Main economic indicators. Accounts and forecasts
Main economic indicators. Accounts and forecasts
Download table as ...
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Forecasts | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2025 | 2026 | 2027 | ||||||||||
| Demand and output | |||||||||||||
| Consumption in households etc | 2.7 | 1.1 | 2.2 | 1.4 | 1.0 | -6.2 | 5.1 | 6.2 | -0.7 | 0.6 | 2.2 | 3.4 | 3.3 |
| General government consumption | 2.4 | 2.3 | 1.9 | 0.6 | 1.1 | -0.5 | 3.6 | 1.1 | 3.6 | 2.1 | 1.8 | 2.0 | 2.3 |
| Gross fixed investment | -4.0 | 3.9 | 2.6 | 2.2 | 9.5 | -4.1 | 0.7 | 5.2 | 0.3 | -1.2 | -1.3 | 3.0 | 1.3 |
| Extraction and transport via pipelines | -12.2 | -16.0 | -5.4 | 0.7 | 14.3 | -3.3 | -0.9 | -7.1 | 10.5 | 11.0 | -3.0 | -4.0 | -2.1 |
| Gross fixed investment mainland Norway | -0.2 | 9.0 | 6.8 | 1.5 | 6.3 | -3.1 | 1.6 | 7.6 | -0.8 | -5.7 | -0.8 | 4.8 | 2.2 |
| Industries | -2.8 | 12.6 | 9.2 | 3.1 | 10.3 | -5.3 | 3.2 | 17.1 | 4.9 | -5.5 | -5.7 | 1.5 | 0.3 |
| Housing | 3.2 | 6.6 | 7.3 | -6.5 | -1.1 | -1.6 | 3.5 | -1.4 | -15.6 | -16.1 | 5.2 | 13.4 | 6.9 |
| General government | 0.2 | 6.4 | 2.6 | 8.1 | 7.5 | -1.1 | -2.5 | 1.3 | 2.8 | 2.5 | 3.9 | 4.2 | 1.7 |
| Demand from Mainland Norway3 | 2.0 | 3.1 | 3.1 | 1.2 | 2.3 | -3.9 | 3.9 | 5.1 | 0.5 | -0.5 | 1.4 | 3.3 | 2.8 |
| Exports | 3.9 | 0.4 | 1.6 | -1.5 | 2.1 | -2.3 | 6.1 | 4.5 | 1.4 | 3.1 | 4.2 | 1.3 | 1.0 |
| Exports of traditional goods | 6.5 | -11.2 | 0.9 | 2.0 | 5.1 | -0.8 | 6.7 | -2.5 | 6.1 | 3.8 | 3.0 | 3.2 | 3.4 |
| Exports of crude oil and natural gas | 1.3 | 5.4 | 5.2 | -4.6 | -2.9 | 10.5 | 0.2 | 1.3 | -1.1 | 1.6 | 4.2 | -1.3 | -2.2 |
| Imports | 1.9 | 1.9 | 1.8 | 1.4 | 5.3 | -9.9 | 1.8 | 12.5 | 0.7 | 2.1 | 2.0 | 3.5 | 3.3 |
| Imports of traditional goods | 2.7 | -1.4 | 3.5 | 2.8 | 6.2 | -2.7 | 5.4 | 3.4 | -3.7 | 1.2 | 1.4 | 3.7 | 3.5 |
| Gross domestic product | 1.9 | 1.2 | 2.5 | 0.8 | 1.1 | -1.3 | 3.9 | 3.0 | 0.5 | 1.1 | 2.2 | 1.9 | 1.5 |
| GDP Mainland Norway | 1.4 | 0.9 | 2.2 | 1.9 | 2.3 | -2.8 | 4.5 | 3.7 | 0.7 | 0.9 | 1.6 | 2.7 | 2.4 |
| GDP Manufacturing | -4.4 | -4.1 | -0.1 | 1.6 | 2.1 | -5.7 | 5.6 | -0.5 | 0.2 | 1.4 | 3.7 | 3.2 | 1.8 |
| GDP in current prices (NOK billion) | 3 130 | 3 116 | 3 323 | 3 577 | 3 597 | 3 462 | 4 324 | 5 708 | 5 129 | 5 126 | 5 401 | 5 586 | 5 741 |
| Labour market | |||||||||||||
| Total hours worked, Mainland Norway | 0.6 | 0.6 | 0.5 | 1.6 | 1.5 | -2.1 | 2.4 | 3.9 | 0.8 | 0.2 | 0.4 | 1.2 | 1.3 |
| Employed persons | 0.4 | 0.3 | 1.1 | 1.6 | 1.6 | -1.5 | 1.1 | 3.9 | 1.3 | 0.0 | -0.1 | 0.7 | 0.2 |
| Labor force | 1.5 | 0.2 | -0.2 | 1.4 | 1.0 | 0.4 | 2.2 | 1.4 | 1.3 | 0.4 | 0.0 | 0.7 | 0.3 |
| Participation rate (level) | 71.0 | 70.4 | 69.7 | 70.2 | 70.5 | 70.4 | 72.1 | 72.6 | 72.8 | 72.0 | 71.7 | 71.9 | 71.9 |
