Macro - Country Economic Forecasts - Norway

Macro - Country Economic Forecasts - Norway



We've kept our 2025 GDP growth forecast for mainland Norway at 1.5%. Mainland GDP growth was upgraded for H1 2024 and rose by 0.5% q/q in Q3. But extraction investment mostly drove these revisions. Consumption and private investment data signal a less sanguine picture. But loose fiscal policy, softer inflation, and a resilient labour market will likely support a cyclical rebound next year and help offset the tight monetary policy.


Norway: Historical GDP revised up, but the fine print is important
Forecast overview
Recent developments
Short-term outlook
Key drivers of our short-term forecast
Economic risk
Economic risk evaluation
Risk warnings
What to watch out for
Exposure to key global risks
Long-term prospects
Background
Economic development
Structure of the economy
Balance of payments and structure of trade
Policy and politics

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