Markets Actual Q2 Q3 Q4 Q1 2021
Currency 9.29 9.35 9.4 9.46 9.52 9.63
Stock Market (points) 931.78 911 891 872 853 815
Government Bond 10Y (%) 0.73 0.76 0.78 0.81 0.84 0.89

Overview Actual Q2 Q3 Q4 Q1 2021
GDP Growth Rate (%) -1.50 -10.5 3.4 2.5 1.7 0.9
GDP Annual Growth Rate (%) 1.10 -11.7 -8.8 -4.6 -1.2 3.2
Unemployment Rate (%) 3.60 5.2 7.1 6.8 5.2 4
Inflation Rate (%) 0.80 -1.5 -1.6 1.7 1.7 1.9
Interest Rate (%) 0.00 0 0 0 0 0.75
Balance of Trade (NOK Million) 3249.00 10500 8500 18900 21700 17200
Current Account (NOK Million) 66078.00 57500 47200 51200 51200 59100
Current Account to GDP (%) 7.10 7.2 7.2 7.2 7.9 7.9
Government Debt to GDP (%) 40.60 38 38 38 39.5 39.5
Government Budget (% of GDP) 6.40 0.5 0.5 0.5 1 1
Business Confidence (points) -17.50 -20 -16 -12 -8 -4
Manufacturing PMI (points) 45.90 41 45 50 51.5 52.5
Consumer Confidence (points) -7.60 -7.6 -17 -12 -7 -3
Retail Sales MoM (%) 4.80 0.5 0.2 0.6 0.6 0.5
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 Q2 Q3 Q4 Q1 2021
GDP Growth Rate (%) -1.50 -10.5 3.4 2.5 1.7 0.9
GDP Annual Growth Rate (%) 1.10 -11.7 -8.8 -4.6 -1.2 3.2
GDP (USD Billion) 450.00 470 470 470 495 495
GDP Constant Prices (NOK Million) 843590.00 794529 806931 817433 833467 843591
Gross National Product (NOK Million) 901222.00 817585 811244 887244 890407 915636
Gross Fixed Capital Formation (NOK Million) 213672.00 205866 215806 217398 225145 224354
GDP per capita (USD) 92121.40 93000 93000 93000 94500 94500
GDP per capita PPP (USD) 65441.40 66300 66300 66300 63554 63206
GDP From Agriculture (NOK Million) 5278.00 5041 5131 5030 5215 5191
GDP From Construction (NOK Million) 51628.00 49496 50530 50469 51008 52084
GDP From Manufacturing (NOK Million) 55131.00 52720 53388 53373 54469 55081
GDP From Mining (NOK Million) 1276.00 1153 1298 1278 1261 1319
GDP From Public Administration (NOK Million) 52586.00 48197 49026 49158 51955 50731
GDP From Utilities (NOK Million) 5707.00 5276 5443 5436 5639 5610

Labour Actual Q2 Q3 Q4 Q1 2021
Unemployment Rate (%) 3.60 5.2 7.1 6.8 5.2 4
Unemployed Persons 75150.00 175000 170000 165000 151000 125250
Labor Force Participation Rate (%) 70.20 70.5 70.8 70.9 70.9 71
Labour Costs (points) 125.10 145 131 131 131 136
Wage Growth (%) 2.78 3.6 3.5 3.6 3.6 3.6
Wages in Manufacturing (points) 111.00 114 109 111 111 115
Population (Million) 5.33 5.38 5.38 5.38 5.42 5.42
Retirement Age Women 62.00 62 62 62 62 62
Retirement Age Men 62.00 62 62 62 62 62
Wages (NOK/Month) 46940.00 48878 47507 47552 47552 49264

Prices Actual Q2 Q3 Q4 Q1 2021
Inflation Rate (%) 0.80 -1.5 -1.6 1.7 1.7 1.9
Consumer Price Index CPI (points) 111.70 109 109 113 113 115
Harmonised Consumer Prices (points) 112.30 110 110 114 114 116
Core Consumer Prices (points) 111.50 107 107 112 113 114
Core Inflation Rate (%) 2.80 -1.9 -1.8 2.2 2.2 2.1
Producer Prices (points) 96.70 102 105 116 102 118
Producer Prices Change (%) -16.10 -6 -2 2 2 2.2
Food Inflation (%) 4.40 0.5 1 1.4 1.8 2.1
Inflation Rate Mom (%) 0.40 0.3 0.5 0.2 0.2 0.1
CPI Housing Utilities (points) 110.10 112 113 118 113 120
CPI Transportation (points) 113.20 112 111 114 114 116

Money Actual Q2 Q3 Q4 Q1 2021
Interest Rate (%) 0.00 0 0 0 0 0.75
Interbank Rate (%) 0.29 0.44 0.44 0.44 0.44 0.69
Deposit Interest Rate (%) -1.00 -1 -1 -1 -1 -0.75
Lending Rate (%) 1.00 1 1 1 1 1.25
Loan Growth (%) 4.60 5 5.1 6.2 6.2 7
Private Debt to GDP (%) 275.30 262 262 262 262 255

Trade Actual Q2 Q3 Q4 Q1 2021
Balance of Trade (NOK Million) 3249.00 10500 8500 18900 21700 17200
Current Account (NOK Million) 66078.00 57500 47200 51200 51200 59100
Current Account to GDP (%) 7.10 7.2 7.2 7.2 7.9 7.9
Imports (NOK Million) 55507.00 56000 63200 58200 58200 66200
Exports (NOK Million) 58756.00 66500 71700 79900 79900 86400
Terms of Trade (points) 96.52 109 109 109 109 109
Crude Oil Production (BBL/D/1K) 1790.00 1450 1500 1550 1550 1800

Government Actual Q2 Q3 Q4 Q1 2021
Government Debt to GDP (%) 40.60 38 38 38 39.5 39.5
Government Budget (% of GDP) 6.40 0.5 0.5 0.5 1 1
Government Budget Value (NOK Million) -22430.00 1245 1245 -4490 -4490 -11660
Government Spending (NOK Million) 207825.00 191501 195578 196139 203129 202415
Government Spending to GDP (%) 51.80 56 56 56 54 54

Taxes Actual Q2 Q3 Q4 Q1 2021
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 Q2 Q3 Q4 Q1 2021
Business Confidence (points) -17.50 -20 -16 -12 -8 -4
Manufacturing PMI (points) 45.90 41 45 50 51.5 52.5
Industrial Production (%) 5.40 2.3 2.4 2.5 2.5 2
Industrial Production Mom (%) -0.80 0.4 -0.1 0.4 0.4 0.4
Manufacturing Production (%) -5.10 2.6 2.2 1.9 1.9 1.9
Leading Economic Index (%) -2.10 -8.6 3.4 0.6 0.5 0.7

Consumer Actual Q2 Q3 Q4 Q1 2021
Consumer Confidence (points) -7.60 -7.6 -17 -12 -7 -3
Retail Sales MoM (%) 4.80 0.5 0.2 0.6 0.6 0.5
Retail Sales YoY (%) 3.80 1.9 2.1 2 2 2.2
Consumer Spending (NOK Million) 368297.00 360072 367581 366873 379948 378613
Disposable Personal Income (NOK Million) 395728.00 359344 370640 377525 390979 389605
Personal Savings (%) 9.00 7.7 7.7 7.6 7.6 7.5
Consumer Credit (NOK Million) 3673544.00 3342637 3434696 3461449 3618763 3572215
Household Spending (%) 2.50 0.4 0.1 0.4 0.4 0.4
Gasoline Prices (USD/Liter) 1.33 1.58 1.5 1.42 1.35 1.28


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.