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Economic Survey 1/2024
Interest rate hikes, stagnation of activity and slowing inflation characterised the Norwegian economy in 2023. It was also the year in which residential construction abruptly came to a virtual halt. The high labour market pressures eased somewhat through the year, and unemployment has now reached a level in line with the average for the 2010s.
The mainland economy decreased 0.2 percent in February
Administrative and support service activities and wholesale and retail trade contributed the most to the decrease in Mainland GDP The rolling three-month growth was 0.1 percent.
CPI up 3.9 per cent last 12 months
From March 2023 to March 2024 the Consumer Price Index (CPI) increased by 3.9 per cent, while the CPI adjusted for tax changes and excluding energy products (CPI-ATE) rose by 4.5 per cent. Both the CPI and the CPI-ATE increased by 0.2 per cent from February 2024 to March 2024.
Manufacturing prices reached new heights
In March, the producer price index rose again after a continuous fall four consecutive months. Higher prices on crude oil and natural gas contributed most to the increase in the total PPI, together with higher manufacturing prices.
