Markets Actual Q3 Q4 Q1 Q2 2022
Currency 8.79 8.92 9.02 9.11 9.2 9.39
Stock Market (points) 1211.83 1173 1143 1113 1084 1028
Government Bond 10Y (%) 1.23 1.26 1.31 1.37 1.43 1.55

Overview Actual Q3 Q4 Q1 Q2 2022
GDP Growth Rate (%) -0.60 1.7 1 1 0.8 0.6
GDP Annual Growth Rate (%) -1.40 2.8 3 3.4 3.8 3.7
Unemployment Rate (%) 5.00 5.1 4.6 4.5 4.3 4.2
Inflation Rate (%) 2.90 3 2.8 2.6 2.2 1.9
Interest Rate (%) 0.00 0.25 0.5 0.75 1 1.25
Balance of Trade (NOK Million) 25023.00 10200 17200 17200 17200 17200
Current Account (NOK Million) 94301.00 20500 34100 34100 34100 45100
Current Account to GDP (% of GDP) 1.90 8.6 8.6 10.2 10.2 10.2
Government Debt to GDP (% of GDP) 40.60 40 40 40 40 44
Government Budget (% of GDP) 6.40 2.5 2.5 2.5 2.5 4.5
Business Confidence (points) 11.30 15 9 10 7 4
Manufacturing PMI (points) 63.30 53.6 52.5 52.5 52.5 53
Consumer Confidence (points) 2.50 4.6 5 5 5 1
Retail Sales MoM (%) -0.10 -1.4 0.6 0.6 0.6 0.6
Corporate Tax Rate (%) 22.00 24 24 24 24 24
Personal Income Tax Rate (%) 38.20 38.52 38.52 38.52 38.52 38.52

GDP Actual Q3 Q4 Q1 Q2 2022
GDP Growth Rate (%) -0.60 1.7 1 1 0.8 0.6
GDP Annual Growth Rate (%) -1.40 2.8 3 3.4 3.8 3.7
GDP (USD Billion) 362.01 420 420 420 420 490
GDP Constant Prices (NOK Million) 895250.00 885349 875301 927105 930705 961408
Gross National Product (NOK Million) 937345.00 814430 1000323 931349 934966 965809
Gross Fixed Capital Formation (NOK Million) 210347.00 220767 225865 220000 220854 228140
GDP per capita (USD) 90884.61 90500 90500 90500 90500 91400
GDP per capita PPP (USD) 63585.90 62400 62400 62400 62400 63200
GDP From Agriculture (NOK Million) 5833.00 5636 5931 5645 5667 5854
GDP From Construction (NOK Million) 52044.00 50025 54200 53404 53612 55380
GDP From Manufacturing (NOK Million) 55788.00 53351 56956 56323 56542 58407
GDP From Mining (NOK Million) 985.00 1339 1314 1507 1513 1563
GDP From Public Administration (NOK Million) 55793.00 56366 52816 57276 57499 59395
GDP From Utilities (NOK Million) 5648.00 5670 5462 5932 5955 6151

Labour Actual Q3 Q4 Q1 Q2 2022
Unemployment Rate (%) 5.00 5.1 4.6 4.5 4.3 4.2
Unemployed Persons 103390.00 115000 112200 112200 112200 95250
Labor Force Participation Rate (%) 70.60 70.3 70.2 70.4 70.5 70.6
Labour Costs (points) 129.20 149 136 130 131 134
Wage Growth (%) 2.74 2.3 2.6 2.8 2.9 3
Wages in Manufacturing (points) 112.50 116 115 112 112 115
Population (Million) 5.37 5.42 5.42 5.46 5.46 5.46
Retirement Age Women 62.00 62 62 62 62 62
Retirement Age Men 62.00 62 62 62 62 62
Wages (NOK/Month) 49920.00 49145 50018 51318 51368 51518

