Norway: 2015 Article IV Consultation - Press Release; Staff Report; Informational Annex; and Statement by the Executive Director for Norway
IMF Staff Country Reports, September 9, 2015
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- Norway: 2015 Article IV Consultation - Press Release; Staff Report; Informational Annex; and Statement by the Executive Director for Norway
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Bibliographic details
- Published: September 9, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513582290.002
Economic performance in 2014
- Mainland GDP grew at 2.2 percent in 2014.
- The sharp fall in oil prices toward the end of 2014 did not prevent overall good performance of the Norwegian economy in 2014.
- Weaker investment demand was offset by stronger government consumption.
Labor market
- Unemployment remained at a low level in 2014.
- Unemployment edged up to 4.5 percent in June 2015 according to the labor force survey.
Near-term outlook (2015)
- The near-term outlook weakened owing to lower oil prices.
- Mainland GDP growth is projected to slow to 1.3 percent in 2015 with weaker private investment and consumption.
Medium- and longer-term issues
- The medium and longer term present challenges of managing a transition away from the oil-dependent growth model.