Brighter times ahead for Norwegian economy

Norwegian kroner State BudgetNorwegian kroner. Photo: pixabay.com

Statistics Norway (SSB) expects a slight upturn in the coming years, and says that the Norwegian economy moving towards somewhat brighter times.

The reduction in petroleum investment declines, exports will increase and private demand picks up, writes Statistics Norway (SSB) in its forecast report “Economic Analyze” which was presented on Thursday.

SSB writes that this will soon bring the Norwegian economy into a minor upswing. Wages will in real terms rise slightly this year and also in the next few years, after big drop last year.

– The drop in demand from the petroleum industry from the end of 2013 coupled with many years of sluggish development in global demand, continue to affect the Norwegian economy. The recession has now lasted for two and a half years.

The Growth in GDP for mainland Norway has picked up somewhat through 2016, after a nearly stagnant 2015, we expect that growth recovers somewhat in the near future, according to the report.

 

Source: NTB scanpix / Norway Today

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