Markets Actual Q4 Q1 Q2 Q3 2020
Currency 9.12 9.16 9.22 9.28 9.34 9.46
Stock Market (points) 973.90 975 962 949 936 911
Government Bond 10Y (%) 1.24 1.28 1.31 1.35 1.39 1.48
Overview Actual Q4 Q1 Q2 Q3 2020
GDP Growth Rate (%) 0.30 0.4 0.4 0.5 0.4 0.6
GDP Annual Growth Rate (%) -0.70 1.7 2.5 1.9 2 2.9
Unemployment Rate (%) 3.80 3.7 3.6 3.6 3.7 3.8
Inflation Rate (%) 1.50 1.7 2.1 2 2.2 1.7
Interest Rate (%) 1.50 1.5 1.5 1.5 1.5 1.5
Balance of Trade (NOK Million) 6674.00 23700 17800 17600 15500 18900
Current Account (NOK Million) 30587.00 45100 50700 57500 47200 51200
Current Account to GDP (%) 8.10 7.5 8.3 8.3 8.3 8.3
Government Debt to GDP (%) 36.30 32 30 30 30 30
Government Budget (% of GDP) 7.30 4.9 5.1 5.1 5.1 5.1
Business Confidence (Index Points) 5.60 8.2 8 7.5 7 6.5
Manufacturing PMI 50.40 54.1 53.8 54.2 54.5 53.8
Consumer Confidence (Index Points) 17.10 15 7 9 10.5 12
Retail Sales MoM (%) 0.00 0.5 0.4 0.5 0.2 0.6
Corporate Tax Rate (%) 22.00 24 24 22 22 24
Personal Income Tax Rate (%) 38.52 38.52 38.52 38.52 38.52 38.52
GDP Actual Q4 Q1 Q2 Q3 2020
GDP Growth Rate (%) 0.30 0.4 0.4 0.5 0.4 0.6
GDP Annual Growth Rate (%) -0.70 1.7 2.5 1.9 2 2.9
GDP (USD Billion) 434.75 450 470 470 470 470
GDP Constant Prices (NOK Million) 844288.00 832321 835582 835706 830814 856459
Gross National Product (NOK Million) 870240.00 951204 954931 930290 886775 978789
Gross Fixed Capital Formation (NOK Million) 217462.00 214774 215616 216781 221594 221003
GDP per capita (USD) 92121.40 92200 93000 93000 93000 93000
GDP per capita PPP (USD) 65441.40 65800 66300 66300 66300 66300
GDP From Agriculture (NOK Million) 5272.00 5640 5662 5467 5372 5804
GDP From Construction (NOK Million) 52709.00 51539 51741 53503 53710 53034
GDP From Manufacturing (NOK Million) 56037.00 54159 54371 56400 57102 55730
GDP From Mining (NOK Million) 1211.00 1250 1255 1361 1234 1286
GDP From Public Administration (NOK Million) 51176.00 50223 50420 52248 52148 51679
GDP From Utilities (NOK Million) 5605.00 5194 5214 5640 5711 5344
Labour Actual Q4 Q1 Q2 Q3 2020
Unemployment Rate (%) 3.80 3.7 3.6 3.6 3.7 3.8
Unemployed Persons 76541.00 74750 74700 74500 74300 74250
Labor Force Participation Rate (%) 70.70 70.6 70.7 70.5 70.8 70.9
Wages in Manufacturing (Index Points) 109.90 107 107 111 113 111
Wage Growth (%) 3.10 3.2 3 3.2 3.3 3.4
Population (Million) 5.30 5.32 5.34 5.34 5.34 5.34
Retirement Age Women 62.00 62 62 62 62 62
Retirement Age Men 62.00 62 62 62 62 62
Wages (NOK/Month) 47220.00 46832 46741 48637 48731 48424
Prices Actual Q4 Q1 Q2 Q3 2020
Inflation Rate (%) 1.50 1.7 2.1 2 2.2 1.7
Consumer Price Index CPI (Index Points) 111.10 112 113 113 114 114
Core Consumer Prices (Index Points) 109.20 109 110 111 111 112
Core Inflation Rate (%) 2.20 2.1 2.2 2.1 1.8 1.9
Producer Prices (Index Points) 106.90 119 119 115 110 121
Producer Prices Change (%) -10.70 -2 0.5 1.4 2 2
Food Inflation (%) 0.80 1.6 1.8 1.9 1.7 1.8
Inflation Rate Mom (%) 0.50 0 0.4 0.3 0.5 0.2
CPI Housing Utilities (Index Points) 114.40 118 118 116 117 120
CPI Transportation (Index Points) 112.80 111 113 116 115 113
Money Actual Q4 Q1 Q2 Q3 2020
Interest Rate (%) 1.50 1.5 1.5 1.5 1.5 1.5
Interbank Rate (%) 1.82 1.79 1.79 1.79 1.79 1.79
Deposit Interest Rate (%) 0.50 0.5 0.5 0.5 0.5 0.5
Private Debt to GDP (%) 275.30 269 262 262 262 262
Lending Rate (%) 2.50 2.5 2.5 2.5 2.5 2.5
Loan Growth (%) 5.50 5.4 5.6 5.9 6 6.2
Trade Actual Q4 Q1 Q2 Q3 2020
Balance of Trade (NOK Million) 6674.00 23700 17800 17600 15500 18900
Current Account (NOK Million) 30587.00 45100 50700 57500 47200 51200
Current Account to GDP (%) 8.10 7.5 8.3 8.3 8.3 8.3
Imports (NOK Million) 58997.00 53700 64600 62000 63280 66200
Exports (NOK Million) 65672.00 75400 82200 77500 83500 85100
Crude Oil Production (BBL/D/1K) 1087.00 1300 1410 1480 1450 1390
Government Actual Q4 Q1 Q2 Q3 2020
Government Debt to GDP (%) 36.30 32 30 30 30 30
Government Budget (% of GDP) 7.30 4.9 5.1 5.1 5.1 5.1
Government Spending (NOK Million) 204763.00 201944 202735 207875 208653 207800
Government Spending to GDP (%) 48.70 48.5 48.8 48.8 48.8 48.8
Taxes Actual Q4 Q1 Q2 Q3 2020
Corporate Tax Rate (%) 22.00 24 24 22 22 24
Personal Income Tax Rate (%) 38.52 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 Q4 Q1 Q2 Q3 2020
Business Confidence (Index Points) 5.60 8.2 8 7.5 7 6.5
Manufacturing PMI 50.40 54.1 53.8 54.2 54.5 53.8
Industrial Production (%) -9.20 1 2.2 2.3 2.4 2.5
Industrial Production Mom (%) -2.10 0.5 0.5 0.4 -0.1 0.4
Manufacturing Production (%) 1.70 2.5 2.3 2.6 2.5 2.7
Consumer Actual Q4 Q1 Q2 Q3 2020
Consumer Confidence (Index Points) 17.10 15 7 9 10.5 12
Retail Sales MoM (%) 0.00 0.5 0.4 0.5 0.2 0.6
Retail Sales YoY (%) 0.40 1.9 2 1.9 2.1 2
Consumer Spending (NOK Million) 382040.00 379464 380950 390186 389299 390468
Gasoline Prices (USD/Liter) 1.75 1.62 1.58 1.6 1.55 1.58
Household Spending (%) 0.30 0.6 0.5 0.4 0.1 0.4


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.