Macro - Country Economic Forecasts - Norway

Macro - Country Economic Forecasts - Norway

We forecast Norway's mainland GDP will expand by 1.2% in 2023, slightly higher than last month as the economy likely rose in Q3. But we've lowered our 2024 forecast by 0.2ppts to 0.5% due to Norges Bank's higher-for-longer policy rate. Still, with September inflation below the central bank's forecast and mainland growth slowing, we think the bank's planned December rate hike is increasingly difficult to justify. Either way, we expect quarterly growth to remain sluggish until around the end of next year.