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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: Not an Island

Despite the cushion provided by Norway’s oil sector, a eurozone (EZ) recession and the continuation of the sovereign debt crisis will hurt the economy. While we forecast most Western European economies to contract in 2012, and especially in 2013, we expect growth to remain positive in Norway over the forecast horizon. We expect the central bank, Norges Bank, to cut the policy rate back to the same level as in 2009; we also forecast the announcement of sizeable fiscal stimulus measures, supporting growth.

Read the latest Norway Outlook

Economic Research

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

Finance & Markets Channel

The Swedish Banking Crisis Response or the Bailout Hustle?

Edward Harrison Feb 22, 2010

Daily Digest

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

Analysis

Norway: Still solid mainland GDP growth

SEB  Erica Blomgren Nov 22, 2011

News

Norwegian Economy Slows as Consumer Spending Growth Abates

Bloomberg  Josiane Kremer Nov 22, 2011

Analysis

Norway: Higher issuance of NGBs next year

Danske Bank  Frank Jullum and Snorre Evjen Nov 18, 2011

News

Investors head north for shelter of Nordic bonds

Financial Times  Jamie Chisholm Nov 16, 2011

Analysis

Norway: Inflation bottoming out; Sweden: In a monetary policy state of suspension

DNB Nor  Kyrre Aamdal and Kjersti Haugland Nov 15, 2011

Analysis

Economic Fact Book: Norway

Danske Bank  Frank Jullum and Snorre Evjen Nov 11, 2011

News

Norway Offshore Oil Spending to Defy Slump, Industry Group Says

Bloomberg  Stephen Treloar Nov 10, 2011

Analysis

Norway: Stable core inflation as expected

SEB  Stein Bruun Nov 10, 2011

Analysis

We expect Norges Bank to ease

Handelsbanken  Knut Anton Mork Nov 09, 2011

News

Scandinavian Banks Show Local Beats Global

Bloomberg  Adam Ewing and Josiane Kremer Nov 08, 2011

Analysis

Norway: Prudent consumers; Sweden: Riksbank on hold "for some time"

DNB Nor  Kyrre Aamdal and Kjersti Haugland Oct 31, 2011

Analysis

NOK/SEK to stay range-bound

SEB  Anders Söderberg and Carl Hammer Nov 01, 2011

News

Norway Manufacturing Slows as Europe’s Debt Woes Sap Exports

Bloomberg  Josiane Kremer Nov 01, 2011

Analysis

Norway: Slower retail sales in September

Handelsbanken  Kari Due-Andresen Oct 31, 2011

News

Norway Oil Fund Lost $52 Billion in Quarter as Crisis Roils

Bloomberg  Josiane Kremer Oct 28, 2011

Analysis

Norway: Banks tighten their credit standards; Sweden: Hikes on hold until summer

DNB Nor  Kyrre Aamdal and Kjersti Haugland Oct 24, 2011

News

Norway May Push Back Rate Increases as Crisis Threatens Growth

Bloomberg  Josiane Kremer Oct 18, 2011

News

Norway’s Stoere Says Debt Crisis Puts EU Renewable Plans at Risk

Bloomberg  Marianne Stigset Oct 20, 2011

News

Norway Open to Euro Bailout Fund as EU Debates Outside Help

Bloomberg  Josiane Kremer Oct 24, 2011

News

Denmark Says EU Shouldn’t Enforce Bank Tax Alone, Borsen Says

Bloomberg  Tasneem Brogger Oct 21, 2011

Analysis

Norway: This country is different—right?

