Main economic indicators 2006-2021. Accounts and forecasts. Percentage change from previous year unless otherwise noted

Back to article

Download table in ExcelDownload as CSV-fileShow table in new window

Main economic indicators 2006-2021. Accounts and forecasts. Percentage change from previous year unless otherwise noted
  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016* 2017* Forecasts
  2018 2019 2020 2021
1Consumption in households and non-profit organizations + general government consumption + gross fixed capital formation in mainland Norway.
2Change in stockbuilding. Per cent of GDP.
3According to Statistics Norway's labour force survey(LFS). Break in data series in 2006.
4CPI adjusted for tax changes and excluding energy products.
5Yearly average. Lending rate, banks until 2006.
6Increasing index implies depreciation.
7Current account not adjusted for saving in pension funds.
8Average spot price Brent Blend.
Demand and output                                
Consumption in households etc. 5.0 5.3 1.7 0.0 3.8 2.3 3.5 2.8 2.1 2.6 1.5 2.3 2.5 2.7 2.5 2.8
General government consumption 1.9 2.0 2.4 4.1 2.2 1.0 1.6 1.0 2.7 2.4 2.1 2.0 1.5 1.7 1.7 1.7
Gross fixed investment 9.1 11.7 0.9 -6.8 -6.6 7.4 7.6 6.3 -0.7 -4.0 -0.2 3.5 2.5 2.1 1.9 0.4
Extraction and transport via pipelines 3.2 9.3 5.5 2.9 -8.0 11.4 14.6 19.0 -1.8 -12.2 -16.9 -4.0 8.4 6.6 3.0 -2.2
mainland Norway 9.3 14.2 0.9 -10.4 -6.4 5.0 7.4 2.9 0.4 -0.2 6.1 5.9 0.5 0.8 1.6 1.2
Industries 12.7 22.7 3.1 -18.4 -9.5 1.1 10.5 -3.2 -0.7 -2.3 4.1 5.1 5.8 3.9 2.8 1.4
Housing 4.0 2.7 -9.0 -8.1 -1.6 17.0 10.9 5.3 -1.4 3.2 9.0 7.1 -7.2 -4.1 0.4 1.0
General government 8.4 8.7 7.2 7.7 -4.8 1.1 -1.8 11.8 4.4 0.2 5.9 5.8 1.5 1.2 0.9 0.9
Demand from Mainland Norway1 5.1 6.4 1.7 -1.4 1.2 2.5 3.7 2.3 1.9 2.0 2.6 3.0 1.8 2.0 2.1 2.1
Stockbuilding2 1.0 0.5 -0.2 -2.1 3.7 -0.3 -0.3 0.3 -0.1 -0.5 1.4 -0.2 0.0 0.0 0.0 0.0
Exports -0.8 1.4 0.1 -4.1 0.6 -0.8 1.6 -1.7 3.1 4.7 -1.8 0.8 2.0 2.0 4.5 3.7
Traditional goods 6.1 9.2 3.5 -8.0 3.3 -0.1 -0.2 1.3 3.1 6.9 -8.2 2.2 4.7 4.1 4.5 3.6
Crude oil and natural gas -6.6 -2.4 -1.3 -1.6 -6.9 -5.6 0.5 -5.5 2.7 2.1 4.3 1.9 -0.5 -0.7 5.6 4.7
Imports 9.1 10.0 3.2 -10.3 8.4 3.9 3.0 5.0 2.4 1.6 2.3 2.2 2.2 2.8 2.5 2.2
Traditional goods 11.6 7.2 1.2 -12.1 9.2 4.6 2.6 2.3 2.1 3.2 -0.4 3.2 3.2 3.6 3.3 2.8
Gross domestic product 2.4 3.0 0.5 -1.7 0.7 1.0 2.7 1.0 2.0 2.0 1.1 1.8 2.0 1.9 2.7 2.4
Mainland Norway 5.0 5.7 1.8 -1.7 1.9 1.9 3.7 2.3 2.2 1.4 1.0 1.8 2.4 2.3 2.3 2.1
Manufacturing 2.6 3.8 2.7 -7.8 2.1 1.7 2.0 3.3 2.8 -4.6 -4.1 0.3 4.0 2.1 4.4 3.8
Labour market                                