Prices Actual Q3 Q4 Q1 Q2 2022
Inflation Rate (%) 2.90 3 2.8 2.6 2.2 1.9
Consumer Price Index CPI (points) 115.30 116 116 118 118 118
Harmonised Consumer Prices (points) 116.20 117 117 118 119 119
Core Consumer Prices (points) 113.70 116 115 116 116 117
Core Inflation Rate (%) 1.40 2.5 2.3 2 1.9 1.7
Producer Prices (points) 127.40 100 113 126 135 120
Producer Prices Change (%) 37.10 4 6 6 6 6
Food Inflation (%) -1.70 -0.4 0.3 1 1 1.9
Inflation Rate Mom (%) 0.30 0.3 0.3 0.3 0.3 0.3
CPI Housing Utilities (points) 118.70 115 116 123 121 118
CPI Transportation (points) 116.60 117 116 118 119 118

Money Actual Q3 Q4 Q1 Q2 2022
Interest Rate (%) 0.00 0.25 0.5 0.75 1 1.25
Interbank Rate (%) 0.32 0.57 0.82 1.07 1.32 1.57
Deposit Interest Rate (%) -1.00 -0.75 -0.5 -0.25 0 0.25
Lending Rate (%) 1.00 1.25 1.5 1.75 2 2.25
Loan Growth (%) 5.20 2.1 2.4 2.4 2.4 3
Private Debt to GDP (%) 316.00 282 282 282 282 278

Trade Actual Q3 Q4 Q1 Q2 2022
Balance of Trade (NOK Million) 25023.00 10200 17200 17200 17200 17200
Current Account (NOK Million) 94301.00 20500 34100 34100 34100 45100
Current Account to GDP (% of GDP) 1.90 8.6 8.6 10.2 10.2 10.2
Imports (NOK Million) 72854.00 68700 62200 62200 62200 62200
Exports (NOK Million) 97877.00 62300 84400 84400 84400 88400
Crude Oil Production (BBL/D/1K) 1728.00 1750 1800 1800 1800 1750

Government Actual Q3 Q4 Q1 Q2 2022
Government Debt to GDP (% of GDP) 40.60 40 40 40 40 44
Government Budget (% of GDP) 6.40 2.5 2.5 2.5 2.5 4.5
Government Budget Value (NOK Million) -96018.00 -4490 -11660 -11660 -11660 -11660
Government Spending (NOK Million) 216517.00 214000 213800 213800 213800 214600
Government Spending to GDP (% of GDP) 58.40 54 54 54 54 51
Government Revenues (NOK Million) 340618.00 306000 358600 358600 358600 348900
Fiscal Expenditure (NOK Million) 436636.00 342000 355200 355200 355200 347000

Taxes Actual Q3 Q4 Q1 Q2 2022
Corporate Tax Rate (%) 22.00 24 24 24 24 24
Personal Income Tax Rate (%) 38.20 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 2022
Business Confidence (points) 11.30 15 9 10 7 4
Manufacturing PMI (points) 63.30 53.6 52.5 52.5 52.5 53
Industrial Production (%) 2.10 2.2 1.5 1.5 1.5 1.5
Industrial Production Mom (%) -0.30 -1 -1 -1 -1 0.2
Manufacturing Production (%) 7.60 2.8 4.2 4.2 4.2 2.6
Leading Economic Index (%) -1.00 0.8 0.7 0.7 0.7 0.7

Consumer Actual Q3 Q4 Q1 Q2 2022
Consumer Confidence (points) 2.50 4.6 5 5 5 1
Retail Sales MoM (%) -0.10 -1.4 0.6 0.6 0.6 0.6
Retail Sales YoY (%) 0.00 2 3 3 3 2.4
Consumer Spending (NOK Million) 351903.00 343992 399059 374412 375866 388265
Disposable Personal Income (NOK Million) 361682.00 362974 373145 373979 375426 386952
Personal Savings (%) 18.90 11.6 10.5 10 9.6 8.5
Consumer Credit (NOK Million) 3877392.00 3842108 3704228 3921515 3957462 4066611
Household Spending (%) 0.00 -1.2 -1.2 -1.2 -1.2 0.4
Gasoline Prices (USD/Liter) 1.88 1.79 1.7 1.61 1.53 1.45

Housing Actual Q3 Q4 Q1 Q2 2022
Housing Index (points) 307.24 312 312 327 322 322


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.