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Macro - Country Economic Forecasts - Norway

Publisher Oxford Economics
Published Aug 26, 2025
Length 8 Pages
SKU # OFE20418458

Description

We raised our 2025 mainland GDP growth forecast for Norway by 0.4ppts to 2%. The economy rose 0.6% q/q in Q2, double our and Norges Bank's forecasts, and growth in Q1 was revised up. While the strength in H1 was exacerbated by petroleum investments, it appears the cyclical growth rebound is manifesting quicker and stronger than believed. We forecast mainland GDP growth of 1.7% in 2026.

Table of Contents

8 Pages
Norway: Cyclical growth rebound to be stronger than first thought
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
Alternative long-run scenarios
Background
Economic development
Structure of the economy
Balance of payments and structure of trade
Policy and politics

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