Economic Survey
Articles, analysis, and publications
2024
- Economic Survey 3/2024 Article 1 October
Growth in the Norwegian economy has been modest since mid-2022. Several interest rate hikes, high inflation and low global demand have placed a damper on economic activity. At the same time, unemployment has increased from a low level, and is currently close to the average for the 2010s.
- Economic Survey 2/2024 Article 2 July
Growth in the Norwegian economy has been modest since mid-2022. High inflation and several interest rate hikes have contributed to curbing demand. At the same time there have been substantial, but declining pressures in the labour market. Unemployment has increased through 2023 and so far in 2024 and is now close to the average for the 2010s.
- Economic Survey 1/2024 Article 16 April
Interest rate hikes, stagnation of activity and slowing inflation characterised the Norwegian economy in 2023. It was also the year in which residential construction abruptly came to a virtual halt. The high labour market pressures eased somewhat through the year, and unemployment has now reached a level in line with the average for the 2010s.
2023
- Economic Survey 4/2023 Article 22 December
The Norwegian economy is characterised by high inflation and interest rate hikes. Mainland growth has been below trend. At the same time, pressures in the labour market have been relatively high, but these, too, have abated somewhat compared with last year.
- Economic Survey 3/2023 Article 29 September
Last year was characterised by high inflation, interest rate hikes and a rebound in economic activity following the pandemic. For a little over a year, activity in the Norwegian economy has been close to or slightly higher than what we regard as a trend level, but growth has been flagging recently.
- Economic Survey 2/2023 Article 22 June
Last year was characterised by high inflation, interest rate hikes and a rebound in economic activity following the Covid-19 (coronavirus) pandemic. Growth in the Norwegian economy has slowed so far this year, and mainland GDP is close to what we regard as a trend level. The key policy rate has been raised by 0.5 percentage point this year and is currently 3.25 per cent.
- Economic Survey 1/2023 Article 30 March
The year 2022 was characterised by high inflation and a rebound in economic activity following the COVID-19 (coronavirus) pandemic. At the end of 2021, the omicron variant and new infection control measures resulted in a renewed fall in economic activity. However, with the lifting of the last infection control measures, mainland GDP picked up strongly with effect from March 2022.
2022
- Economic Survey 4/2022 Article 22 December
Prior to the outbreak of the Covid pandemic in 2020, the Norwegian economy was close to cyclically neutral. The entire downturn following the pandemic in 2020 was recouped in the autumn of 2021, but the omicron variant and subsequent infection control measures resulted in a new fall in mainland GDP in December 2021 and January 2022. The reopening of society in late January and early February this year boosted activity sharply in March.
- Economic Survey 3/2022 Article 27 September
In November 2021, the decline in economic activity during the pandemic had been recouped. In December and in January 2022 mainland GDP slumped again as a consequence of new infection control measures in connection with the omicron variety. Activity picked up strongly again in February and March, and in March 2022 was roughly cyclically neutral.
- Economic Survey 2/2022 Article 1 July
Almost the entire decline in economic activity during the pandemic was recouped in 2021. In December last year and January this year infection control measures in connection with the omicron variant of the coronavirus led to a fall in mainland GDP, but no more than 1.5 per cent for the two months combined. The reopening of society in late January and early February caused activity to pick up again, and in March mainland GDP was only slightly lower than what we regard as a trend level for the economy.
- Economic Survey 1/2022 Article 6 April
In the course of 2021, almost the entire decline in economic activity during the pandemic was recouped. Activity in November last year was close to what we regard as a trend level for the economy.
2021
- Economic Survey 4/2021 Article 20 December
Activity in the Norwegian economy picked up considerably through the summer and autumn. As a result of lower infection rates, increased vaccination and the easing of national restrictions, mainland GDP had already rebounded by June to the same level as before the pandemic struck in March last year.
- Economic Survey 3/2021 Article 23 September
The reopening of society is well under way, and activity in the Norwegian economy has increased in recent months. After the first lockdown, mainland GDP fell by over 10 per cent from February to April last year, according to the monthly national accounts.
- Economic Survey 2/2021 Article 22 June
Vaccination against COVID-19 has come a long way, and the re-opening of society will give a considerable boost to economic activity in Norway. Following the first lockdown in March 2020, mainland GDP fell by over10 per cent from February to April last year, according to the monthly national accounts.
- Economic Survey 1/2021 Article 7 April
The spread of the COVID-19 virus and infection control measures continue to mark economic developments in Norway. The first lockdown in March 2020 led to mainland GDP falling by around 11 per cent from February to April last year, according to the monthly national accounts.