Macro - Country Economic Forecasts - Norway
Norwegian mainland GDP declined by 0.6% q/q in Q1. Despite strongly growth in both February and March, a low starting point from weaker activity around the turn of the year caused the contraction. With the economy back close to its November 2021 peak in March, positive carryover effects should support a GDP rebound in Q2. In H2, high inflation, renewed supply bottlenecks and rising interest rates are weighing on growth momentum. Our 2022 mainland GDP forecast has been lowered 0.4ppt to a below-consensus 3.2%. Growth will slow next year to around 2.8%.
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