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Norway Economic Snapshot

Economic Forecast Summary (May 2021)

Mainland real GDP is projected to increase by 3.4% in 2021 and 3.7% in 2022, with the gradual lifting of restrictions as the vaccine rollout progresses unleashing demand. Mainland activity connected with the petroleum sector is expected to rise in light of the revival in oil prices. Labour market recovery will continue. Inflation will ease in the near term, as the effects of energy price increases taper off, and pick up only gradually thereafter.

 

Reform Priorities (April 2021)

Going for Growth 2021 - Norway

The pandemic recovery offers an opportunity to reinvigorate business dynamism and ensure that education delivers on skills. This will help maintain good living standards and support comprehensive public services.

©Shutterstock/Anton Petrus

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2021 Structural Reform Priorities

  • Competition and regulation: Improve the system of business insolvency
  • Education: Strengthen education
  • Labour market: Reduce policy-induced early retirement
  • Tax system: Make taxation more efficient
  • Infrastructure: Improve the selection of large-scale infrastructure projects

 

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Economic Survey of Norway (December 2019)

Executive Summary

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