| Unemployment rate (level) | 4.5 | 4.7 | 4.2 | 3.8 | 3.7 | 4.6 | 4.4 | 3.2 | 3.6 | 4.1 | 4.2 | 4.2 | 4.2 |
| Prices and wages | |||||||||||||
| Wages per standard man-year | 2.8 | 1.7 | 2.3 | 2.8 | 3.5 | 3.1 | 3.5 | 4.3 | 5.2 | 5.2 | 3.9 | 4.0 | 3.5 |
| Consumer price index (CPI) | 2.1 | 3.6 | 1.8 | 2.7 | 2.2 | 1.3 | 3.5 | 5.8 | 5.5 | 4.0 | 2.6 | 2.3 | 1.9 |
| CPI-ATE4 | 2.7 | 3.0 | 1.4 | 1.6 | 2.2 | 3.0 | 1.7 | 3.9 | 6.2 | 4.3 | 2.8 | 2.4 | 2.0 |
| Export prices, traditional goods | 2.6 | 4.5 | 4.7 | 5.1 | 0.1 | -3.5 | 12.6 | 30.2 | -0.4 | -0.5 | 0.6 | 1.4 | 1.7 |
| Import prices, traditional goods | 5.0 | 2.5 | 3.2 | 4.1 | 2.5 | 4.3 | 5.0 | 15.6 | 5.8 | 1.5 | 1.1 | 1.1 | 1.3 |
| Housing prices | 6.1 | 7.0 | 5.0 | 1.4 | 2.5 | 4.3 | 10.5 | 5.2 | -0.5 | 2.0 | 1.9 | 3.3 | 2.9 |
| Income, interest rates and excange rate | |||||||||||||
| Household real income | 5.3 | -1.6 | 2.0 | 0.9 | 2.0 | 1.1 | 4.1 | -3.3 | -1.7 | 0.5 | 3.7 | 3.9 | 3.0 |
| Household saving ratio (level) | 9.8 | 6.9 | 6.6 | 5.9 | 7.1 | 12.9 | 13.8 | 4.9 | 4.5 | 5.3 | 6.6 | 6.9 | 6.5 |
| Money market rate (level) | 1.3 | 1.1 | 0.9 | 1.1 | 1.6 | 0.7 | 0.5 | 2.1 | 4.2 | 4.6 | 3.7 | 3.3 | 3.2 |
| Lending rate, credit loans (level)5 | 3.2 | 2.6 | 2.6 | 2.7 | 3.0 | 2.6 | 2.1 | 2.9 | 5.0 | 6.0 | 5.4 | 4.8 | 4.6 |
| Real after-tax lending rate, banks (level) | 0.1 | -1.6 | 0.1 | -0.7 | 0.2 | 0.7 | -1.8 | -3.3 | -1.5 | 0.6 | 1.2 | 1.7 | 1.5 |
| Import-weighted NOK exchange rate (44 countries)6 | 10.5 | 1.8 | -0.8 | 0.1 | 2.9 | 6.7 | -5.3 | 1.2 | 8.5 | -0.6 | 0.1 | 0.0 | 0.0 |
| NOK per euro (level) | 8.95 | 9.29 | 9.33 | 9.60 | 9.85 | 10.72 | 10.16 | 10.10 | 11.42 | 11.43 | 11.44 | 11.44 | 11.44 |
| Current account | |||||||||||||
| Current balance (NOK billion)7 | 282 | 163 | 210 | 320 | 136 | 38 | 644 | 1 722 | 909 | 708 | 831 | 771 | 717 |
| Current account (per cent of GDP) | 9.0 | 5.2 | 6.3 | 9.0 | 3.8 | 1.1 | 14.9 | 30.2 | 17.7 | 13.8 | 15.4 | 13.8 | 12.5 |
| International indicators | |||||||||||||
| Exports markets indicator | 5.3 | 3.8 | 5.6 | 4.2 | 3.4 | -7.5 | 10.0 | 8.3 | 0.8 | 1.8 | 1.9 | 3.7 | 3.8 |
| Consumer price index, euro-area | 0.2 | 0.2 | 1.5 | 1.8 | 1.2 | 0.3 | 2.6 | 8.4 | 5.4 | 2.2 | 1.8 | 2.0 | 2.0 |
| Money market rate, euro (level) | 0.0 | -0.3 | -0.3 | -0.3 | -0.4 | -0.4 | -0.5 | 0.3 | 3.4 | 3.1 | 2.0 | 2.0 | 2.0 |
| Crude oil price US dollar (level)8 | 53 | 45 | 55 | 72 | 64 | 43 | 71 | 99 | 82 | 77 | 74 | 72 | 70 |
| Crude oil price NOK (level)8 | 431 | 379 | 452 | 583 | 564 | 407 | 609 | 951 | 867 | 814 | 785 | 757 | 736 |
| 1Percentage change from previous year unless otherwise noted. | |||||||||||||
| 2Some time series may have been revised after the publication of the Economic Trends. | |||||||||||||
| 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. | |||||||||||||
Download table as ...