We kept our Norwegian 2025 mainland GDP growth forecast at 1.2%. Excluding petroleum, the economy has minimal direct trade exposure to the United States. Weaker global demand as US President Donald Trump ratchets up his global trade war will weigh on goods exports, but it doesn't overly impact the outlook this year. Prolonged business uncertainty will increasingly weigh on growth in 2026, so we lowered our 2026 growth forecast by 0.2ppts to 2%.
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