Norway's seasonally adjusted unemployment rate fell to 3.2 percent in the three months to May 2019 from 3.8 percent in the December 2018-February 2019 period and below market expectations of 3.5 percent. It was the lowest jobless rate since the July-September 2012 period, as the number of unemployed dropped by 16,000 to 91,000 while the number of employed increased by 14,000 to 2.717 million. A year earlier, the unemployment rate was 3.8 percent. Unemployment Rate in Norway averaged 3.66 percent from 1997 until 2019, 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 3.20 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 3.40 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.