Business cycles

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Ocean satellite account. Description of methods and sources

The satellite accounts for the ocean are a pilot and are co-financed by the Research Council of Norway and Statistics Norway (SSB). It is part of the fourth phase of the OECD project «Future of the Ocean Economy» in which Norway has participated since the beginning in 2013.

Economic development through Covid-19. An updated comparison of Norway, Sweden and Denmark

It is difficult to distinguish the impact of the pandemic from the impact of infection control measures, self-regulation among households, and disruptions to foreign trade. This report attempts to shed light on the question by comparing the macroeconomic outcomes in Norway, Sweden and Denmark. The three Scandinavian countries chose different infection control strategies in 2020: While Norway and Denmark quickly introduced strict measures, Sweden chose a milder line.

Covid-19, the economic costs of the pandemic and the role of fiscal policy

In this report, we compare the wealth creation in a benchmark scenario for the period 2020–2023 as it appears at the time of writing – at the end of January 2022 – with Statistics Norway’s projections for the Norwegian economy published at the end of 2019, i.e. before the pandemic.

Economic Survey 1/2022

In the course of 2021, almost the entire decline in economic activity during the pandemic was recouped. Activity in November last year was close to what we regard as a trend level for the economy.

Ukraine war creating uncertainty in growing Norwegian economy

The Norwegian economy is starting to return to a normal level of activity following the further reopening of society. However, the war in Ukraine is significantly curbing the growth outlook for our trading partners in Europe, which in turn is having a negative impact on the Norwegian economy.

Economic Survey 4/2021

Activity in the Norwegian economy picked up considerably through the summer and autumn. As a result of lower infection rates, increased vaccination and the easing of national restrictions, mainland GDP had already rebounded by June to the same level as before the pandemic struck in March last year.

Omicron creating uncertainty for the Norwegian economy

Mainland GDP has experienced substantial growth in recent months, and the economy is now approaching what we consider to be a normal level. Although the Omicron variant is creating uncertainty about further developments, we assume that its negative effect on the economy will be limited and temporary.

Ripple effects of the petroleum industry in the Norwegian economy

This report documents our calculations of how much of the deliveries to the petroleum industry are supplied by other domestic industries and how much is imported. We make a distinction between direct and indirect deliveries, and between their use for investments and for intermediate consumption of operations.

Economic Survey 3/2021

The reopening of society is well under way, and activity in the Norwegian economy has increased in recent months. After the first lockdown, mainland GDP fell by over 10 per cent from February to April last year, according to the monthly national accounts.

The economy is improving, but the crisis is not over

The reopening of society is well underway, and the upswing in the Norwegian economy continues. The COVID-19 pandemic will nevertheless continue to impact on the economy for a long time to come. The key policy rate is expected to increase gradually to 1.75 per cent in 2024.

Economic Survey 2/2021

Vaccination against COVID-19 has come a long way, and the re-opening of society will give a considerable boost to economic activity in Norway. Following the first lockdown in March 2020, mainland GDP fell by over10 per cent from February to April last year, according to the monthly national accounts.

Normalisation of the Norwegian economy on the horizon

The vaccination of the population is progressing well, and the reopening of society will give a significant boost to economic activity in Norway. The first interest rate hike will most likely be in September.

Economic Survey 1/2021

The spread of the COVID-19 virus and infection control measures continue to mark economic developments in Norway. The first lockdown in March 2020 led to mainland GDP falling by around 11 per cent from February to April last year, according to the monthly national accounts.

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