The Norges Bank held its benchmark interest rate at 0.25 percent during its November 2021 meeting, in line with expectations, and reiterated that a rate hike is likely in December. Policymakers noted that the reopening of society has marked an upswing in the economy, as economic activity and capacity utilization are seen higher than its pre-pandemic level, while unemployment has fallen further. Meanwhile, there is still uncertainty as to the evolution of the pandemic and its impact on the Norwegian economy even though high vaccination rates are expected to limit further restrictions. At the same time, underlying inflation remains under the target, but increased economic activity and rising wages are likely to push underlying inflation towards the target of 2 percent. Looking forward, the policy rate forecast is in line with the September 2021 policy report, pointing to a gradual rise to a rate of 1 percent in the year ahead. source: Norges Bank
Interest Rate in Norway averaged 3.83 percent from 1991 until 2021, reaching an all time high of 11 percent in September of 1992 and a record low of 0 percent in May of 2020. This page provides the latest reported value for - Norway Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Norway Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2021.
Interest Rate in Norway is expected to be 0.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Norway Interest Rate is projected to trend around 1.25 percent in 2022 and 1.75 percent in 2023, according to our econometric models.