Research Briefing | Aug 23, 2022

Norwegian GDP grew robustly in Q2, but activity will slow from here

The Norway mainland GDP forecast has been raised 0.5ppts to 3% following a slight growth surprise in Q2 and a revised smaller contraction in Q1. GDP rose 0.7% q/q in Q2. Services consumption drove growth but benefitted from a strong positive carryover from March, with monthly momentum flat throughout the quarter.

What you will learn:

  • Now that Covid tailwinds have been exhausted, inflation and tightening monetary policy will dominate the outlook over H2 and into 2023, keeping growth subdued.
  • Energy inflation has been plateauing over recent months, but low hydropower reserves and poor country connectivity means prices are likely to spike higher over the winter.
  • Our 2022 inflation of forecast has been raised 0.6ppts to 6.1%, before falling back to 2.7% over 2023.

Back to Resource Hub

Related Services

Nordic Macro Service - Helsinki

Service

Nordic Macro Service

Track, analyse, and react to macro events and future trends in the Nordic region.

Find Out More
globe

Service

Global Macro Service

Monitor macro events and their potential impact.

Find Out More