59 86.35 Index Points [+]
Core Consumer Prices 103.10 79.44 93.61 98.88 93.59 95.62 Index Points [+]
Core Inflation Rate 2.10 2.14 1.97 1.88 1.82 1.71 percent [+]
GDP Deflator 98.02 98.73 99.04 99.27 99.43 99.65 Index Points [+]
Producer Prices 225.70 227 229 231 233 247 Index Points [+]
Producer Prices Change 12.60 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 2.00 1.89 1.82 1.79 1.78 1.77 percent [+]
Cpi Transportation 104.20 104 90.33 83.21 79.47 75.14 Index Points [+]
Inflation Rate Mom -0.10 0.3 0.5 0.22 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 1.06 1.02 0.99 1 1 1 percent [+]
Money Supply M0 89279.00 86470 86677 86399 86466 86479 NOK Million [+]
Money Supply M1 1842774.00 1840897 1841145 1841145 1841144 1841144 NOK Million [+]
Money Supply M2 2017151.00 2040811 2055206 2070226 2085332 2258635 NOK Million [+]
Foreign Exchange Reserves 522369.00 512820 512763 512750 512747 512746 NOK Million [+]
Loans to Private Sector 1608984.00 1606860 1603480 1600590 1598031 1582941 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 25045.75 21790 19044 18378 18318 18335 NOK Million [+]
Exports 73816.45 73025 72827 72702 72726 72740 NOK Million [+]
Imports 48770.69 51531 50736 51387 51274 51327 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 1766.00 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 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 51.40 51.97 51.5 51.59 51.61 51.6 [+]
Industrial Production -1.40 0.6 1.5 -0.83 2 2.5 percent [+]
Industrial Production Mom -2.70 -1 2.1 0 -0.1 0.8 percent [+]
Manufacturing Production -2.00 0.5 0.8 -3.39 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 372.00 355 354 356 356 356 Companies and persons [+]
Car Registrations 16757.00 15990 16045 16034 16034 16034 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 14110.00 13474 11115 11723 13330 12517 Gigawatt-hour [+]
Corruption Index 87.00 86.77 86.83 86.9 86.89 86.87 Points [+]
Corruption Rank 6.00 4.78 5.13 5.47 5.82 5.46 [+]
Steel Production 42.06 50.82 51.13 51.11 51.12 51.12 Thousand Tonnes [+]
Mining Production 10.30 4.37 2.81 2.16 1.9 1.72 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 -2.10 0.5 0.5 0.6 0.4 0.9 percent [+]
Retail Sales YoY -2.20 5.1 5.1 0.16 0.5 1.4 percent [+]
Consumer Spending 335409.00 336800 338323 339971 341535 360265 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 3056995.00 3101063 3143031 3185094 3227027 3719817 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 1.6 1.6 1.6 1.6 1.6 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 3133.00 2806 2892 2911 2895 2896 [+]
Housing Starts 3585.00 3255 3216 3211 3210 3210 [+]
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 [+]
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. 2/24/2017