Markets Actual Q3 Q4 Q1 Q2 2021
Currency 9.50 9.56 9.62 9.67 9.73 9.85
Stock Market (points) 882.82 865 846 827 809 773
Government Bond 10Y (%) 0.67 0.71 0.73 0.76 0.78 0.83

Overview Actual Q3 Q4 Q1 Q2 2021
GDP Growth Rate (%) -1.50 5 2.5 1.7 1.5 0.9
GDP Annual Growth Rate (%) 1.10 -8.8 -4.6 -1.2 9.6 3.2
Unemployment Rate (%) 4.20 5.1 4.8 4.2 3.6 3.4
Inflation Rate (%) 1.30 1.8 1.7 2 2.9 2.8
Interest Rate (%) 0.00 0 0 0 0 0
Balance of Trade (NOK Million) -1160.59 2500 16700 13800 12300 20200
Current Account (NOK Million) 66078.00 17200 26200 51400 34200 34100
Current Account to GDP (%) 7.10 7.2 7.2 7.9 7.9 7.9
Government Debt to GDP (%) 40.60 49 49 48 48 48
Government Budget (% of GDP) 6.40 -3.2 -3.2 2.5 2.5 2.5
Business Confidence (points) -17.50 -16 -7 -2 -4 -4
Manufacturing PMI (points) 48.90 45 50 51.5 53.2 52.5
Consumer Confidence (points) -7.60 -12 -7 -2 6 5
Retail Sales MoM (%) 2.80 0.2 0.6 0.4 0.5 0.5
Corporate Tax Rate (%) 22.00 22 22 22 22 22
Personal Income Tax Rate (%) 38.20 38.2 38.2 38.2 38.2 38.2

GDP Actual Q3 Q4 Q1 Q2 2021
GDP Growth Rate (%) -1.50 5 2.5 1.7 1.5 0.9
GDP Annual Growth Rate (%) 1.10 -8.8 -4.6 -1.2 9.6 3.2
GDP (USD Billion) 403.34 360 360 420 420 420
GDP Constant Prices (NOK Million) 843590.00 806931 817433 833467 924575 843591
Gross National Product (NOK Million) 901222.00 811244 887244 890407 987739 915636
Gross Fixed Capital Formation (NOK Million) 213672.00 215557 214825 211108 234185 221699
GDP per capita (USD) 92556.30 89000 89000 90500 90500 90500
GDP per capita PPP (USD) 63633.10 61100 61100 62400 62400 62400
GDP From Agriculture (NOK Million) 5278.00 5131 5030 5215 5785 5191
GDP From Construction (NOK Million) 51628.00 50530 50469 51008 56584 52084
GDP From Manufacturing (NOK Million) 55131.00 53388 53373 54469 60424 55081
GDP From Mining (NOK Million) 1276.00 1298 1278 1261 1398 1319
GDP From Public Administration (NOK Million) 52586.00 49026 49158 51955 57634 50731
GDP From Utilities (NOK Million) 5707.00 5443 5436 5639 6255 5610

Labour Actual Q3 Q4 Q1 Q2 2021
Unemployment Rate (%) 4.20 5.1 4.8 4.2 3.6 3.4
Unemployed Persons 75150.00 170000 165000 151000 136000 125250
Labor Force Participation Rate (%) 70.20 68.5 69 69.3 69.7 70
Labour Costs (points) 125.10 130 130 127 128 133
Wage Growth (%) 2.78 1.7 1.6 1.8 2 2.2
Wages in Manufacturing (points) 111.00 107 109 113 113 112
Population (Million) 5.33 5.38 5.38 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) 48730.00 46680 47691 49607 49705 48740

