Table
| 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | Forecasts | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2022 | 2023 | 2024 | |||||||||||
| 1Percentage change from previous year unless otherwise noted. | ||||||||||||||
| 2Consumption in households and non-profit organizations + general government consumption + gross fixed capital formation in mainland Norway. | ||||||||||||||
| 3CPI adjusted for tax changes and excluding energy products. | ||||||||||||||
| 4Yearly average. Credit lines, secured on dwellings. | ||||||||||||||
| 5Increasing index implies depreciation. | ||||||||||||||
| 6Current account not adjusted for saving in pension funds. | ||||||||||||||
| 7Average spot price Brent Blend. | ||||||||||||||
| Demand and output | ||||||||||||||
| Consumption in households etc | 2.4 | 3.5 | 2.8 | 2.1 | 2.7 | 1.1 | 2.2 | 1.6 | 1.4 | -7.6 | 6.9 | 6.9 | 3.1 | 2.9 |
| General government consumption | 1.1 | 1.5 | 1.0 | 2.7 | 2.4 | 2.3 | 1.9 | 0.5 | 1.9 | 1.7 | 2.1 | 1.7 | 1.2 | 2.0 |
| Gross fixed investment | 7.5 | 7.5 | 6.3 | -0.3 | -4.0 | 3.9 | 2.6 | 2.2 | 4.8 | -3.9 | -0.2 | 0.8 | 3.1 | 2.2 |
| Extraction and transport via pipelines | 11.4 | 14.6 | 19.0 | -1.8 | -12.2 | -16.0 | -5.4 | 0.7 | 12.6 | -4.9 | -3.0 | -6.0 | 10.0 | 4.0 |
| Gross fixed investment mainland Norway | 5.0 | 7.4 | 2.9 | 0.4 | -0.2 | 9.0 | 6.8 | 1.5 | 4.0 | -3.9 | 0.2 | 2.3 | 1.6 | 1.8 |
| Industries | 1.1 | 10.5 | -3.2 | -0.7 | -2.8 | 12.6 | 9.2 | 3.1 | 5.6 | -6.3 | -2.2 | 2.8 | 0.7 | 1.9 |
| Housing | 17.0 | 10.9 | 5.3 | -1.4 | 3.2 | 6.6 | 7.3 | -6.5 | -1.7 | -4.0 | 3.2 | 2.9 | 3.7 | 2.4 |
| General government | 1.1 | -1.8 | 11.8 | 4.5 | 0.2 | 6.4 | 2.6 | 8.1 | 7.2 | -0.3 | 1.1 | 1.1 | 1.1 | 1.1 |
| Demand from Mainland Norway2 | 2.5 | 3.7 | 2.3 | 1.9 | 2.0 | 3.1 | 3.1 | 1.3 | 2.1 | -4.2 | 4.0 | 4.4 | 2.3 | 2.4 |
| Exports | -0.8 | 1.7 | -1.8 | 3.4 | 4.3 | 1.1 | 1.7 | -1.2 | 0.5 | -0.9 | 3.3 | 6.7 | 4.1 | 2.1 |
| Exports of traditional goods | -0.1 | -0.2 | 1.3 | 3.1 | 6.9 | -8.6 | 1.7 | 1.5 | 4.6 | -2.3 | 4.8 | 3.6 | 2.7 | 2.2 |
| Exports of crude oil and natural gas | -5.6 | 0.5 | -5.5 | 2.7 | 2.1 | 4.9 | 5.1 | -5.0 | -4.3 | 9.5 | 2.6 | 5.8 | 4.1 | 0.9 |
| Imports | 3.9 | 2.9 | 5.0 | 2.0 | 1.9 | 2.7 | 1.9 | 1.4 | 4.7 | -12.2 | 5.0 | 6.9 | 4.1 | 3.5 |
| Imports of traditional goods | 4.6 | 2.2 | 1.8 | 1.9 | 2.8 | -0.2 | 3.8 | 2.9 | 5.7 | -2.5 | 3.7 | 2.7 | 1.8 | 2.5 |
| Gross domestic product | 1.0 | 2.7 | 1.0 | 2.0 | 2.0 | 1.1 | 2.3 | 1.1 | 0.9 | -0.8 | 3.0 | 3.9 | 2.6 | 1.9 |
| GDP Mainland Norway | 1.9 | 3.7 | 2.3 | 2.2 | 1.4 | 0.9 | 2.0 | 2.2 | 2.3 | -2.5 | 3.3 | 3.6 | 2.4 | 2.2 |
| GDP Manufacturing | 1.7 | 2.0 | 3.3 | 2.8 | -4.6 | -4.2 | 0.0 | 1.7 | 2.7 | -2.6 | 5.7 | 1.0 | 1.6 | 1.4 |
| Labour market | ||||||||||||||
| Total hours worked, Mainland Norway | 1.7 | 1.7 | 0.4 | 1.4 | 0.7 | 0.6 | 0.3 | 1.6 | 1.8 | -2.2 | 2.4 | 1.7 | 0.7 | 1.4 |
| Employed persons | 1.4 | 2.0 | 1.1 | 1.0 | 0.5 | 0.3 | 1.2 | 1.6 | 1.6 | -1.3 | 0.9 | 1.2 | 1.0 | 1.1 |
