Seasonally adjusted figures from the national accounts show that Mainland Norway’s GDP rose 3.7 per cent in June, after 2.2 per cent growth in May. The level of activity was still just under 6 per cent lower in June than in February, due to large declines in March and April. Growth in the second quarter ended at -6.3 percent.
Activity in the Norwegian economy fell sharply after the introduction of infection control measures on 12 March. Mainland Norway’s GDP fell 7.3 per cent in March and another 4.1 per cent in April. The decline was particularly strong in many service industries.
Following a gradual reopening of society, activity increased markedly in May and June. The largest contribution to the June growth came from health and social work. This is mainly due to activity in the hospitals returning to normal levels.
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Seasonally-adjusted figures show that the total turnover in Norwegian manufacturing decreased by 7.5 per cent from the first to the second quarter of 2020. On a monthly basis however, from May to June 2020, the manufacturing turnover increased by 2.5 per cent.
Three-month change: refined petroleum, chemicals and pharmaceuticals decreases manufacturing turnover
Seasonally-adjusted figures show that the turnover in Norwegian manufacturing decreased by 7.5 per cent from the first to the second quarter of 2020. This is the biggest decline in a quarter measured in this statistics which goes back to 1998.
The industry grouping refined petroleum, chemicals and pharmaceutical products contributed the most to the negative development with its decline of 22 per cent in the period. Building of ships and oil platforms also contributed negative with a reduction of 21 per cent in the period.
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OSLO (Reuters) – Norwegian oil and gas investment, a key economic driver, is expected to decline sharply in 2021 after rising less than previously anticipated this year, an industry survey by the national statistics agency (SSB) showed on Thursday.
The biggest drop will come in the exploration for new reserves and in spending on development plans, while ongoing oilfield construction work continues largely as expected, the data showed.
Next year, investment in Norway’s oil sector is now projected at 145.6 billion crowns, compared with a forecast of 152 billion three months ago, SSB said.
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Global economy experiencing slow decline
The outlook for the global economy has improved in recent months. The likelihood of the UK leaving the EU without a deal is now significantly less, and the deadline for the Trump administration imposing import tariffs on European cars has now passed. Our forecasts for the international economy have therefore been revised up since the last time, but the international economic downturn is still expected to continue in the years ahead.
Fiscal policy still almost cyclically neutral
Fiscal policy has been approximately cyclically neutral in recent years. Although growth in public investment and consumption is expected to be somewhat below the trend growth, the ageing population will push up spending on retirement pensions and other benefits. The combination of cyclically neutral expenditure growth and small changes in the tax level means that the budgetary impulse is expected to remain almost constant throughout the projection period. The structural non-oil public deficit will be well below 3 per cent of the value of the oil fund by 2022.
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OSLO (Reuters) – Oil and gas companies working in Norway have hiked their 2019 and 2020 investment forecasts as they add more field development plans, a survey by the country’s statistics agency (SSB) showed on Tuesday.
Higher investment raises the prospect of further interest rate hikes by Norway’s central bank, economists said, as the data helped lift the crown to an almost four-week high against the euro.
Investments are now seen at a four-year high of 183.7 billion Norwegian crowns ($21.11 billion) in 2019, up from the 172.7 billion crowns seen in February, according to SSB, which collects the data from oil firms.
“The oil companies’ latest estimates for 2019 suggest an increase of as much as 17% compared with the corresponding figure for 2018,” the agency said in a statement.
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The statistics for personal taxpayers give an overview of taxable income, income deductions and taxable assets, as well as taxes and tax allowances for people with a tax obligation in Norway. The statistics are based on data from the Norwegian Tax Administration.
Click HERE to see the updated statistics.
Oil and gas companies working in Norway have lowered their investment forecasts for 2019 to 172.7 billion crowns ($20.1 billion) from 175.3 billion crowns seen in November, a survey by the country’s statistics agency (SSB) showed on Thursday.
In 2020 investments are expected to fall to 158.5 billion crowns, according to initial forecasts, though the forecasts could be revised upwards in the months to come, it added.
Read entire article HERE.
See the SSB article on the survey (Norwegian) HERE.