Research Briefing | Aug 26, 2021

Norway | We expect growth in H2 will be driven by services

Norway | We expect growth in H2 will be driven by services

The mainland economy advanced 1.4% q/q in Q2, lower than our 1.9%
prediction. The final reopening of the economy has been further delayed amid concerns surrounding the Delta variant, but we still see the economy
recovering above its pre-pandemic level in Q3 2021. We have lowered our 2021 mainland GDP growth forecast to 4.1% from 4.3% previously.

What you will learn from this report:

  • We expect growth in H2 will be driven by a gradual shift of consumer spending back into services
  • We now expect 4.1% mainland GDP growth in both 2021 and 2022
  • We expect the unemployment rate to narrow rapidly this year.
Back to Resource Hub

Related Services


Why the consumer recovery is delayed, not derailed

Latest data point to a delayed start to a consumer revival in the eurozone, but we see relatively low risk of it being derailed. Even with a slow start, it's unlikely to throw the rebound off course – plus there's a chance of make-up growth in H2. We expect private consumption to grow 1.2% in 2024 overall.

Find Out More


Industrial production bottomed out in major developed economies

Our new proprietary cycle phase analysis suggests that industrial production in many developed economies has bottomed out and is now poised to enter a period of growth.

Find Out More