Economic Trends in Norway: Updated December 8, 2023

Norway is poised for economic stability, as per the latest projections released by economic authorities. The annual change in Gross Domestic Product (GDP) for mainland Norway is expected to be 0.7% in the period of 2022-2023.

Key Highlights:

  • GDP and GNP: Anticipated growth in Gross National Product (GNP) for 2023 is 0.2%, while mainland Norway’s GDP is projected to increase by 0.7%.
  • Employment: The employment sector shows a positive trend, with a 1.3% increase in employed persons expected for 2023.
  • Unemployment Rate: The unemployment rate is predicted to be 3.6% in 2023, indicating a steady employment scenario.
  • Wages: Wages are forecasted to rise, with an annual increase of 5.6% in 2023.
  • Inflation: Consumer prices are expected to see a moderate increase, with the Consumer Price Index (CPI) projected at 5.6% in 2023.
  • Housing Market: Housing prices are expected to experience a slight decline in 2023, with a negative growth rate of -0.6%.
  • Currency and Interest Rates: The import-weighted exchange rate is forecasted to increase by 8.7% in 2023, while the money market interest rate is projected to be 4.2%.

These forecasts provide a comprehensive overview of the economic landscape, offering insights into growth, employment, and inflation trends. It’s important to note that economic projections are subject to change based on evolving market conditions.