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Norway

Key Indicators

International Trade
Exports excl. ships and oil platforms, SA, NOK - Norway
16.09, 16.18, 3.98, 12.37, 17.92 17.92
International Trade
Exports of crude oil, natural gas and condensates, SA, NOK - Norway
20.61, 21.25, 0.01, 12.73, 16.7 16.7
GDP
Total, market values, Constant 2007 prices, Million NOK, SA - Norway
-1.11, -0.35, 0.88, -1.42, 1.54 1.54
National Accounts
GFCF, Total industry, Constant 2006 prices, Million NOK - Norway
-7.74, -13.86, -4.88, -7.79, -6.1 -6.1
CPI
All-Item Index, 1998=100 - Norway
2.76, 2.05, 1.17, 1.01, 1.31 1.31
NOR Permits issued for dwellings
Index, Publication Base Year (2000), 2005Y - Norway
52, 39.4, 52, 48.4, 57.7 57.7
NOR Unemployment rate
registered (all persons) sa Stock or Quantum, SA, % - Norway
2.97, 2.9, 2.83, 2.77, 2.73 2.73
data by Factset

Norway Outlook: Braving the Currents

We revise upwards our growth forecast for the Norwegian mainland (excluding oil, gas and shipping) economy, as the Nordic commodity exporter has once again proved its resilience by maintaining growth at close to trend, despite the eurozone turmoil. Domestic demand is the growth driver and will remain so for the foreseeable future. Business confidence has held up due to the booming oil sector, despite traditional manufacturers experiencing weakness in external demand and competitiveness. It will be a close call, but given stronger-than-expected recent Norwegian macro data and RGE’s updated eurozone outlook, we expect no further rate cuts by Norges Bank this year.

Read the latest Norway Outlook

Economic Research

Europe Weekly

Eurozone Avoids a Technical Recession, Propped Up by Germany

By Katharina Jungen, Parul Walia, Jelena Vukotic, Mikko Forss and Mark Willis May 18, 2012

Global Economic Outlook

Norway Outlook: Braving the Currents

By Mikko Forss Mar 9, 2012

Central Bank Watch

Norges Bank: Mimicking the ECB

By Mikko Forss Mar 8, 2012

Central Bank Watch

Norges Bank: Consumers Cautious Amid Uncertainty

By Mikko Forss Feb 9, 2012

Central Bank Watch

Norges Bank: December Update

By Mikko Forss Dec 15, 2011

Global Economic Outlook

Norway Outlook: Not an Island

By Mikko Forss Dec 5, 2011

Europe Weekly

German, Global Central Bank, ECB Moves to Solve EZ Crisis; EZ Yield Curves; Hungarian Monetary Policy; Scandinavian Growth; EZ Calendar

By Elisa Parisi-Capone, Megan Greene, Katharina Jungen, Mikko Forss, Jelena Vukotic, Mark Willis and William Oman Dec 2, 2011

Central Bank Watch

Norges Bank: November Update

By Mikko Forss Nov 17, 2011

Global Economic Outlook

Norway Outlook Update: There Will Be a Slowdown (But No Recession)

By Mikko Forss Nov 2, 2011

Europe Weekly

UK’s MPC Meeting; Norway’s Monetary Policy; Portugal’s Budget Plan; Hungary’s Credit Rating; Russia’s Retail Sales; EZ Calendar

By Katharina Jungen, Parul Walia, Mikko Forss, Jelena Vukotic, Rachel Ziemba and Tetiana Sears Oct 21, 2011

Europe Weekly

PMIs Painting a Gloomier Picture by the Month

By Mikko Forss, Megan Greene, Rachel Ziemba, Katharina Jungen, Parul Walia, Maya Senussi, Jelena Vukotic, Tetiana Sears and William Oman Oct 7, 2011

Central Bank Watch

Pulling Out Policy Rabbits, Putting Policy Ducks in a Row

By Michael Manetta and the RGE Economic Research Team Oct 4, 2011

Global Economic Outlook

Norway Outlook Update: Decoupling, a Bit

By Mikko Forss Sep 19, 2011

Central Bank Watch

Summary Table: RGE Policy Rate Forecasts and Market Interbank Rate Expectations

By Michael Manetta and the RGE Economic Research Team Aug 19, 2011

Central Bank Watch

Norges Bank: August Update

By Mikko Forss Aug 19, 2011

Europe Weekly

Europe-Wide Growth Slowdown

By Elisa Parisi-Capone, Katharina Jungen, Mikko Forss, Jelena Vukotic, Parul Walia, William Oman, Sehaj Malik, Filipe Albuquerque Aug 19, 2011