Handelsbanken  Knut Anton Mork Oct 24, 2011

Analysis

Dovish Norges Bank keeps all options open

Danske Bank  Snorre Evjen Oct 19, 2011

Analysis

Monetary Policy Report 3/2011

Norges Bank (Central Bank of Norway)  Oct 19, 2011

Analysis

Norges Bank lowers interest rate path - first hike in Q3 next year

Handelsbanken  Kari Due-Andresen Oct 19, 2011

Analysis

Norway: Dovish Norges Bank keeps all options open

Danske Bank  Snorre Evjen Oct 19, 2011

Analysis

Norway: Somewhat tighter credit standards for enterprises

Norges Bank (Central Bank of Norway)  Oct 18, 2011

Analysis

Weekly Focus: Finally some relief

Danske Bank  Allan von Mehren and Steen Bocian Oct 14, 2011

Analysis

Norges Bank to stay put, cut forecast

Handelsbanken  Knut Anton Mork Oct 13, 2011

News

Norway Banks Can Absorb Credit Crisis Shock, Johnsen Says

Bloomberg  Josiane Kremer Oct 13, 2011

Analysis

Norges Bank: The only way is up

Danske Bank  Frank Jullum Oct 13, 2011

Analysis

Sweden and Norway-Fabulous recovery in Sweden coming to an end

J.P.Morgan  Nicola Mai Oct 07, 2011

News

Norway to Cut Bank Support as Europe Girds for Deeper Crisis

Bloomberg  Josiane Kremer Sep 29, 2011

News

Norway to Raise Value-Added Tax on Food Next Year, NRK Reports

Bloomberg  Jonas Bergman Sep 30, 2011

News

Norway Credit Growth Accelerates, Unemployment Declines

Bloomberg  Josiane Kremer Sep 30, 2011

News

Norway Manufacturing Growth Slowed in September as Orders Eased

Bloomberg  Josiane Kremer Oct 3, 2011

News

Norway Companies Expect Growth to Slow, Norges Bank Says

Bloomberg  Stephen Treloar Oct 5, 2011

News

Norway’s Johnsen Says Budget Won’t Put Pressure on Rates, Krone

Bloomberg  Josiane Kremer Oct 6, 2011

News

Norway Sees Mainland Economy Expanding 3.1% Next Year

Bloomberg  Jonas Bergman Oct 6, 2011

News

Norway to Increase Wealth Tax Threshold, NRK Reports

Bloomberg  Jonas Bergman Oct 6, 2011

News

Norway’s Budget Forecasts Lower Petroleum Output Next Year

Bloomberg  Marianne Stigset Oct 6, 2011

News

Norway Spending Restraint Tempered by Europe’s Deepening Crisis

Bloomberg  Josiane Kremer Oct 6, 2011

News

Swedish govt to reshuffle cabinet after party head swap

Reuters  Patrick Lannin Sep 29, 2011

News

Oil find may yield half Norway output by 2027 -WoodMac

Reuters  Gwladys Fouche Oct 5, 2011

News

Bashir eyes Western help in filling oil gap

The Peninsula Qatar  Oct 11, 2011

Analysis

Norway: September core inflation surprisingly strong

Handelsbanken  Knut Anton Mork Oct 10, 2011

Analysis

Nordic Outlook

Danske Bank  Oct 06, 2011

Analysis

Norway Budget: Steady course in a volatile environment

Ministry of Finance, Norway  Oct 06, 2011

Analysis

Budget for 2012 NOK 2bn tighter than fiscal rule, but non-oil structural deficit rises

Handelsbanken  Kari Due-Andresen Oct 06, 2011

Analysis

Norway Strains to Cool Economy as Rebound Proves Too Strong

Bloomberg  Meera Bhatia and Omar R. Valdimarsson Oct 05, 2011

Analysis

Norges Bank's regional network reports "wait-and-see approach"

SEB  Erica Blomgren Oct 05, 2011

Analysis

Norway: Manufacturing PMI drops, though less than expected

Handelsbanken  Knut Anton Mork Oct 03, 2011

News

Norway FSA Says Banks Better Equipped Against Crisis Than in ’08

Bloomberg  Jonas Bergman Sep 28, 2011

News

Norway Banks May Need $9 Billion to Boost Capital, FSA Says

Bloomberg  Jonas Bergman Sep 28, 2011

News

Norway Bank Regulator Calls for Tougher Mortgage Lending Rules

Bloomberg  Marianne Stigset and Josiane Kremer Sep 28, 2011

Analysis

NOK flows improving late Q4

SEB  Erica Blomgren et al Sep 27, 2011