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Political Economy

Norway expects a slower economic growth new lower forecasts show

Thursday, 07 March 2013
Norway's statistics agency has cut its growth forecast for 2013 to 2015 as economic growth slow down for that period.

The new report "Economic Survey" from Statistics Norway (SSB) show that growth in activity in the Norwegian economy was lower towards the end of last year but also expected the oil-driven economy to continue expanding amid European stagnation.

For this year, growth is expected to stay at 2.6 percent, down from a December forecast of 2.9 percent.
For 2014 and 2015 growth forecasts is lowered to 3.1 and 2.8 percent, down from 3.5 and 3.4 percent.

In the near term, growth impulses coming from domestic demand. International development is expected to be even weaker this year than last year, according to Statistics Norway.

The Agency notes that according to the Labour Force Survey unemployment has increased towards the end of last year, and that growth in mainland Norway in the fourth quarter was below expected trend growth.
"However, we expect that growth will pick up slightly again in the current year and be in excess of trend growth,"writes SSB.
by Scancomark.com Team

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