SSB: The Norwegian economy has been hit hard by the corona pandemic

Steinar HoldenPhoto: Berit Roald / NTB

In 2020, Norway’s gross domestic product was NOK 145 billion lower than expected before the pandemic hit.

The findings were prepared by Statistics Norway (SSB) for the Corona Commission.

Professor Steinar Holden and employees of the SSB, on behalf of the Commission, prepared the report on COVID-19, lost value creation, and the role of fiscal policy.

“The corona pandemic has created great costs for the Norwegian economy and society. The macroeconomic effects of the pandemic and the political response have in many ways been fundamentally different from previous recessions,” Holden said.

In total, for the 2020–2023 period, the loss is estimated at a reduction of around NOK 330 billion, but the estimate is somewhat uncertain.

“It is assumed that the activity will increase markedly from the summer after the infection pressure has decreased. That means that growth in mainland Norway’s GDP will rise to 2.8% in 2021 and further to 3.5% in 2022, and then decline to 3% in 2023,” researcher and co-author Thomas von Brasch at the SSB noted.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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