Norway's seasonally adjusted unemployment rate declined to 3.7 percent in the three months to January 2019 from 4 percent in the August-October 2018 period and below market expectations of 3.8 percent. It was the lowest jobless rate since the March-May 2018 period, as the number of unemployed fell by 7,000 from the previous non-overlapping three-month period to 105,000 and the number of employed decreased by 1,000 to 2.703 million. A year earlier, the unemployment rate was 4.1 percent. Unemployment Rate in Norway averaged 3.66 percent from 1997 until 2018, reaching an all time high of 5.10 percent in January of 2016 and a record low of 2.40 percent in October of 2007.
Unemployment Rate in Norway is expected to be 3.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in Norway to stand at 3.70 in 12 months time. In the long-term, the Norway Unemployment Rate is projected to trend around 3.60 percent in 2020, according to our econometric models.