Total hours worked, Mainland Norway 3.5 4.8 3.6 -2.0 0.2 1.7 1.8 0.3 1.4 0.7 0.8 0.5 0.7 1.2 1.1 0.9
Employed persons 3.4 4.1 3.2 -0.5 -0.5 1.5 2.1 1.1 1.2 0.4 0.2 1.1 1.2 1.1 0.9 0.8
Labor force3 1.6 2.5 3.4 0.0 0.5 1.0 1.8 1.0 1.1 1.4 0.3 -0.4 0.9 1.0 0.8 0.8
Participation rate (level)3 72.0 72.8 73.9 72.8 71.9 71.4 71.5 71.2 71.0 71.2 70.6 69.8 70.0 70.2 70.4 70.7
Unemployment rate (level)3 3.4 2.5 2.6 3.2 3.6 3.3 3.2 3.5 3.5 4.4 4.7 4.2 3.9 3.7 3.7 3.7
Prices and wages                                
Wages per standard man-year 4.1 5.4 6.3 4.2 3.7 4.2 4.0 3.9 3.1 2.8 1.7 2.3 2.9 3.5 3.7 4.0
Consumer price index (CPI) 2.3 0.8 3.8 2.1 2.5 1.2 0.8 2.1 2.0 2.1 3.6 1.8 2.0 1.6 1.8 2.0
CPI-ATE4 0.8 1.4 2.6 2.6 1.4 0.9 1.2 1.6 2.4 2.7 3.0 1.4 1.7 1.7 1.7 1.8
Export prices, traditional goods 11.3 2.4 2.8 -6.0 4.5 5.8 -1.9 2.7 3.4 2.0 3.5 5.0 3.4 -0.2 0.1 0.2
Import prices, traditional goods 4.0 3.7 3.9 -1.5 0.0 4.0 0.3 1.5 4.4 4.7 1.4 3.7 2.5 0.2 0.1 0.8
Housing prices 13.7 12.5 -1.0 1.9 8.2 8.0 6.8 4.1 2.7 6.0 7.0 5.0 -2.8 1.1 1.5 2.3
Income, interest rates and excange rate                                
Household real income -6.6 6.0 3.4 3.2 2.3 4.1 4.4 3.9 2.9 5.5 -1.5 2.4 2.7 2.5 2.6 2.6
Household saving ratio (level) -0.4 0.9 3.8 5.2 4.0 5.9 7.1 7.4 8.2 10.3 7.1 7.3 7.2 7.6 8.3 8.7
Money market rate (level) 3.1 5.0 6.2 2.5 2.5 2.9 2.2 1.8 1.7 1.3 1.1 0.9 1.0 1.4 1.9 2.3
Lending rate, credit loans(level)5 4.3 5.0 6.8 4.0 3.4 3.6 3.9 4.0 3.9 3.2 2.6 2.6 2.7 3.1 3.4 3.7
Real after-tax lending rate, banks (level) 0.2 2.9 1.1 0.7 0.1 1.3 2.1 0.7 0.8 0.1 -1.6 0.1 0.1 0.7 0.8 0.8
Importweighted krone exchange rate (44 countries)6 0.7 -1.8 0.0 3.3 -3.7 -2.4 -1.2 2.2 5.3 10.5 1.8 -0.8 0.0 -3.0 -2.0 -1.0
NOK per euro (level) 8.05 8.02 8.22 8.73 8.01 7.79 7.47 7.81 8.35 8.95 9.29 9.33 9.56 9.27 9.09 9.00
Current account                                
Current balance (bill. NOK)7 357.7 287.4 408.3 260.9 282.8 344.7 370.7 315.5 330.9 246.5 118.3 168.3 231.0 227.5 271.2 310.5
Current balance (per cent of GDP) 16.1 12.2 15.6 10.7 10.9 12.3 12.5 10.3 10.5 7.9 3.8 5.1 6.6 6.3 7.2 7.8
International indicators                                
Exports markets indicator 9.8 6.6 1.9 -9.6 11.1 6.5 1.4 2.0 5.2 5.1 4.0 4.6 5.3 5.2 4.9 4.6
Consumer price index, euro-area 2.2 2.1 3.3 0.3 1.6 2.7 2.5 1.4 0.4 0.1 0.3 1.6 1.6 1.7 1.9 1.9
Money market rate, euro(level) 3.1 4.3 4.6 1.2 0.8 1.4 0.5 0.2 0.2 0.0 -0.3 -0.3 0.0 0.3 0.9 1.4
Crude oil price NOK (level)8 423 423 536 388 484 621 649 639 621 431 378 445 486 456 464 472

Source: Statistics Norway. The cut-off date for information was 6 March 2018.