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Macro - Country Economic Forecasts - Norway

Publisher Oxford Economics
Published Mar 30, 2022
Length 9 Pages
SKU # OFE17063650

Description

Macro - Country Economic Forecasts - Norway

The fallout from the Russia-Ukraine conflict and a brief but sharp hit from the Omicron outbreak have prompted us to cut our 2022 mainland GDP growth forecast by 0.7ppts to 3.6%. While government subsidies for household electricity bills are containing energy price rises, the stark strengthening of underlying price pressures has led us to expect the strongest year for inflation since 1989, which is weighing on the consumption outlook. With renewables comprising the bulk of the energy mix, higher oil and gas prices should not directly disrupt industrial prospects this year, but they will be hampered by an even longer unwinding of supply bottlenecks than previously assumed. In 2023, we expect growth to slow to 2.3%, up from 2.1% previously.

Table of Contents

9 Pages
Norway: Slower growth outlook impacted by Russia-Ukraine war
Forecast overview
Recent developments
Short-term outlook
Key drivers of our short-term forecast
Economic risk
Economic risk evaluation
Risk warnings
What to watch out for
Exposure to key global risks
Long-term prospects
Background
Economic development
Structure of the economy
Balance of payments and structure of trade
Policy and politics

Pricing

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