Markets Actual Q1 Q2 Q3 Q4 2020
Currency 8.46 8.62 8.68 8.73 8.79 8.91
Stock Market (points) 1004.15 965 953 941 928 905
Government Bond 10Y (%) 1.70 1.77 1.8 1.84 1.87 1.94
Overview Actual Q1 Q2 Q3 Q4 2020
GDP Growth Rate (%) 0.50 0.4 0.4 0.4 0.7 0.8
GDP Annual Growth Rate (%) 1.70 2.1 2.3 2.1 2.1 2.9
Unemployment Rate (%) 3.70 3.7 3.7 3.6 3.7 3.7
Inflation Rate (%) 3.00 2.9 2.6 2.4 2.3 1.7
Interest Rate (%) 1.00 1 1.15 1.15 1.15 1.55
Balance of Trade (NOK Million) 15802.16 18400 13300 19700 23700 18900
Current Account (NOK Million) 46795.00 55100 60200 59800 45100 51200
Current Account to GDP (%) 8.10 8 8 8 8 9.5
Government Debt to GDP (%) 36.20 32 32 32 32 30
Government Budget (% of GDP) 4.40 4.9 4.9 4.9 4.9 5.1
Business Confidence (Index Points) 9.00 9.5 9.1 9 8.2 6.5
Manufacturing PMI 56.30 54 54 53.2 53.2 52.5
Consumer Confidence (Index Points) 12.70 12.7 9 5 8 12
Retail Sales MoM (%) 1.60 1.1 -2 0.5 0.5 0.6
Corporate Tax Rate (%) 24.00 24 24 24 24 24
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 (%) 0.50 0.4 0.4 0.4 0.7 0.8
GDP Annual Growth Rate (%) 1.70 2.1 2.3 2.1 2.1 2.9
GDP (USD Billion) 398.83 450 450 450 450 470
GDP Constant Prices (NOK Million) 815202.00 811523 816037 828434 829876 851452
Gross National Product (NOK Million) 931640.00 868875 888046 885907 948410 973068
Gross Fixed Capital Formation (NOK Million) 210357.00 196957 211407 216449 214143 219711
GDP per capita (USD) 91218.62 92200 92200 92200 92200 93000
GDP per capita PPP (USD) 64800.06 65800 65800 65800 65800 66300
GDP From Agriculture (NOK Million) 5524.00 5553 5567 4110 5623 5770
GDP From Construction (NOK Million) 50479.00 49548 50275 51321 51388 52724
GDP From Manufacturing (NOK Million) 53045.00 51720 52427 53329 54000 55404
GDP From Mining (NOK Million) 1224.00 1228 1226 1209 1246 1278
GDP From Public Administration (NOK Million) 49190.00 48798 49129 49862 50075 51377
GDP From Utilities (NOK Million) 5087.00 4990 5053 5164 5179 5313
Labour Actual Q1 Q2 Q3 Q4 2020
Unemployment Rate (%) 3.70 3.7 3.7 3.6 3.7 3.7
Unemployed Persons 78978.00 77250 76200 75900 74750 74250
Labor Force Participation Rate (%) 70.10 70.2 70.4 70.6 70.6 70.9
Wages in Manufacturing (Index Points) 103.90 107 109 104 107 111
Wage Growth (%) 2.97 2.6 2.6 2.8 3.2 3.4
Population (Million) 5.30 5.36 5.36 5.36 5.34 5.38
Retirement Age Women 62.00 62 62 62 62 62
Retirement Age Men 62.00 62 62 62 62 62
Wages (NOK/Month) 45380.00 46816 46755 45427 46832 48424
Prices Actual Q1 Q2 Q3 Q4 2020
Inflation Rate (%) 3.00 2.9 2.6 2.4 2.3 1.7
Consumer Price Index CPI (Index Points) 110.20 110 111 112 112 114
Harmonised Consumer Prices (Index Points) 107.70 111 112 113 113 115
Core Consumer Prices (Index Points) 107.70 107 108 109 110 112
Core Inflation Rate (%) 2.60 1.9 1.9 2.1 2.3 1.9
Producer Prices (Index Points) 116.80 113 120 123 119 121
Producer Prices Change (%) 8.00 4 3.2 2.5 2.6 2
Food Inflation (%) 2.00 1.5 1.9 2.2 2.1 1.8
Inflation Rate Mom (%) 0.80 0.4 0.5 0.6 0 0.2
CPI Housing Utilities (Index Points) 115.80 115 116 117 118 120
CPI Transportation (Index Points) 110.20 110 113 112 112 114
Money Actual Q1 Q2 Q3 Q4 2020
Interest Rate (%) 1.00 1 1.15 1.15 1.15 1.55
Interbank Rate (%) 1.36 1.25 1.25 1.25 1.25 1.25
Deposit Interest Rate (%) 0.00 0 0 0 0 0.35
Lending Rate (%) 2.00 2 2 2 2 2.35
Loan Growth (%) 5.70 5.42 5.31 5.22 5.15 4.97
Private Debt to GDP (%) 284.60 272 272 272 272 266
Trade Actual Q1 Q2 Q3 Q4 2020
Balance of Trade (NOK Million) 15802.16 18400 13300 19700 23700 18900
Current Account (NOK Million) 46795.00 55100 60200 59800 45100 51200
Current Account to GDP (%) 8.10 8 8 8 8 9.5
Imports (NOK Million) 61432.61 61700 62100 61550 58700 66200
Exports (NOK Million) 77234.77 80100 75400 81210 82400 85100
Terms of Trade (Index Points) 105.38 109 109 109 109 109
Crude Oil Production (BBL/D/1K) 1525.00 1531 1531 1531 1540 1500
Government Actual Q1 Q2 Q3 Q4 2020
Government Debt to GDP (%) 36.20 32 32 32 32 30
Government Budget (% of GDP) 4.40 4.9 4.9 4.9 4.9 5.1
Government Budget Value (NOK Million) 29995.00 -5890 6008 28458 1245 -4490
Government Spending (NOK Million) 197790.00 199382 199636 201718 201350 206585
Government Spending to GDP (%) 50.30 49.7 49.7 49.7 49.7 49.4
Taxes Actual Q1 Q2 Q3 Q4 2020
Corporate Tax Rate (%) 24.00 24 24 24 24 24
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 (Index Points) 9.00 9.5 9.1 9 8.2 6.5
Manufacturing PMI 56.30 54 54 53.2 53.2 52.5
Industrial Production (%) -3.40 4.1 3.8 0.34 2.9 2.5
Industrial Production Mom (%) -2.20 0.6 0.4 0.04 0.5 0.4
Manufacturing Production (%) 4.00 4.2 4 2.39 3.6 3
Consumer Actual Q1 Q2 Q3 Q4 2020
Consumer Confidence (Index Points) 12.70 12.7 9 5 8 12
Retail Sales MoM (%) 1.60 1.1 -2 0.5 0.5 0.6
Retail Sales YoY (%) 1.10 2.2 2.4 2.5 1.9 2
Consumer Spending (NOK Million) 371659.00 370152 374907 378062 378349 388186
Personal Savings (%) 6.40 6.2 6.2 6.4 6.7 7.5
Gasoline Prices (USD/Liter) 1.77 1.72 1.68 1.64 1.6 1.6
Household Spending (%) 0.30 -0.7 0.4 0.5 0.5 0.5


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.