Markets Actual Q3 Q4 Q1 Q2 2023
Currency 9.55 10 10.21 10.43 10.65 11.12
Stock Market (points) 1434.97 1362 1319 1277 1236 1158
Government Bond 10Y (%) 2.88 2.93 3.03 3.13 3.23 3.45

Overview Actual Q3 Q4 Q1 Q2 2023
GDP Growth Rate (%) -1.00 0.7 0.6 0.4 0.4 0.5
GDP Annual Growth Rate (%) 4.80 3 3.7 2.6 2.6 2.6
Unemployment Rate (%) 3.30 4.3 4.2 4.1 4.1 4
Inflation Rate (%) 6.80 5.6 4.9 3.5 3 1.7
Interest Rate (%) 1.25 1.5 2 2.5 2.75 3.25
Balance of Trade (NOK Million) 87500.00 11700 19300 18900 18900 19300
Current Account (NOK Million) 341055.00 42300 45100 41300 41300 29300
Current Account to GDP (% of GDP) 15.00 11.1 11.1 11 11 10.8
Government Debt to GDP (% of GDP) 43.20 41 41 40 40 40
Government Budget (% of GDP) 9.10 2.5 2.5 3.5 3.5 3.5
Business Confidence (points) 3.20 5 4 3.8 3.8 2
Manufacturing PMI (points) 54.60 55.1 54.6 54.5 54.5 53.6
Consumer Confidence (points) -11.70 -15 4.5 4.1 4.1 2
Retail Sales MoM (%) 0.00 0.7 0.8 0.5 0.5 0.8
Corporate Tax Rate (%) 22.00 24 22 22 22 22
Personal Income Tax Rate (%) 38.20 38.52 38.2 38.2 38.2 38.2

GDP Actual Q3 Q4 Q1 Q2 2023
GDP Growth Rate (%) -1.00 0.7 0.6 0.4 0.4 0.5
GDP Annual Growth Rate (%) 4.80 3 3.7 2.6 2.6 2.6
GDP (USD Billion) 482.44 440 440 440 440 440
GDP Constant Prices (NOK Million) 928081.00 963971 972688 952211 952211 997978
Gross National Product (NOK Million) 1268528.00 1058403 1292321 1301510 1301510 1325921
Gross Fixed Capital Formation (NOK Million) 227953.00 233528 239610 233880 233880 245840
GDP per capita (USD) 77544.03 92100 92100 92100 92100 92700
GDP per capita PPP (USD) 65688.55 64800 64800 64800 64800 65500
Full Year GDP Growth (%) -0.70 3.9 3.9 3.7 3.7 3.7
GDP From Agriculture (NOK Million) 5772.00 6064 5770 5922 5922 5920
GDP From Construction (NOK Million) 54472.00 53693 55090 55888 55888 56522
GDP From Manufacturing (NOK Million) 55213.00 57709 57478 56649 56649 58972
GDP From Mining (NOK Million) 1603.00 1181 1633 1645 1645 1676
GDP From Public Administration (NOK Million) 58443.00 60354 61311 59963 59963 62905
GDP From Utilities (NOK Million) 6059.00 6074 6202 6217 6217 6364

Labour Actual Q3 Q4 Q1 Q2 2023
Unemployment Rate (%) 3.30 4.3 4.2 4.1 4.1 4
Unemployed Persons 59596.00 72600 69100 69100 69100 65500
Labor Force Participation Rate (%) 73.10 72.5 72.5 72.5 72.5 72.3
Labour Costs (points) 132.99 150 135 133 137 138
Wages in Manufacturing (points) 116.50 119 117 116 120 119
Wage Growth (%) 2.92 3 3 3 3 3.3
Population (Million) 5.43 5.46 5.46 5.46 5.46 5.51
Retirement Age Women 62.00 62 62 62 62 62
Retirement Age Men 62.00 62 62 62 62 62
Wages (NOK/Month) 52180.00 52232 50017 51881 53745 53593

