Norway: GDP likely to be on the weak side – Nordea Markets

Sandeep Kanihama FXStreet Contributor

Erik Johannes Bruce, Research Analyst at Nordea Markets, forecasts Norway’s mainland GDP growth at 0.6% q/q (2.3% y/y) in Q3 up from 0.5% in Q2 and the consensus is also 0.6% while Norges Bank’s forecast is 0.7%.

Key Quotes

“We have monthly GDP figure until August and with growth in line with trend in September we will end up with quarterly growth at 0,5%.”

“Partly based on the monthly GDP figures, we see the risk of a significant downside surprise to the production figures to be small. However, the monthly national accounts figure points to a rather weak picture for mainland demand.”

“In sum, the GDP and the demand figures could end up slightly below Norges Bank’s forecast and argue for a somewhat lower rate path in December. However, we believe the Q3 employment figure out together with GDP figure to be at least as important to Norges Bank’s view.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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