Markets Actual Q3 Q4 Q1 Q2 2021
Currency 9.36 9.52 9.58 9.63 9.69 9.81
Stock Market (points) 929.85 906 886 867 848 810
Government Bond 10Y (%) 0.63 0.64 0.67 0.69 0.71 0.76

Overview Actual Q3 Q4 Q1 Q2 2021
GDP Growth Rate (%) -5.10 3.6 2.5 1.7 1.5 0.9
GDP Annual Growth Rate (%) -4.70 -3.8 -4.6 -1.2 4.2 3.2
Unemployment Rate (%) 5.20 5.1 5.5 5.6 5.2 4.4
Inflation Rate (%) 1.70 1.5 1.7 2.6 2.4 2.8
Interest Rate (%) 0.00 0 0 0 0 0
Balance of Trade (NOK Million) -2865.00 -4500 21700 -200 -10700 22200
Current Account (NOK Million) 20482.00 17200 26200 51400 34200 34100
Current Account to GDP (%) 4.10 3.6 3.6 3 3 3
Government Debt to GDP (%) 40.60 49 49 47 47 47
Government Budget (% of GDP) 6.40 1 1 2.5 2.5 2.5
Business Confidence (points) -10.10 -12 -7 -2 -4 -4
Manufacturing PMI (points) 46.10 49.5 50 51.5 54 52.5
Consumer Confidence (points) -6.60 -10 -7 -2 6 5
Retail Sales MoM (%) -4.90 -2.6 0.6 0.4 0.5 0.6
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 Q3 Q4 Q1 Q2 2021
GDP Growth Rate (%) -5.10 3.6 2.5 1.7 1.5 0.9
GDP Annual Growth Rate (%) -4.70 -3.8 -4.6 -1.2 4.2 3.2
GDP (USD Billion) 403.34 360 360 420 420 420
GDP Constant Prices (NOK Million) 798949.00 827778 817173 831936 832505 843322
Gross National Product (NOK Million) 799964.00 832459 887244 888391 833562 915636
Gross Fixed Capital Formation (NOK Million) 206478.00 220879 214891 211231 215150 221768
GDP per capita (USD) 92556.30 89000 89000 90500 90500 90500
GDP per capita PPP (USD) 63633.10 61100 61100 62400 62400 62400
GDP From Agriculture (NOK Million) 5298.00 5260 5062 5283 5521 5224
GDP From Construction (NOK Million) 47938.00 51817 50460 51163 49951 52075
GDP From Manufacturing (NOK Million) 51370.00 54863 53367 54449 53528 55074
GDP From Mining (NOK Million) 1224.00 1332 1277 1263 1275 1318
GDP From Public Administration (NOK Million) 51704.00 50310 49163 51638 53876 50737
GDP From Utilities (NOK Million) 5606.00 5585 5436 5640 5841 5610

Labour Actual Q3 Q4 Q1 Q2 2021
Unemployment Rate (%) 5.20 5.1 5.5 5.6 5.2 4.4
Unemployed Persons 134569.00 130000 135000 141000 136000 125250
Labor Force Participation Rate (%) 70.10 68.5 69 69.3 69.7 70
Labour Costs (points) 145.30 131 130 128 148 133
Wage Growth (%) 3.09 2.5 1.6 1.8 2 2.2
Wages in Manufacturing (points) 113.30 108 109 113 116 112
Population (Million) 5.33 5.38 5.38 5.42 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) 49430.00 47048 47691 49607 50419 48740

Prices Actual Q3 Q4 Q1 Q2 2021
Inflation Rate (%) 1.70 1.5 1.7 2.6 2.4 2.8
Consumer Price Index CPI (points) 112.50 113 113 114 115 116
Harmonised Consumer Prices (points) 113.10 114 114 115 116 117
Core Consumer Prices (points) 112.60 113 112 113 115 115
Core Inflation Rate (%) 3.70 3.2 2.8 2.6 2.4 2.3
Producer Prices (points) 94.00 96.21 109 103 100 116
Producer Prices Change (%) -12.10 -10 -3.4 3.2 7.9 6
Food Inflation (%) 3.70 3.6 3.2 2.5 2 2.3
Inflation Rate Mom (%) -0.40 0.2 0.2 0.3 0.4 0.3
CPI Housing Utilities (points) 110.00 116 118 114 112 121
CPI Transportation (points) 114.80 114 114 115 119 117

Money Actual Q3 Q4 Q1 Q2 2021
Interest Rate (%) 0.00 0 0 0 0 0
Interbank Rate (%) 0.29 0.31 0.31 0.31 0.31 0.31
Deposit Interest Rate (%) -1.00 -1 -1 -1 -1 -1
Lending Rate (%) 1.00 1 1 1 1 1
Loan Growth (%) 4.70 4.2 3.2 2.4 2 2.4
Private Debt to GDP (%) 275.30 284 284 282 282 282

Trade Actual Q3 Q4 Q1 Q2 2021
Balance of Trade (NOK Million) -2865.00 -4500 21700 -200 -10700 22200
Current Account (NOK Million) 20482.00 17200 26200 51400 34200 34100
Current Account to GDP (%) 4.10 3.6 3.6 3 3 3
Imports (NOK Million) 59896.00 64200 56200 68900 67600 62200
Exports (NOK Million) 57032.00 59700 77900 68700 56900 84400
Crude Oil Production (BBL/D/1K) 1775.00 1500 1550 1650 1700 1800

Government Actual Q3 Q4 Q1 Q2 2021
Government Debt to GDP (%) 40.60 49 49 47 47 47
Government Budget (% of GDP) 6.40 1 1 2.5 2.5 2.5
Government Budget Value (NOK Million) -114258.00 -49000 -29200 -22300 -8100 3400
Government Spending (NOK Million) 200976.00 212500 215500 215400 214200 213800
Government Spending to GDP (%) 51.80 56 56 54 54 54
Government Revenues (NOK Million) 297964.00 298000 336000 355900 357900 358600
Fiscal Expenditure (NOK Million) 412222.00 347000 365200 378200 366000 355200

Taxes Actual Q3 Q4 Q1 Q2 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 Q3 Q4 Q1 Q2 2021
Business Confidence (points) -10.10 -12 -7 -2 -4 -4
Manufacturing PMI (points) 46.10 49.5 50 51.5 54 52.5
Industrial Production (%) 7.40 3.2 2.5 2.9 3 1.5
Industrial Production Mom (%) 2.50 -1.2 0.7 0.5 0.3 0.4
Manufacturing Production (%) -6.10 -2.7 -2 1.9 6.5 4.2
Leading Economic Index (%) -6.30 4.7 2 1.5 1.2 0.7

Consumer Actual Q3 Q4 Q1 Q2 2021
Consumer Confidence (points) -6.60 -10 -7 -2 6 5
Retail Sales MoM (%) -4.90 -2.6 0.6 0.4 0.5 0.6
Retail Sales YoY (%) 8.20 -2.1 -1.2 1.5 2 3
Consumer Spending (NOK Million) 326437.00 376340 364654 363877 340147 376323
Disposable Personal Income (NOK Million) 355373.00 350616 344495 356422 370299 355519
Personal Savings (%) 20.80 17 15 12 10.5 9.1
Consumer Credit (NOK Million) 3725147.00 3524515 3461449 3618763 3871834 3572215
Household Spending (%) -3.80 -1.6 0.4 0.5 0.3 0.4
Gasoline Prices (USD/Liter) 1.70 1.62 1.53 1.46 1.38 1.31

Housing Actual Q3 Q4 Q1 Q2 2021
Housing Index (points) 283.22 278 269 272 275 285


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.