Markets Actual Q4 Q1 Q2 Q3 2021
Currency 9.22 9.33 9.39 9.45 9.5 9.62
Stock Market (points) 925.50 894 874 855 836 799
Government Bond 10Y (%) 0.76 0.75 0.77 0.8 0.83 0.88

Overview Actual Q4 Q1 Q2 Q3 2021
GDP Growth Rate (%) -5.10 2.5 1.7 1.5 0.7 0.9
GDP Annual Growth Rate (%) -4.70 -4.6 -1.2 4.2 3.6 3.2
Unemployment Rate (%) 5.30 5.5 5.6 5.2 4.7 4.4
Inflation Rate (%) 1.60 1.7 2.6 2.4 2.7 2.8
Interest Rate (%) 0.00 0 0 0 0 0
Balance of Trade (NOK Million) -8041.00 18900 21700 -200 -10700 17200
Current Account (NOK Million) 20482.00 26200 51400 34200 20500 34100
Current Account to GDP (%) 4.10 3.6 3 3 3 3
Government Debt to GDP (%) 40.60 49 47 47 47 47
Government Budget (% of GDP) 6.40 1 2.5 2.5 2.5 2.5
Business Confidence (points) 1.70 -7 -2 -4 -6 -4
Manufacturing PMI (points) 50.30 50 51.5 54 53.6 52.5
Consumer Confidence (points) -6.60 -7 -2 6 2 5
Retail Sales MoM (%) -4.90 0.6 0.4 0.5 -1.4 0.6
Corporate Tax Rate (%) 22.00 24 22 22 22 24
Personal Income Tax Rate (%) 38.20 38.52 38.2 38.2 38.2 38.52

GDP Actual Q4 Q1 Q2 Q3 2021
GDP Growth Rate (%) -5.10 2.5 1.7 1.5 0.7 0.9
GDP Annual Growth Rate (%) -4.70 -4.6 -1.2 4.2 3.6 3.2
GDP (USD Billion) 403.34 360 420 420 420 420
GDP Constant Prices (NOK Million) 798949.00 856459 817173 831936 832505 875301
Gross National Product (NOK Million) 799964.00 978789 887244 888391 833562 1000323
Gross Fixed Capital Formation (NOK Million) 206478.00 221003 214891 211231 215150 225865
GDP per capita (USD) 92556.30 89000 90500 90500 90500 90500
GDP per capita PPP (USD) 63633.10 61100 62400 62400 62400 62400
GDP From Agriculture (NOK Million) 5298.00 5804 5062 5283 5521 5931
GDP From Construction (NOK Million) 47938.00 53034 50460 51163 49951 54200
GDP From Manufacturing (NOK Million) 51370.00 55730 53367 54449 53528 56956
GDP From Mining (NOK Million) 1224.00 1286 1277 1263 1275 1314
GDP From Public Administration (NOK Million) 51704.00 51679 49163 51638 53876 52816
GDP From Utilities (NOK Million) 5606.00 5344 5436 5640 5841 5462

Labour Actual Q4 Q1 Q2 Q3 2021
Unemployment Rate (%) 5.30 5.5 5.6 5.2 4.7 4.4
Unemployed Persons 122633.00 121000 127000 122000 115000 112200
Labor Force Participation Rate (%) 70.90 69 69.3 69.7 69.8 70
Labour Costs (points) 145.30 132 130 128 148 136
Wage Growth (%) 3.09 1.6 1.8 2 1.9 2.2
Wages in Manufacturing (points) 113.30 111 109 113 116 115
Population (Million) 5.33 5.38 5.42 5.42 5.42 5.42
Retirement Age Women 62.00 62 62 62 62 62
Retirement Age Men 62.00 62 62 62 62 62
Wages (NOK/Month) 49430.00 48424 47691 49607 50419 50071

