Key View

• We at Fitch Solutions have revised our forecast for Norwegian real GDP in 2022 slightly lower to 3.6%, from 3.8% previously.
• Our updated projections reflect the release of some relatively soft Norwegian GDP data for January and February, as well as the prospect of a faster pace of monetary policy tightening.
• Despite the revision, we

Key View

• We at Fitch Solutions expect that Norwegian economic activity will remain well above trend in 2022, projecting a further 3.8% increase in real GDP after an estimated 4.0% expansion in 2021.
• Growth will be driven by strength in consumer expenditure linked to a tight labour market and fading pandemic risks, though soaring energy bills

Key View

• We at Fitch Solutions expect pressure on the Norwegian centre-left minority coalition government to abate somewhat in the coming months, as the Covid-19 backdrop improves and energy prices fall.
• This in turn will allow the government to shift its focus from crisis management toward achieving its goals of reducing income and regional

Key View

• In keeping with the Norges Bank’s forward guidance, we at Fitch Solutions now anticipate that the central bank will hike its benchmark policy rate by 25 basis points (bps) at its December meeting, taking it up to 0.50% (previous forecast: 0.25%) by the end of 2021.
• Norwegian consumer price inflation is currently running well above

Key View

• Battery factory construction will bolster industrial building activity in Norway, primarily driven by the rapid expansion of the electric vehicle domestically, as well as in the European Union (EU).
• Norway’s proximity to large European demand centres, its position within the European Economic Area (EEA) and thus within the EU's

Key View

• A government action plan aims to strengthen links between the medical device industry, healthcare providers and research institutes.
• According to proposals put forward in a new parliamentary report the main goal is to increase the competitiveness of Norway's health industry while at the same time contributing to a more sustainable