Finance & Insurance, News

Economic outlook

Developments of the Norwegian economy stand in stark contrast to the developments of many of the trading partners. Growth in the Norwegian economy is expected to continue ahead, albeit at a somewhat slower pace, says Finance Minister Sigbjørn Johnsen.

Mainland-GDP is forecast at 3.7 per cent in 2012 and 2.9 per cent in 2013. The labour market remains strong, with higher than expected employment growth and continued low unemployment at a rate of just over 3 per cent.

– Despite the challenging global economic environment, the Norwegian economy continues to perform well, and capacity utilisation is now higher than foreseen at the presentation of the Revised National Budget last May. Low interest rates, high income growth and high oil prices have fuelled the economy, the Minister of Finance said at the presentation of the Fiscal Budget 2013.