Europe Weekly

PMIs Paint Gloomy Picture, With Few Exceptions

By William Oman, Elisa Parisi-Capone, Parul Walia, Mikko Forss, David Rogovic and Jelena Vukotic Aug 5, 2011

Global Economic Outlook

Norway Outlook Update: Growth Gathering Pace

By Mikko Forss Jun 20, 2011

Europe Weekly

Regional Growth Dynamics—Eurozone, UK, Nordics, Turkey

By Elisa Parisi-Capone, Parul Walia, Mikko Forss and David Rogovic Jun 10, 2011

Economic Research

Central Bank Watch: The Shifting Tides of Global Monetary Policy

By James Mason and the RGE Economic Research Team Jun 8, 2011

Europe Weekly

Turkish Elections; How DSK Impacts France; Norway’s Likely Hiking Plan

By David Rogovic, Oritse J. Uku, Mark Willis and Mikko Forss May 20, 2011

Europe Weekly

Eurozone Core Comes Up Trumps in Q1; UK, EZ Periphery Moving at Half Speed

By Elisa Parisi-Capone, Katharina Jungen and James Mason May 13, 2011

Global Economic Outlook

Norway Outlook: Steady Growth to Continue

By Mikko Forss Mar 18, 2011

Economic Research

Scandinavia: Core Inflation Under Control

By Mikko Forss Mar 11, 2011

Europe Weekly

Widening French Deficit; Czech Monetary Policy; Scandinavian Inflation

By Mark Willis, Jelena Vukotic, Parul Walia, Mikko Forss and James Mason Mar 11, 2011

Europe Weekly

UK Inflation Report; Spanish GDP; Romanian External Imbalances

By Elisa Parisi-Capone, Mark Willis, Jelena Vukotic, Mikko Forss and James Mason Feb 18, 2011

Economic Research

Norway: Robust Momentum Despite Moderate Growth in Q4

By Mikko Forss Feb 18, 2011

Europe Weekly

Irish Fiscal Plan in Doubt; Fighting Nordic Bubbles; Belgian Deadlock

By James Mason, Parul Walia, Mikko Forss, Elisa Parisi-Capone, Jelena Vukotic, Mark Willis and Pamela Reyes Feb 4, 2011

Europe Weekly

Russian Tightening; UK Contraction; Swiss Deflation Risk

By Rachel Ziemba, Parul Walia, Mikko Forss, Mark Willis, David Rogovic, James Mason and Pamela Reyes Jan 28, 2011

Economic Research

Norway: Dovish Message From New Central Bank Governor

By Mikko Forss Jan 28, 2011

Global Economic Outlook

Global Overview: 2011 Outlook

By Christian Menegatti, Nouriel Roubini and the RGE Macroeconomics Team Dec 7, 2010

Global Economic Outlook

Nordics: 2011 Outlook

By Mikko Forss Dec 7, 2010

Global Economic Outlook

Norway: 2011 Outlook

By Mikko Forss Dec 7, 2010

Global Economic Outlook

Macro Forecasts: 2011 Outlook

By the RGE Macroeconomics Team Dec 7, 2010

Europe Weekly

Polish Capital Inflows; UK Growth; Norway's Budget

By Elisa Parisi-Capone, Mary Stokes, Mikko Forss and Parul Walia Oct 8, 2010

Global Economic Outlook

Global Overview: September 2010 Outlook Update

By Nouriel Roubini, Christian Menegatti and the RGE Macroeconomic Team Sep 10, 2010

Global Economic Outlook

Nordics: September 2010 Outlook Update

By Mikko Forss Sep 10, 2010

Global Economic Outlook

Norway: September 2010 Outlook Update

By Mikko Forss Sep 10, 2010

Europe Weekly

Periphery Bank Borrowings; German H2 Preview; Romania's IMF Loan Risk

By Elisa Parisi-Capone, Katharina Jungen, Mikko Forss, Jelena Vukotic and Parul Walia Aug 27, 2010

Economic Research

Europe Weekly Spotlight: UK and German Inflation; Turkish Monetary Policy; Nordic PMIs

By RGE’s Europe Analyst Team Aug 20, 2010

Economic Research

Europe Weekly Spotlight: EZ Corporate Credit Conditions; Inflation Risks in Russia

By Elisa Parisi-Capone, Katharina Jungen, Rachel Ziemba, David Rogovic, Mikko Forss and Jelena Vukotic Jul 30, 2010

Global Economic Outlook

Nordics: Q3 2010 Outlook

By Mikko Forss Jul 10, 2010

Global Economic Outlook

Norway: Q3 2010 Outlook

By Mikko Forss Jul 10, 2010

Global Economic Outlook

Norway: Q2 2010 Outlook

By Mikko Forss Apr 12, 2010

Economic Research

Scandinavian Currencies: New Safe Havens?

