Main economic indicators. Accounts and forecasts

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Main economic indicators. Accounts and forecasts12
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Forecasts
2020 2021 2022 2023
1Percentage change from previous year unless otherwise noted.
2The cut-off date for information was April 21 2020.
3Consumption in households and non-profit organizations + general government consumption + gross fixed capital formation in mainland Norway.
4CPI adjusted for tax changes and excluding energy products.
5Yearly average. Credit lines, secured on dwellings.
6Increasing index implies depreciation.
7Current account not adjusted for saving in pension funds.
8Average spot price Brent Blend.
Demand and output
Consumption in households etc 3.8 2.4 3.5 2.8 2.1 2.7 1.1 2.2 1.9 1.7 -9.8 9.4 4.4 2.4
General government consumption 2.2 1.1 1.5 1.0 2.7 2.4 2.3 1.9 1.4 1.7 2.4 2.0 2.0 2.0
Gross fixed investment -6.4 7.5 7.5 6.3 -0.3 -4.0 3.9 2.6 2.8 6.2 -9.5 1.2 0.8 2.1
Extraction and transport via pipelines -8.0 11.4 14.6 19.0 -1.8 -12.2 -16.0 -5.4 1.9 13.0 -9.0 -11.9 0.6 0.6
Gross fixed investment mainland Norway -6.4 5.0 7.4 2.9 0.4 -0.2 9.0 6.8 3.0 4.3 -10.2 4.2 0.8 2.4
Industries -9.2 1.1 10.5 -3.2 -0.7 -2.8 12.6 9.2 6.8 5.6 -19.0 4.3 3.4 5.0
Housing -1.6 17.0 10.9 5.3 -1.4 3.2 6.6 7.3 -6.2 -0.5 -9.4 -3.7 0.1 5.9
General government -5.3 1.1 -1.8 11.8 4.5 0.2 6.4 2.6 7.5 6.9 3.1 10.5 -1.7 -3.4
Demand from Mainland Norway3 1.2 2.5 3.7 2.3 1.9 2.0 3.1 3.1 2.0 2.3 -6.6 6.0 3.0 2.3
Exports 0.6 -0.8 1.7 -1.8 3.4 4.3 1.1 1.7 -0.2 1.5 -3.6 4.5 5.3 3.5
Exports of traditional goods 3.3 -0.1 -0.2 1.3 3.1 6.9 -8.6 1.7 2.0 5.1 -7.0 2.9 5.1 5.5
Exports of crude oil and natural gas -6.9 -5.6 0.5 -5.5 2.7 2.1 4.9 5.1 -4.8 -4.3 6.8 7.6 5.1 2.0
Imports 8.4 3.9 2.9 5.0 2.0 1.9 2.7 1.9 1.9 5.2 -12.0 4.6 4.2 2.5
Imports of traditional goods 9.2 4.6 2.2 1.8 1.9 2.8 -0.2 3.8 3.2 5.6 -14.1 3.8 3.7 3.8
Gross domestic product 0.7 1.0 2.7 1.0 2.0 2.0 1.1 2.3 1.3 1.2 -4.0 4.8 3.3 2.6
GDP Mainland Norway 1.9 1.9 3.7 2.3 2.2 1.4 0.9 2.0 2.2 2.3 -5.5 4.7 3.0 2.7
GDP Manufacturing 2.1 1.7 2.0 3.3 2.8 -4.6 -4.2 0.0 0.8 3.2 -6.8 4.0 4.2 1.5
Labour market
Total hours worked, Mainland Norway 0.2 1.7 1.7 0.4 1.4 0.7 0.6 0.3 1.8 1.8 -4.4 2.5 1.5 0.8
Employed persons -0.3 1.4 2.0 1.1 1.0 0.5 0.3 1.2 1.6 1.7 -2.3 0.0 1.2 1.3
Labor force 0.6 1.3 1.5 1.2 0.7 1.5 0.2 -0.2 1.4 1.0 0.1 -1.0 0.8 1.1
Participation rate (level) 71.7 71.5 71.4 71.2 70.7 71.0 70.4 69.7 70.2 70.5 70.2 69.3 69.6 70.1
Unemployment rate (level) 3.8 3.4 3.3 3.8 3.6 4.5 4.7 4.2 3.8 3.7 6.3 5.5 5.1 5.0
Prices and wages
Wages per standard man-year 3.7 4.2 4.0 3.9 3.1 2.8 1.8 2.3 2.8 3.5 2.0 1.6 3.5 3.6
Consumer price index (CPI) 2.5 1.2 0.8 2.1 2.0 2.1 3.6 1.8 2.7 2.2 1.2 3.4 1.9 2.2
CPI-ATE4 1.4 0.9 1.2 1.6 2.4 2.7 3.0 1.4 1.6 2.2 2.8 2.3 1.9 2.2
Export prices, traditional goods 4.5 5.8 -1.9 2.7 3.4 2.0 4.0 5.2 5.9 0.3 1.8 3.3 2.5 2.1
Import prices, traditional goods 0.0 4.0 0.3 1.4 4.3 4.6 1.7 3.5 4.5 2.4 3.3 2.9 2.4 2.3
Housing prices 8.2 8.0 6.8 4.0 2.7 6.1 7.0 5.0 1.4 2.5 -2.0 -0.5 1.7 3.0
Income, interest rates and excange rate
Household real income 2.8 4.3 4.4 4.0 2.3 5.4 -1.6 2.0 1.5 3.0 0.4 0.3 1.9 2.4
Household saving ratio (level) 3.7 5.7 6.8 7.1 7.6 9.6 6.8 6.4 5.7 7.4 16.0 8.1 6.1 6.1
Money market rate (level) 2.5 2.9 2.2 1.8 1.7 1.3 1.1 0.9 1.1 1.6 1.1 0.8 1.1 1.1
Lending rate, credit loans (level)5 3.4 3.6 3.9 4.0 3.9 3.2 2.6 2.6 2.7 3.0 2.6 2.3 2.5 2.6
Real after-tax lending rate, banks (level) 0.1 1.3 2.1 0.8 0.8 0.1 -1.6 0.1 -0.7 0.2 0.8 -1.5 0.1 -0.2
Importweighted NOK exchange rate (44 countries)6 -3.7 -2.4 -1.2 2.2 5.3 10.5 1.8 -0.8 0.1 2.9 11.4 1.3 0.0 0.0
NOK per euro (level) 8.01 7.79 7.47 7.81 8.35 8.95 9.29 9.33 9.60 9.85 11.09 11.27 11.27 11.27
Current account
Current balance (NOK billion)7 281 346 374 317 341 250 138 152 252 140 136 187 255 307
Current account (per cent of GDP) 10.8 12.4 12.6 10.3 10.8 8.0 4.5 4.6 7.1 4.0 4.1 5.2 6.6 7.6
International indicators
Exports markets indicator 11.1 6.1 1.0 2.0 4.7 5.3 3.8 5.6 3.4 2.5 -12.6 8.2 6.4 4.0
Consumer price index, euro-area 1.6 2.7 2.5 1.4 0.4 0.2 0.2 1.5 1.8 1.2 0.5 1.0 1.5 1.8
Money market rate, euro (level) 0.8 1.4 0.6 0.2 0.2 0.0 -0.3 -0.3 -0.3 -0.4 -0.6 -0.6 -0.3 0.0
Crude oil price USD (level)8 80 111 112 109 100 53 45 55 72 64 35 43 46 49
Crude oil price NOK (level)8 485 622 650 639 627 431 379 452 583 564 354 443 480 509

Source: Statistics Norway

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