Country Economic Forecasts - Norway
Growth in Norway moderated in H1 2018 from the pace seen last year due to declining oil production. This was revealed by revised figures for the national accounts released in August. But the latest figures also show that 2017 GDP growth was 2.4% rather than 2.0 previously. We have lowered our 2018 growth forecast to 1.6% due to lower oil production, but we expect mainland economic activity to hold up well. For 2019-21 GDP is still forecast to grow 1.9% pa. After unchanged rates at the August Norges Bank meeting, a hike in September to 0.75% seems certain.
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