By Mary Stokes and Mikko Forss Mar 12, 2010

Global Economic Outlook

Norway: Q1 2010 Outlook

By Mikko Forss Jan 30, 2010

Economic Research

Carry Trade Hotspots: A Currency by Currency Forecast for 2010

By Mikka Pineda, Mary Stokes, Bertrand Delgado, Mikko Forss, Kavitha Cherian, Arpitha Bykere and Christian Menegatti Jan 4, 2010

Economic Research

Come to Mother: An RGE Strategy for the 2010 Carry Trade

By Arnab Das, Natalia Gurushina, Jennifer Kapila, Elisa Parisi-Capone Jan 4, 2010

Economic Research

RGE Currency Outlook: The Norwegian Krone

By Mikko Forss Jan 1, 2010

Economic Research

Norway Economic Outlook, Q4 2009

By Mary Stokes Oct 7, 2009

Economic Research

Norway Economic Outlook, Q3 2009

By Mary Stokes Jul 24, 2009

EconoMonitors

RGE Analysts

RGE's Parul Walia and Mikko Forss Discuss Monetary Policy Surprises in Norway and UK

Parul Walia & Mikko Forss Mar 15, 2012

Finance & Markets Channel

The Swedish Banking Crisis Response or the Bailout Hustle?

Edward Harrison Feb 22, 2010

Daily Digest

Analysis

Norway: The economy powered ahead in Q1, upside risks to full-year forecast

SEB  Erica Blomgren and Stein Bruun May 22, 2012

Analysis

Norway: Mainland GDP-growth stronger than expected in Q1

Handelsbanken  Ida Wolden Bache May 22, 2012

News

Norway Bubble Risk Is Overblown in Supply Squeeze, Solberg Says

Bloomberg  Josiane Kremer May 22, 2012

Analysis

Norway: Economic forecast summary (May 2012)

OECD  May 22, 2012

Analysis

How is market turbulence affecting Norwegian banking groups' funding costs?

Norges Bank (Central Bank of Norway)  Jermund Molland and Monique Erard May 18, 2012

Analysis

Norway: Revised National Budget 2012

Ministry of Finance, Norway  May 15, 2012

News

Norway Eases Planned Oil Spending as Budget Kept Expansionary

Bloomberg  Josiane Kremer and Stephen Treloar May 15, 2012

Analysis

Norway: Financial Stability 1/12

Norges Bank (Central Bank of Norway)  May 14, 2012

News

Norway Seeks to Strengthen Bank Guarantee Crisis Fund

Bloomberg  Josiane Kremer May 11, 2012

Analysis

Norges Bank on hold, blue-print of a statement

SEB  Erica Blomgren and Stein Bruun May 10, 2012

Analysis

Norges Bank on hold as widely expected

Handelsbanken  Ida Wolden Bache May 10, 2012

Analysis

Norway: Key policy rate unchanged at 1.5 percent

Norges Bank (Central Bank of Norway)  May 10, 2012

Analysis

Norway: Core inflation showing an exaggerated downshift

SEB  Stein Bruun May 10, 2012

Analysis

Nordic Outlook: May 2012

SEB  May 08, 2012

Analysis

Norway Pension Fund Global: Stock rally spurs strong quarter

Norges Bank (Central Bank of Norway)  May 04, 2012

Analysis

Norway: Tighter credit standards for households

Norges Bank (Central Bank of Norway)  Apr 25, 2012

News

Norway Says Swiss-Style Currency Cap Isn’t on Agenda

Bloomberg  Josiane Kremer Apr 17, 2012

Analysis

Riksbank to remain at 1.50% - small SEK positive; NOK: Petroleum flows

SEB  Carl Hammer et al Apr 17, 2012

Analysis

Norway: Management of the Government Pension Fund Global

Norges Bank (Central Bank of Norway)  Yngve Slyngstad and CEO of Norges Bank Investment Management Apr 17, 2012