| Labor force | 1.3 | 1.5 | 1.2 | 0.7 | 1.5 | 0.2 | -0.2 | 1.4 | 1.0 | 0.4 | 0.2 | 0.9 | 0.7 | 0.9 |
| Participation rate (level) | 71.5 | 71.4 | 71.2 | 70.7 | 71.0 | 70.4 | 69.7 | 70.2 | 70.5 | 70.4 | 70.2 | 70.6 | 70.9 | 71.1 |
| Unemployment rate (level) | 3.4 | 3.3 | 3.8 | 3.6 | 4.5 | 4.7 | 4.2 | 3.8 | 3.7 | 4.6 | 4.5 | 4.2 | 4.0 | 3.8 |
| Prices and wages | ||||||||||||||
| Wages per standard man-year | 4.2 | 4.0 | 3.9 | 3.1 | 2.8 | 1.7 | 2.3 | 2.8 | 3.5 | 3.1 | 2.6 | 3.1 | 3.3 | 3.5 |
| Consumer price index (CPI) | 1.2 | 0.8 | 2.1 | 2.0 | 2.1 | 3.6 | 1.8 | 2.7 | 2.2 | 1.3 | 2.7 | 1.8 | 1.9 | 2.1 |
| CPI-ATE3 | 0.9 | 1.2 | 1.6 | 2.4 | 2.7 | 3.0 | 1.4 | 1.6 | 2.2 | 3.0 | 2.1 | 1.7 | 2.0 | 1.9 |
| Export prices, traditional goods | 5.8 | -1.9 | 2.7 | 3.4 | 2.0 | 4.0 | 5.2 | 6.2 | 0.7 | -3.5 | 3.9 | 3.4 | 2.9 | 2.1 |
| Import prices, traditional goods | 4.0 | 0.3 | 1.4 | 4.3 | 4.6 | 1.7 | 3.5 | 4.6 | 2.5 | 4.1 | 0.5 | 0.7 | 1.2 | 1.2 |
| Housing prices | 8.0 | 6.8 | 4.0 | 2.7 | 6.1 | 7.0 | 5.0 | 1.4 | 2.5 | 3.9 | 9.2 | 3.5 | 2.8 | 2.5 |
| Income, interest rates and excange rate | ||||||||||||||
| Household real income | 4.3 | 4.4 | 4.0 | 2.3 | 5.4 | -1.6 | 2.0 | 1.0 | 2.3 | 1.7 | 2.3 | 2.6 | 2.4 | 2.5 |
| Household saving ratio (level) | 5.8 | 6.9 | 7.2 | 7.7 | 9.8 | 6.9 | 6.6 | 5.9 | 7.6 | 15.5 | 11.7 | 8.5 | 8.4 | 8.3 |
| Money market rate (level) | 2.9 | 2.2 | 1.8 | 1.7 | 1.3 | 1.1 | 0.9 | 1.1 | 1.6 | 0.7 | 0.5 | 1.1 | 1.6 | 1.8 |
| Lending rate, credit loans (level)4 | 3.6 | 3.9 | 4.0 | 3.9 | 3.2 | 2.6 | 2.6 | 2.7 | 3.0 | 2.6 | 2.1 | 2.3 | 2.8 | 3.1 |
| Real after-tax lending rate, banks (level) | 1.3 | 2.1 | 0.7 | 0.8 | 0.1 | -1.6 | 0.1 | -0.7 | 0.2 | 0.7 | -1.0 | 0.0 | 0.3 | 0.3 |
| Import-weighted NOK exchange rate (44 countries)5 | -2.4 | -1.2 | 2.2 | 5.3 | 10.5 | 1.8 | -0.8 | 0.1 | 2.9 | 6.7 | -5.5 | -0.2 | 0.0 | 0.0 |
| NOK per euro (level) | 7.79 | 7.47 | 7.81 | 8.35 | 8.95 | 9.29 | 9.33 | 9.60 | 9.85 | 10.72 | 10.20 | 10.18 | 10.18 | 10.18 |
| Current account | ||||||||||||||
| Current balance (NOK billion)6 | 346 | 374 | 317 | 341 | 250 | 138 | 180 | 283 | 102 | 66 | 329 | 416 | 450 | 421 |
| Current account (per cent of GDP) | 12.4 | 12.6 | 10.3 | 10.8 | 8.0 | 4.5 | 5.5 | 8.0 | 2.8 | 1.9 | 8.6 | 10.2 | 10.5 | 9.5 |
| International indicators | ||||||||||||||
| Exports markets indicator | 6.1 | 1.1 | 1.9 | 4.8 | 5.4 | 3.9 | 5.6 | 4.0 | 2.6 | -8.8 | 10.6 | 7.9 | 4.8 | 4.2 |
| Consumer price index, euro-area | 2.7 | 2.5 | 1.4 | 0.4 | 0.2 | 0.2 | 1.5 | 1.8 | 1.2 | 0.3 | 1.5 | 1.5 | 1.9 | 2.0 |
| Money market rate, euro (level) | 1.4 | 0.6 | 0.2 | 0.2 | 0.0 | -0.3 | -0.3 | -0.3 | -0.4 | -0.4 | -0.6 | -0.5 | -0.3 | 0.0 |
| Crude oil price USD (level)7 | 111 | 112 | 109 | 100 | 53 | 45 | 55 | 72 | 64 | 43 | 65 | 62 | 59 | 57 |
| Crude oil price NOK (level)7 | 622 | 650 | 639 | 627 | 431 | 379 | 452 | 583 | 564 | 407 | 558 | 528 | 503 | 488 |