Markets Actual Q1 Q2 Q3 Q4 2022
Currency 8.53 8.64 8.69 8.75 8.8 8.9
Stock Market (points) 1136.04 1095 1071 1047 1024 978
Government Bond 10Y (%) 1.50 1.52 1.57 1.62 1.68 1.78

Overview Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 0.60 1.4 2 1.3 0.9 0.6
GDP Annual Growth Rate (%) -0.60 -0.5 4.2 3.6 3.2 2
Unemployment Rate (%) 5.00 5.6 5.2 4.7 4.4 3.7
Inflation Rate (%) 2.50 2 2.4 2.7 2.8 2
Interest Rate (%) 0.00 0 0 0 0 0
Balance of Trade (NOK Million) 23081.00 10200 -200 -10700 17200 17200
Current Account (NOK Million) 9277.00 51400 34200 20500 34100 45100
Current Account to GDP (%) 4.10 3 3 3 3 3.4
Government Debt to 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) 3.10 -2 -4 -6 -4 -1
Manufacturing PMI (points) 56.10 51.5 54 53.6 52.5 53
Consumer Confidence (points) -5.10 -8.2 6 2 5 1
Retail Sales MoM (%) -0.10 0.4 0.5 -1.4 0.6 0.6
Corporate Tax Rate (%) 22.00 24 22 22 24 24
Personal Income Tax Rate (%) 38.20 38.52 38.2 38.2 38.52 38.52

GDP Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 0.60 1.4 2 1.3 0.9 0.6
GDP Annual Growth Rate (%) -0.60 -0.5 4.2 3.6 3.2 2
GDP (USD Billion) 403.34 420 420 420 420 490
GDP Constant Prices (NOK Million) 900102.00 891839 890407 926048 922473 940922
Gross National Product (NOK Million) 904222.00 895300 822853 846897 843627 860500
Gross Fixed Capital Formation (NOK Million) 213592.00 215253 221418 217719 216878 221215
GDP per capita (USD) 92556.30 90500 90500 90500 90500 91400
GDP per capita PPP (USD) 63633.10 62400 62400 62400 62400 63200
GDP From Agriculture (NOK Million) 5481.00 5694 5691 6033 6009 6130
GDP From Construction (NOK Million) 51849.00 52168 50603 53202 52996 54056
GDP From Manufacturing (NOK Million) 54683.00 54809 53755 54809 54597 55689
GDP From Mining (NOK Million) 1463.00 1358 1350 1329 1324 1351
GDP From Public Administration (NOK Million) 55608.00 53812 55740 56890 56670 57804
GDP From Utilities (NOK Million) 5759.00 5514 5708 5830 5807 5923

Labour Actual Q1 Q2 Q3 Q4 2022
Unemployment Rate (%) 5.00 5.6 5.2 4.7 4.4 3.7
Unemployed Persons 128456.00 127900 122000 115000 112200 95250
Labor Force Participation Rate (%) 70.30 69.3 69.7 69.8 70 70.6
Labour Costs (points) 127.10 132 130 128 136 136
Wage Growth (%) 1.21 1.8 2 1.9 2.2 2.3
Wages in Manufacturing (points) 108.80 111 109 113 115 115
Population (Million) 5.33 5.42 5.42 5.42 5.42 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) 47970.00 48424 47691 49607 50071 50071

Prices Actual Q1 Q2 Q3 Q4 2022
Inflation Rate (%) 2.50 2 2.4 2.7 2.8 2
Consumer Price Index CPI (points) 114.10 113 115 116 116 118
Harmonised Consumer Prices (points) 114.90 114 116 117 117 119
Core Consumer Prices (points) 112.50 113 115 115 115 117
Core Inflation Rate (%) 2.70 2.6 2.4 2.2 2.3 2
Producer Prices (points) 112.50 102 100 100 113 120
Producer Prices Change (%) 0.60 2.2 7.9 4 6 6
Food Inflation (%) 0.70 2.5 2 2.1 2.3 1.9
Inflation Rate Mom (%) 1.10 0.3 0.4 0.3 0.3 0.3
CPI Housing Utilities (points) 118.50 114 112 114 116 118
CPI Transportation (points) 113.90 115 119 117 116 119

Money Actual Q1 Q2 Q3 Q4 2022
Interest Rate (%) 0.00 0 0 0 0 0
Interbank Rate (%) 0.45 0.5 0.5 0.5 0.5 0.5
Deposit Interest Rate (%) -1.00 -1 -1 -1 -1 -1
Lending Rate (%) 1.00 1 1 1 1 1
Loan Growth (%) 4.90 2.4 2 2.1 2.4 3
Private Debt to GDP (%) 275.30 282 282 282 282 278

Trade Actual Q1 Q2 Q3 Q4 2022
Balance of Trade (NOK Million) 23081.00 10200 -200 -10700 17200 17200
Current Account (NOK Million) 9277.00 51400 34200 20500 34100 45100
Current Account to GDP (%) 4.10 3 3 3 3 3.4
Imports (NOK Million) 55105.00 68900 67600 68700 62200 62200
Exports (NOK Million) 78186.00 68700 56900 62300 84400 88400
Crude Oil Production (BBL/D/1K) 1745.00 1650 1700 1750 1800 1750

Government Actual Q1 Q2 Q3 Q4 2022
Government Debt to 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) -58321.00 -4490 -29200 -22300 -11660 -11660
Government Spending (NOK Million) 220461.00 215400 214200 214000 213800 214600
Government Spending to GDP (%) 51.80 54 54 54 54 51
Government Revenues (NOK Million) 302533.00 355900 357900 306000 358600 348900
Fiscal Expenditure (NOK Million) 360854.00 378200 366000 342000 355200 347000

Taxes Actual Q1 Q2 Q3 Q4 2022
Corporate Tax Rate (%) 22.00 24 22 22 24 24
Personal Income Tax Rate (%) 38.20 38.52 38.2 38.2 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 Q1 Q2 Q3 Q4 2022
Business Confidence (points) 3.10 -2 -4 -6 -4 -1
Manufacturing PMI (points) 56.10 51.5 54 53.6 52.5 53
Industrial Production (%) 2.70 2.9 3 2.2 1.5 1.5
Industrial Production Mom (%) 3.40 0.5 0.3 -1 -1 0.2
Manufacturing Production (%) -1.20 1.9 6.5 2.8 4.2 2.6
Leading Economic Index (%) 1.90 1.5 1.2 0.8 0.7 0.7

Consumer Actual Q1 Q2 Q3 Q4 2022
Consumer Confidence (points) -5.10 -8.2 6 2 5 1
Retail Sales MoM (%) -0.10 0.4 0.5 -1.4 0.6 0.6
Retail Sales YoY (%) 8.20 1.5 2 2 3 2.4
Consumer Spending (NOK Million) 363507.00 370428 345962 376531 375077 382579
Disposable Personal Income (NOK Million) 355373.00 358947 370299 368166 366745 374080
Personal Savings (%) 15.40 12 10.5 9.5 9.1 7
Consumer Credit (NOK Million) 3821762.00 3644402 3871834 3901350 3929129 4007712
Household Spending (%) -1.30 0.5 0.3 -1.2 -1.2 0.4
Gasoline Prices (USD/Liter) 1.79 1.61 1.53 1.45 1.38 1.31

Housing Actual Q1 Q2 Q3 Q4 2022
Housing Index (points) 300.37 272 275 279 285 291


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.