Markets Actual Q1 Q2 Q3 Q4 2020
Currency 8.98 8.9 8.95 9.01 9.06 9.17
Stock Market (points) 1042.71 1033 1022 1010 999 977
Government Bond 10Y (%) 1.41 1.47 1.52 1.57 1.62 1.73
Overview Actual Q1 Q2 Q3 Q4 2020
GDP Growth Rate (%) 0.00 0.4 0.5 0.4 0.6 0.5
GDP Annual Growth Rate (%) 1.30 2.5 1.9 2 2.9 2.2
Unemployment Rate (%) 4.00 3.6 3.6 3.7 3.8 3.6
Inflation Rate (%) 1.40 2.1 2 2.2 1.7 1.9
Interest Rate (%) 1.50 1.5 1.5 1.5 1.5 1.5
Balance of Trade (NOK Million) 25569.93 17600 10500 8500 18900 17200
Current Account (NOK Million) 23927.00 50700 57500 47200 51200 59100
Current Account to GDP (%) 7.10 7.2 7.2 7.2 7.2 7.9
Government Debt to GDP (%) 36.30 30 30 30 30 29
Government Budget (% of GDP) 7.30 5.1 5.1 5.1 5.1 4.5
Business Confidence (points) 0.70 4 7.5 7 6.5 6.5
Manufacturing PMI (points) 55.50 53.8 54.2 54.5 53.8 54.2
Consumer Confidence (points) 13.40 7 9 10.5 12 7
Retail Sales MoM (%) 1.00 0.4 0.5 0.2 0.6 0.5
Corporate Tax Rate (%) 22.00 22 22 22 22 22
Personal Income Tax Rate (%) 38.52 38.52 38.52 38.52 38.52 38.52
GDP Actual Q1 Q2 Q3 Q4 2020
GDP Growth Rate (%) 0.00 0.4 0.5 0.4 0.6 0.5
GDP Annual Growth Rate (%) 1.30 2.5 1.9 2 2.9 2.2
GDP (USD Billion) 434.75 470 470 470 470 495
GDP Constant Prices (NOK Million) 843944.00 852326 851756 852383 868418 887524
Gross National Product (NOK Million) 848825.00 917264 878494 857313 873441 892657
Gross Fixed Capital Formation (NOK Million) 228695.00 214280 220232 230982 235327 240504
GDP per capita (USD) 92121.40 93000 93000 93000 93000 94500
GDP per capita PPP (USD) 65441.40 66300 66300 66300 66300 66300
GDP From Agriculture (NOK Million) 5227.00 5395 5392 5279 5379 5497
GDP From Construction (NOK Million) 52708.00 52868 53112 53235 54237 55430
GDP From Manufacturing (NOK Million) 55929.00 55717 56526 56488 57551 58817
GDP From Mining (NOK Million) 1354.00 1353 1227 1368 1393 1424
GDP From Public Administration (NOK Million) 51265.00 51677 51676 51778 52752 53912
GDP From Utilities (NOK Million) 5699.00 5570 5662 5756 5864 5993
Labour Actual Q1 Q2 Q3 Q4 2020
Unemployment Rate (%) 4.00 3.6 3.6 3.7 3.8 3.6
Unemployed Persons 76678.00 74700 74500 74300 74250 72250
Labor Force Participation Rate (%) 70.50 70.7 70.5 70.8 70.9 71
Labour Costs (points) 127.00 127 145 131 132 136
Wages in Manufacturing (points) 105.30 112 114 109 109 113
Wage Growth (%) 3.64 3.7 3.6 3.5 3.6 3.6
Population (Million) 5.30 5.38 5.38 5.38 5.38 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) 45900.00 48967 48878 47507 47552 49264
Prices Actual Q1 Q2 Q3 Q4 2020
Inflation Rate (%) 1.40 2.1 2 2.2 1.7 1.9
Consumer Price Index CPI (points) 111.30 113 113 114 114 116
Harmonised Consumer Prices (points) 112.00 113 114 114 114 116
