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Global Macro-Market Outlook

Norway: 2011 Outlook

By Mikko Forss
Dec 7, 2010 | Last Updated
Global Economics Outlook, GDP and CPI data for Norway

  • Private consumption will be the main source of growth in the Norwegian economy in 2011, as temporary growth drivers fade and export growth moderates.
  • Fiscal policy—which was very expansionary in the recession—will become slightly contractionary in 2011. Norway’s fiscal position remains very strong due to the country’s amassed oil wealth.
  • We expect the central bank to stay on hold well into 2011.

Growth Dynamics: Private Spending Is the Main Driver

Norway’s economy is becoming less reliant on temporary growth factors—i.e. inventories and fiscal stimulus—and growth will be[...]

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