Norway Economic Snapshot
Economic Forecast Summary (December 2021)
Real mainland GDP growth of 4.2% is projected for both 2021 and 2022, as the economy recovers to its pre-pandemic path. In 2023 output growth will be 1.7%, in line with potential. Consumption growth will remain strong as households lower their saving ratio. Employment already exceeds the pre-pandemic level and unemployment will fall further. Headline consumer price inflation should ease as electricity price increases and supply bottlenecks unwind, then rise gradually, along with wage growth, as spare capacity is absorbed. However, the current price pressures may spark an earlier acceleration in overall wage and price growth.
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