Core Consumer Prices (points) 109.10 110 111 111 112 114
Core Inflation Rate (%) 1.80 2.2 2.1 2.3 2.2 2.1
Producer Prices (points) 113.30 115 110 109 111 113
Producer Prices Change (%) -2.20 0.5 1.4 2 2 2.2
Food Inflation (%) -0.40 -0.2 0.5 1 1.4 2.1
Inflation Rate Mom (%) -0.30 0.4 0.3 0.5 0.2 0.1
CPI Housing Utilities (points) 115.90 118 116 117 118 120
CPI Transportation (points) 111.90 113 116 115 114 116
Money Actual Q1 Q2 Q3 Q4 2020
Interest Rate (%) 1.50 1.5 1.5 1.5 1.5 1.5
Interbank Rate (%) 1.83 1.83 1.83 1.83 1.83 1.83
Deposit Interest Rate (%) 0.50 0.5 0.5 0.5 0.5 0.5
Private Debt to GDP (%) 275.30 262 262 262 262 255
Lending Rate (%) 2.50 2.5 2.5 2.5 2.5 2.5
Loan Growth (%) 5.60 5.6 5.9 6 6.2 7
Trade Actual Q1 Q2 Q3 Q4 2020
Balance of Trade (NOK Million) 25569.93 17600 10500 8500 18900 17200
Current Account (NOK Million) 23927.00 50700 57500 47200 51200 59100
Current Account to GDP (%) 7.10 7.2 7.2 7.2 7.2 7.9
Imports (NOK Million) 58831.96 64600 56000 63200 58200 66200
Exports (NOK Million) 84401.89 82200 66500 71700 79900 86400
Terms of Trade (points) 94.46 109 109 109 109 109
Crude Oil Production (BBL/D/1K) 1321.00 1410 1450 1500 1550 1800
Government Actual Q1 Q2 Q3 Q4 2020
Government Debt to GDP (%) 36.30 30 30 30 30 29
Government Budget (% of GDP) 7.30 5.1 5.1 5.1 5.1 4.5
Government Budget Value (NOK Million) -8458.00 1245 1245 1245 -4490 -11660
Government Spending (NOK Million) 206207.00 205200 206371 208269 212187 216855
Government Spending to GDP (%) 48.70 48.8 48.8 48.8 48.8 48.9
Taxes Actual Q1 Q2 Q3 Q4 2020
Corporate Tax Rate (%) 22.00 22 22 22 22 22
Personal Income Tax Rate (%) 38.52 38.52 38.52 38.52 38.52 38.52
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 Q1 Q2 Q3 Q4 2020
Business Confidence (points) 0.70 4 7.5 7 6.5 6.5
Manufacturing PMI (points) 55.50 53.8 54.2 54.5 53.8 54.2
Industrial Production (%) -0.90 2.2 2.3 2.4 2.5 2
Industrial Production Mom (%) 3.70 0.5 0.4 -0.1 0.4 0.4
Manufacturing Production (%) 1.00 2.3 2.6 2.2 1.9 1.9
Leading Economic Index (%) 0.30 0.4 0.6 0.4 0.3 0.4
Consumer Actual Q1 Q2 Q3 Q4 2020
Consumer Confidence (points) 13.40 7 9 10.5 12 7
Retail Sales MoM (%) 1.00 0.4 0.5 0.2 0.6 0.5
Retail Sales YoY (%) 0.80 2 1.9 2.1 2 2.2
Consumer Spending (NOK Million) 383592.00 385336 385539 387428 394716 403400
Disposable Personal Income (NOK Million) 388871.00 383355 385753 392760 400148 408952
Personal Savings (%) 8.50 7.8 7.7 7.7 7.6 7.5
Consumer Credit (NOK Million) 3619251.00 3532731 3584059 3628706 3714776 3796502
Gasoline Prices (USD/Liter) 1.74 1.91 1.96 2 2.05 2.05
Household Spending (%) 1.10 0.5 0.4 0.1 0.4 0.4


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.