Markets Actual Q3 Q4 Q1 Q2 2020
Currency 8.54 8.59 8.64 8.7 8.76 8.87
Stock Market (points) 986.36 955 943 931 919 897
Government Bond 10Y (%) 1.55 1.45 1.48 1.51 1.53 1.6
Overview Actual Q3 Q4 Q1 Q2 2020
GDP Growth Rate (%) -0.10 0.5 0.4 0.4 0.5 0.6
GDP Annual Growth Rate (%) 2.50 2.1 2.1 2.5 2.7 2.9
Unemployment Rate (%) 3.20 3.6 3.7 3.7 3.7 3.7
Inflation Rate (%) 1.90 1.7 2.3 2.1 2 1.7
Interest Rate (%) 1.25 1.25 1.25 1.5 1.5 1.5
Balance of Trade (NOK Million) 5246.00 19700 23700 17800 17600 18900
Current Account (NOK Million) 67779.00 59800 45100 50700 57500 51200
Current Account to GDP (%) 8.10 7.5 7.5 7 7 7
Government Debt to GDP (%) 36.20 32 32 30 30 30
Government Budget (% of GDP) 4.40 4.9 4.9 5.1 5.1 5.1
Business Confidence (Index Points) 6.90 9 8.2 8 7 6.5
Manufacturing PMI 51.90 53.2 53.2 53.8 54.2 54
Consumer Confidence (Index Points) 12.80 10 8 7 9 12
Retail Sales MoM (%) -1.30 -0.6 0.5 0.4 0.5 0.6
Corporate Tax Rate (%) 22.00 24 24 24 22 24
Personal Income Tax Rate (%) 38.52 38.52 38.52 38.52 38.52 38.52
GDP Actual Q3 Q4 Q1 Q2 2020
GDP Growth Rate (%) -0.10 0.5 0.4 0.4 0.5 0.6
GDP Annual Growth Rate (%) 2.50 2.1 2.1 2.5 2.7 2.9
GDP (USD Billion) 434.75 450 450 470 470 470
GDP Constant Prices (NOK Million) 815323.00 819915 832321 835582 835706 856459
Gross National Product (NOK Million) 900014.00 876797 951204 954931 922514 978789
Gross Fixed Capital Formation (NOK Million) 211997.00 214223 214774 215616 217297 221003
GDP per capita (USD) 92121.40 92200 92200 93000 93000 93000
GDP per capita PPP (USD) 65441.40 65800 65800 66300 66300 66300
GDP From Agriculture (NOK Million) 5357.00 4067 5640 5662 5491 5804
GDP From Construction (NOK Million) 51364.00 50793 51539 51741 52648 53034
GDP From Manufacturing (NOK Million) 53009.00 52780 54159 54371 54334 55730
GDP From Mining (NOK Million) 1290.00 1196 1250 1255 1322 1286
GDP From Public Administration (NOK Million) 49428.00 49349 50223 50420 50664 51679
GDP From Utilities (NOK Million) 5076.00 5111 5194 5214 5203 5344
Labour Actual Q3 Q4 Q1 Q2 2020
Unemployment Rate (%) 3.20 3.6 3.7 3.7 3.7 3.7
Unemployed Persons 77016.00 75900 74750 74700 74500 74250
Labor Force Participation Rate (%) 69.90 70.6 70.6 70.7 70.7 70.9
Wages in Manufacturing (Index Points) 108.00 105 107 107 111 111
Wage Growth (%) 3.35 2.9 3.2 3 3.2 3.4
Population (Million) 5.30 5.34 5.34 5.38 5.38 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) 47220.00 45472 46832 46741 48637 48424
Prices Actual Q3 Q4 Q1 Q2 2020
Inflation Rate (%) 1.90 1.7 2.3 2.1 2 1.7
Consumer Price Index CPI (Index Points) 110.60 111 112 113 113 114
Core Consumer Prices (Index Points) 108.70 109 110 110 111 112
Core Inflation Rate (%) 2.30 2.1 2.3 2.2 2.1 1.9
Producer Prices (Index Points) 108.50 112 114 115 110 116
Producer Prices Change (%) -6.50 -6.2 -2 0.5 1.4 2
Food Inflation (%) 1.20 1.5 2.1 2 1.9 1.8
Inflation Rate Mom (%) 0.10 0.6 0 0.4 0.3 0.2
CPI Housing Utilities (Index Points) 113.70 116 118 118 116 120
CPI Transportation (Index Points) 113.40 111 112 113 116 114
Money Actual Q3 Q4 Q1 Q2 2020
Interest Rate (%) 1.25 1.25 1.25 1.5 1.5 1.5
Interbank Rate (%) 1.56 1.34 1.34 1.39 1.77 1.39
Deposit Interest Rate (%) 0.00 0 0 0.05 0.25 0.05
Private Debt to GDP (%) 275.30 269 269 262 262 262
Lending Rate (%) 2.00 2 2 2.05 2.25 2.05
Loan Growth (%) 5.60 5.5 5.4 5.6 5.9 6.2
Trade Actual Q3 Q4 Q1 Q2 2020
Balance of Trade (NOK Million) 5246.00 19700 23700 17800 17600 18900
Current Account (NOK Million) 67779.00 59800 45100 50700 57500 51200
Current Account to GDP (%) 8.10 7.5 7.5 7 7 7
Imports (NOK Million) 59898.00 61550 58700 64600 62000 66200
Exports (NOK Million) 65144.00 81210 82400 82200 77500 85100
Crude Oil Production (BBL/D/1K) 1417.00 1460 1470 1490 1480 1490
Government Actual Q3 Q4 Q1 Q2 2020
Government Debt to GDP (%) 36.20 32 32 30 30 30
Government Budget (% of GDP) 4.40 4.9 4.9 5.1 5.1 5.1
Government Spending (NOK Million) 199131.00 199643 201944 202735 204109 207800
Government Spending to GDP (%) 48.70 48.5 48.5 48.8 48.8 48.8
Taxes Actual Q3 Q4 Q1 Q2 2020
Corporate Tax Rate (%) 22.00 24 24 24 22 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 Q3 Q4 Q1 Q2 2020
Business Confidence (Index Points) 6.90 9 8.2 8 7 6.5
Manufacturing PMI 51.90 53.2 53.2 53.8 54.2 54
Industrial Production (%) -2.50 0.5 1 2.2 2.3 2.5
Industrial Production Mom (%) 0.60 -0.7 0.5 0.5 0.4 0.4
Manufacturing Production (%) 5.00 2.4 2.5 2.3 2.6 2.7
Consumer Actual Q3 Q4 Q1 Q2 2020
Consumer Confidence (Index Points) 12.80 10 8 7 9 12
Retail Sales MoM (%) -1.30 -0.6 0.5 0.4 0.5 0.6
Retail Sales YoY (%) -2.20 1.5 1.9 2 1.9 2
Consumer Spending (NOK Million) 373833.00 374174 379464 380950 383179 390468
Gasoline Prices (USD/Liter) 1.84 1.66 1.62 1.58 1.65 1.58
Household Spending (%) -0.30 -0.4 0.6 0.5 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.