Prices Actual Q4 Q1 Q2 Q3 2021
Inflation Rate (%) 1.60 1.7 2.6 2.4 2.7 2.8
Consumer Price Index CPI (points) 112.90 113 114 115 116 116
Harmonised Consumer Prices (points) 113.50 114 115 116 116 117
Core Consumer Prices (points) 112.80 112 113 115 115 114
Core Inflation Rate (%) 3.30 2.8 2.6 2.4 2.2 2.3
Producer Prices (points) 96.60 121 109 103 100 124
Producer Prices Change (%) -9.60 -3.4 3.2 7.9 4 6
Food Inflation (%) 3.80 3.2 2.5 2 2.1 2.3
Inflation Rate Mom (%) 0.40 0.2 0.3 0.4 0.3 0.3
CPI Housing Utilities (points) 111.20 118 114 112 113 121
CPI Transportation (points) 113.90 114 115 119 118 117

Money Actual Q4 Q1 Q2 Q3 2021
Interest Rate (%) 0.00 0 0 0 0 0
Interbank Rate (%) 0.34 1.39 0.31 0.31 0.31 1.59
Deposit Interest Rate (%) -1.00 0.05 -1 -1 -1 0.25
Lending Rate (%) 1.00 2.05 1 1 1 2.25
Loan Growth (%) 4.70 3.2 2.4 2 2.1 2.4
Private Debt to GDP (%) 275.30 284 282 282 282 282

Trade Actual Q4 Q1 Q2 Q3 2021
Balance of Trade (NOK Million) -8041.00 18900 21700 -200 -10700 17200
Current Account (NOK Million) 20482.00 26200 51400 34200 20500 34100
Current Account to GDP (%) 4.10 3.6 3 3 3 3
Imports (NOK Million) 68460.00 56200 68900 67600 68700 62200
Exports (NOK Million) 60419.00 77900 68700 56900 62300 84400
Crude Oil Production (BBL/D/1K) 1560.00 1550 1650 1700 1750 1800

Government Actual Q4 Q1 Q2 Q3 2021
Government Debt to GDP (%) 40.60 49 47 47 47 47
Government Budget (% of GDP) 6.40 1 2.5 2.5 2.5 2.5
Government Budget Value (NOK Million) -114258.00 -4490 -29200 -22300 -8100 -11660
Government Spending (NOK Million) 200976.00 215500 215400 214200 214000 213800
Government Spending to GDP (%) 51.80 56 54 54 54 54
Government Revenues (NOK Million) 297964.00 336000 355900 357900 306000 358600
Fiscal Expenditure (NOK Million) 412222.00 365200 378200 366000 342000 355200

Taxes Actual Q4 Q1 Q2 Q3 2021
Corporate Tax Rate (%) 22.00 24 22 22 22 24
Personal Income Tax Rate (%) 38.20 38.52 38.2 38.2 38.2 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 Q4 Q1 Q2 Q3 2021
Business Confidence (points) 1.70 -7 -2 -4 -6 -4
Manufacturing PMI (points) 50.30 50 51.5 54 53.6 52.5
Industrial Production (%) 8.30 2.5 2.9 3 2.2 1.5
Industrial Production Mom (%) 1.10 0.7 0.5 0.3 -1 0.4
Manufacturing Production (%) -2.50 -2 1.9 6.5 2.8 4.2
Leading Economic Index (%) -6.30 2 1.5 1.2 0.8 0.7

Consumer Actual Q4 Q1 Q2 Q3 2021
Consumer Confidence (points) -6.60 -7 -2 6 2 5
Retail Sales MoM (%) -4.90 0.6 0.4 0.5 -1.4 0.6
Retail Sales YoY (%) 8.20 -1.2 1.5 2 2 3
Consumer Spending (NOK Million) 326437.00 390468 364654 363877 340147 399059
Disposable Personal Income (NOK Million) 355373.00 305860 344495 356422 370299 312589
Personal Savings (%) 20.80 15 12 10.5 9.5 9.1
Consumer Credit (NOK Million) 3740696.00 3624490 3461449 3618763 3871834 3704228
Household Spending (%) -3.80 0.4 0.5 0.3 -1.2 0.4
Gasoline Prices (USD/Liter) 1.70 1.58 1.53 1.46 1.38 1.5

Housing Actual Q4 Q1 Q2 Q3 2021
Housing Index (points) 284.38 269 272 275 279 285


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.