Prices Actual Q3 Q4 Q1 Q2 2021
Inflation Rate (%) 1.30 1.8 1.7 2 2.9 2.8
Consumer Price Index CPI (points) 111.90 113 113 113 115 116
Harmonised Consumer Prices (points) 112.50 114 114 114 116 117
Core Consumer Prices (points) 111.60 112 112 113 114 115
Core Inflation Rate (%) 3.00 3 2.7 2.8 2.6 2.5
Producer Prices (points) 94.10 100 112 103 102 117
Producer Prices Change (%) -17.50 -6 -0.8 3.2 7.9 4
Food Inflation (%) 4.70 2.8 1.4 1.8 2 2.1
Inflation Rate Mom (%) 0.20 -0.4 0.2 0.3 0.4 0.3
CPI Housing Utilities (points) 110.30 116 118 114 114 121
CPI Transportation (points) 113.70 115 114 115 117 117

Money Actual Q3 Q4 Q1 Q2 2021
Interest Rate (%) 0.00 0 0 0 0 0
Interbank Rate (%) 0.34 0.36 0.36 0.36 0.36 0.36
Deposit Interest Rate (%) -1.00 -1 -1 -1 -1 -1
Lending Rate (%) 1.00 1 1 1 1 1
Loan Growth (%) 4.60 4.2 4 4.2 4.4 4.3
Private Debt to GDP (%) 275.30 284 284 282 282 282

Trade Actual Q3 Q4 Q1 Q2 2021
Balance of Trade (NOK Million) -1160.59 2500 16700 13800 12300 20200
Current Account (NOK Million) 66078.00 17200 26200 51400 34200 34100
Current Account to GDP (%) 7.10 7.2 7.2 7.9 7.9 7.9
Imports (NOK Million) 57397.30 45200 46200 54900 44600 54200
Exports (NOK Million) 56236.71 47700 62900 68700 56900 74400
Crude Oil Production (BBL/D/1K) 1735.00 1500 1550 1650 1700 1800

Government Actual Q3 Q4 Q1 Q2 2021
Government Debt to GDP (%) 40.60 49 49 48 48 48
Government Budget (% of GDP) 6.40 -3.2 -3.2 2.5 2.5 2.5
Government Budget Value (NOK Million) -22430.00 -49000 -29200 -22300 -8100 3400
Government Spending (NOK Million) 207825.00 212500 215500 215400 214200 213800
Government Spending to GDP (%) 51.80 56 56 54 54 54
Government Revenues (NOK Million) 361447.00 298000 336000 355900 357900 358600
Fiscal Expenditure (NOK Million) 383877.00 347000 365200 378200 366000 355200

Taxes Actual Q3 Q4 Q1 Q2 2021
Corporate Tax Rate (%) 22.00 22 22 22 22 22
Personal Income Tax Rate (%) 38.20 38.2 38.2 38.2 38.2 38.2
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 2021
Business Confidence (points) -17.50 -16 -7 -2 -4 -4
Manufacturing PMI (points) 48.90 45 50 51.5 53.2 52.5
Industrial Production (%) 3.00 3.2 2.5 2.9 3 1.5
Industrial Production Mom (%) -1.00 -1.2 0.7 0.5 0.3 0.4
Manufacturing Production (%) -8.20 -2.7 -2 -2 4.5 4.2
Leading Economic Index (%) -8.70 4.7 0.6 0.5 0.4 0.7

Consumer Actual Q3 Q4 Q1 Q2 2021
Consumer Confidence (points) -7.60 -12 -7 -2 6 5
Retail Sales MoM (%) 2.80 0.2 0.6 0.4 0.5 0.5
Retail Sales YoY (%) 7.80 -2.1 -1.2 1.5 2 3
Consumer Spending (NOK Million) 368297.00 366749 364654 363877 403654 376323
Disposable Personal Income (NOK Million) 395728.00 370640 377525 390979 433718 389605
Personal Savings (%) 9.00 11 11.1 9.8 7.5 7.4
Consumer Credit (NOK Million) 3691493.00 3434696 3461449 3618763 4026204 3572215
Household Spending (%) 4.50 0.1 0.4 0.5 0.3 0.4
Gasoline Prices (USD/Liter) 1.45 1.38 1.31 1.24 1.18 1.12


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.