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Macro - Country Economic Forecasts - Norway

Publisher Oxford Economics
Published Apr 25, 2022
Length 9 Pages
SKU # OFE17138237

Description

Macro - Country Economic Forecasts - Norway

Our 2022 mainland GDP growth forecast remains unchanged at 3.6%, but a stronger-than-expected impact from the war in Ukraine on household consumption represents the main downside risk to our outlook. Otherwise, growth prospects remain resolute. An incredibly tight labour market should see strong wage growth this year, which will partially offset the impact of higher inflation on real incomes. Government accounts will also be supported by high oil and natural gas prices. The petroleum sector is committed to maintaining high natural gas export volumes as European countries shift away from Russian gas, but the scope for increasing overall production capacity this year remains limited. In 2023, we see mainland growth easing to 2.3%.

Table of Contents

9 Pages
Norway: Impact of war in Ukraine remains key downside risk
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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