Analysis

Norway: The economic outlook

Norges Bank (Central Bank of Norway)  Governor Øystein Olsen Apr 12, 2012

Analysis

Norway: Core inflation slightly on the upside in March

Handelsbanken  Kari Due-Andresen Apr 10, 2012

Analysis

Norway: Activity running at a solid clip

SEB  Erica Blomgren and Stein Bruun Apr 03, 2012

News

Norway House-Price Growth Won’t Undermine Economy, DNB CEO Says

Bloomberg  Josiane Kremer and Stephen Treloar Mar 28, 2012

Analysis

Economic Outlook: Northern lights

Nordea  Helge J. Pedersen et al Mar 27, 2012

Analysis

Norway: Strong labour market; Sweden: Expect less pessimism

DNB Nor  Kyrre Aamdal and Kjersti Haugland Mar 26, 2012

News

Norwegian oil fund reports $15bn losses

Financial Times  Michael Stothard Mar 16, 2012

News

Norway Krone Investors Should Brace for Fall, Olsen Says

Bloomberg  Josiane Kremer Mar 16, 2012

Analysis

Norway: A confusing central bank

Handelsbanken  Knut Anton Mork Mar 15, 2012

News

Krone falls sharply after Norway cuts rates

Financial Times  Neil Dennis Mar 14, 2012

Analysis

Norway: Key policy rate reduced by 0.25 percentage point to 1.50 per cent

Norges Bank (Central Bank of Norway)  Mar 14, 2012

Analysis

Norway: Many households vulnerable if interest rates increase

Norway's Financial Supervisory Authority  Mar 13, 2012

Analysis

Norges Bank: Downside risk decreases

Danske Bank  Frank Jullum Mar 12, 2012

Analysis

Norway: Core inflation at 1.3% in Feb, in line with expectations

Roubini Global Economics  Kari Due-Andresen Mar 09, 2012

News

Norway’s Krone Strengthens as Rate-Cut Speculation Diminishes

Bloomberg  Josiane Kremer Mar 07, 2012

Analysis

No further cuts from Norges Bank

Handelsbanken  Kari Due-Andresen Mar 05, 2012

News

Norway Manufacturing Grows for Second Month, Lifted by Oil Boom

Bloomberg  Josiane Kremer Mar 01, 2012

Analysis

Norges Bank Watch 2011

BI  Feb 9, 2012

Analysis

Norway Regional Network: Somewhat higher output growth, market prospects revised up slightly

Norges Bank (Central Bank of Norway)  Feb 29, 2012

Analysis

Norway: Strong NOK and solid domestic developments; Sweden: Labour market deteriorates

DNB Nor  Kyrre Aamdal and Kjersti Haugland Feb 27, 2012

Analysis

Norway: Unemployment rate falls slightly, to 3.3%, in December; no cut from NB in March

Handelsbanken  Kari Due-Andresen Feb 22, 2012

News

Nordic Currencies Stung in Crisis as Ingves Reverses Policy

Bloomberg  Lucy Meakin Feb 21, 2012

Analysis

We revise our Norges Bank forecast from two more 25bp cuts to one 25bp cut

Handelsbanken  Knut Anton Mork Feb 17, 2012

Analysis

Norway’s Olsen Says Is Monitoring Krone

Bloomberg  Josiane Kremer Feb 17, 2012

Analysis

Norway: GDP growth in Q4 as expected

Handelsbanken  Kari Due-Andresen Feb 16, 2012

Analysis

Norway: Economic perspectives (Norges Bank Governor Speech)

Norges Bank (Central Bank of Norway)  Ystein Olsen Feb 16, 2012

Analysis

Nordic Outlook February 2012: slowdown despite underlying strength

SEB  Robert Bergqvist et al Feb 14, 2012

News

Norway Faces Severe Credit Shock

Bloomberg  Adam Ewing Feb 13, 2012

Analysis

Norway: Core inflation picked up in early 2012

SEB  Stein Bruun Feb 10, 2012

Analysis

Norway: Unemployment drops, PMI leaps; Sweden: PMI back above 50

DNB Nor  Kyrre Aamdal and Kjersti Haugland Feb 06, 2012

Analysis

Norway: Further analysis of the stress tests in Financial Stability 2/11

Norges Bank (Central Bank of Norway)  Rønnaug Melle Johansen and Knut Kolvig Feb 06, 2012