Prices Actual Q3 Q4 Q1 Q2 2023
Inflation Rate (%) 6.80 5.6 4.9 3.5 3 1.7
Consumer Price Index CPI (points) 124.20 124 125 124 126 127
Harmonised Consumer Prices (points) 124.30 126 126 125 128 129
Core Consumer Prices (points) 119.60 116 117 118 120 119
Core Inflation Rate (%) 4.50 1.8 1.9 1.9 1.9 1.9
Producer Prices (points) 215.00 164 189 223 226 199
Producer Prices Change (%) 73.60 7.5 5.1 5.1 5.1 5.1
Food Inflation (%) 5.00 1.4 1.8 1.8 1.8 1.8
Inflation Rate Mom (%) 1.30 0.4 0.4 0.3 0.3 0.3
CPI Housing Utilities (points) 128.70 134 137 131 132 140
CPI Transportation (points) 131.40 132 132 133 133 134

Money Actual Q3 Q4 Q1 Q2 2023
Interest Rate (%) 1.25 1.5 2 2.5 2.75 3.25
Interbank Rate (%) 2.26 2.51 3.01 3.51 3.76 3.76
Deposit Interest Rate (%) -0.25 0 0.5 1 1.25 1.25
Lending Rate (%) 1.75 2 2.5 3 3.25 3.25
Loan Growth (%) 5.10 5.2 4.5 4.5 4.5 2.8
Private Debt to GDP (%) 316.00 312 312 312 312 306

Trade Actual Q3 Q4 Q1 Q2 2023
Balance of Trade (NOK Million) 87500.00 11700 19300 18900 18900 19300
Current Account (NOK Million) 341055.00 42300 45100 41300 41300 29300
Current Account to GDP (% of GDP) 15.00 11.1 11.1 11 11 10.8
Imports (NOK Million) 89143.33 73400 69100 70500 70500 73200
Exports (NOK Million) 176601.27 85100 88400 89400 89400 92500
Crude Oil Production (BBL/D/1K) 1753.00 1750 1780 1780 1780 1690

Government Actual Q3 Q4 Q1 Q2 2023
Government Debt to GDP (% of GDP) 43.20 41 41 40 40 40
Government Budget (% of GDP) 9.10 2.5 2.5 3.5 3.5 3.5
Government Budget Value (NOK Million) 94984.00 -25800 -9800 3900 3900 38800
Government Spending (NOK Million) 228398.00 236207 241149 234336 234336 247419
Government Spending to GDP (% of GDP) 49.20 51 51 51 51 49
Government Revenues (NOK Million) 527551.00 338400 365900 365900 365900 382800
Fiscal Expenditure (NOK Million) 432567.00 348200 362000 362000 362000 344000

Taxes Actual Q3 Q4 Q1 Q2 2023
Corporate Tax Rate (%) 22.00 24 22 22 22 22
Personal Income Tax Rate (%) 38.20 38.52 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 2023
Business Confidence (points) 3.20 5 4 3.8 3.8 2
Manufacturing PMI (points) 54.60 55.1 54.6 54.5 54.5 53.6
Industrial Production (%) 2.30 2.5 2 2 2 2.4
Industrial Production Mom (%) -1.70 -0.8 0.6 0.6 0.6 0.5
Manufacturing Production (%) -2.30 3.2 2.6 2.6 2.6 2.8
Leading Economic Index (%) 1.00 1.1 0.6 0.6 0.6 0.6

Consumer Actual Q3 Q4 Q1 Q2 2023
Consumer Confidence (points) -11.70 -15 4.5 4.1 4.1 2
Retail Sales MoM (%) 0.00 0.7 0.8 0.5 0.5 0.8
Retail Sales YoY (%) -8.20 3.4 2.5 2.5 2.5 2
Consumer Spending (NOK Million) 402386.00 409225 425535 412848 412848 436599
Disposable Personal Income (NOK Million) 373222.00 371272 387031 382926 382926 397094
Personal Savings (%) 9.90 9 8.5 8.5 8.5 8.1
Consumer Credit (NOK Million) 4081362.00 4073153 4141638 4129519 4187477 4249321
Household Spending (%) -2.40 0.6 0.7 0.7 0.7 0.7
Gasoline Prices (USD/Liter) 2.74 2.7 2.8 2.91 3.02 3.02

Housing Actual Q3 Q4 Q1 Q2 2023
Housing Index (points) 321.46 321 322 322 322 330
House Price Index MoM (%) -0.20 0.3 0.3 1.2 1.2 0.5
House Price Index YoY (%) 7.10 5.4 4.8 2 2 1.5


Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. Norway Forecast - was last updated on Friday, August 12, 2022.