Analysis

Norway: Big upside surprise for manufacturing PMI

Handelsbanken  Knut Anton Mork Feb 01, 2012

Analysis

Norway: 2011 Article IV Consultation

IMF  Feb 02, 2012

News

Norway Manufacturing Unexpectedly Rises in January on Orders

Bloomberg  Josiane Kremer Feb 01, 2012

Analysis

Norway: Retail sales fell unexpectedly by 0.3% in December

Handelsbanken  Kari Due-Andresen Jan 31, 2012

Analysis

Norway: Two-tier economy, more optimistic consumers; Sweden: Positive signs from household sector

DNB Nor  Kyrre Aamdal and Kjersti Haugland Jan 30, 2012

Analysis

Norway: Manufacturing sentiment surprisingly firm at end-2011

SEB  Stein Bruun Jan 27, 2012

Analysis

Norway: Stricter rules for mortgage approvals; Sweden: Fiscal compact or not?

DNB Nor  Kyrre Aamdal and Kjersti Haugland Jan 23, 2012

News

Nordic Banks Lose Edge as Crisis Risks Recede

Bloomberg  Adam Ewing Jan 24, 2012

Analysis

Norway: Tighter credit standards

Norges Bank (Central Bank of Norway)  Jan 19, 2012

Analysis

Norway: Still not quite like others

SEB  Erica Blomgren and Stein Bruun Jan 18, 2012

Analysis

Norway: Weaker global growth weighs on exporters; Sweden: Manufacturing orders plunge

DNB Nor  Kyrre Aamdal and Kjersti Haugland Jan 17, 2012

News

Investors Ignore Nordic House Bubble Risk

Bloomberg  Johan Carlstrom and Josiane Kremer Jan 17, 2012

News

Norway Expects Petroleum Production to Rise 1.5% This Year

Bloomberg  Meera Bhatia Jan 16, 2012

Analysis

Norway: Oil sector offsets weaker demand; Sweden: December rate cut, and more to come

DNB Nor  Kyrre Aamdal and Kjersti Haugland Jan 10, 2012

Analysis

Norway: Low inflation in Dec pulled down by electricity prices

Handelsbanken  Kari Due-Andresen Jan 10, 2012

Analysis

Norway: Core inflation slowed in 2011

SEB  Stein Bruun Jan 10, 2012

Analysis

Nordic Outlook-January 2012

Danske Bank  Steen Bocian Jan 09, 2012

News

Statoil Makes Substantial Oil Find in Barents Sea

Bloomberg  Josiane Kremer Jan 09, 2012

Analysis

Norway: Uptrend in production likely to end soon

SEB  Stein Bruun Jan 06, 2012

Analysis

Norway: Retail sales stronger than expected in November, but goods consumption falls

Handelsbanken  Ida Wolden Bache Jan 06, 2012

Analysis

Norway: Manufacturing PMI falls more than expected to 46.6 in December

Handelsbanken  Kari Due-Andresen Jan 03, 2012

Analysis

Norway: Update on Eksportfinans

SEB  Thomas Eitzen and Jonas Shum Dec 23, 2011

Analysis

Norges Bank to flood market with bonds in 2012

SEB  Erica Blomgren Dec 21, 2011

Analysis

Norway: 1.25% key policy rate expected in June

Handelsbanken  Kari Due-Andresen Dec 15, 2011

Analysis

Norway: Norges Bank cuts a deeper-than-expected 50bps

SEB  Erica Blomgren and Stein Bruun Dec 14, 2011

Analysis

Norway: Key policy rate reduced by 0.50 percentage point to 1.75 per cent

Norges Bank (Central Bank of Norway)  Dec 14, 2011

Analysis

Norwegian economy makes moderate headway

Statistics Norway  Dec 08, 2011

Opinions

Oil and Gas are Reshaping Arctic Geopolitics

International Relations and Security Network  Dec 09, 2011

Analysis

Norway: Manufacturing production down by 0.8% in Oct - trend flat for 2011

Handelsbanken  Kari Due-Andresen Dec 07, 2011

News

Norway Tests Bond Markets After Eksportfinans

Bloomberg  Jonas Bergman and Josiane Kremer Dec 06, 2011

News

Events test haven status of krone and krona

Financial Times  Alice Ross Dec 01, 2011

Analysis

Norway: Manufacturing PMI falls more than expected in November

Handelsbanken  Ida Wolden Bache Dec 01, 2011

Analysis

Norwegian banks have posted solid earnings, but are being affected by the turbulence

Norges Bank (Central Bank of Norway)  Nov 29, 2011