## Norway: 2023 Article IV Consultation-Press Release; and Staff Report

_IMF Staff Country Reports, July 26, 2023_

## Source details

**Canonical URL:** [Norway: 2023 Article IV Consultation-Press Release; and Staff Report](https://www.imf.org/en/publications/cr/issues/2023/07/25/norway-2023-article-iv-consultation-press-release-and-staff-report-536905)

## Other formats

- [Markdown version](/en/publications/cr/issues/2023/07/25/norway-2023-article-iv-consultation-press-release-and-staff-report-536905/index.md)
- [Structured JSON version](/en/publications/cr/issues/2023/07/25/norway-2023-article-iv-consultation-press-release-and-staff-report-536905/index.json)
- [Bundle manifest](/en/publications/cr/issues/2023/07/25/norway-2023-article-iv-consultation-press-release-and-staff-report-536905/bundle-manifest.json)

## Bibliographic details
- Published: July 26, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400246791.002

---

### Overview
- Publication date: July 26, 2023
- Core finding: Norway grew strongly in 2022 but the pace of output growth receded somewhat in 2023.
- Main drivers: Record-high energy and food prices and much higher interest rates put pressure on households’ purchasing power; windfall gains from high petroleum and natural gas prices have so far countered global headwinds.

### Growth and Outlook
- Mainland gross domestic product growth is still expected to be positive, supported by strong business investment and exports.
- Norway experienced one of the highest growth rates among advanced economies in 2022.
- Current growth trajectory: continuing but at a more modest pace.
- Risk assessment: risks remain balanced.

### Inflation, Monetary Policy, and Household Pressure
- Key pressures: record-high energy and food prices; much higher interest rates.
- Impact: reduced households’ purchasing power.

### Financial Sector and Risks
- Banking system: described as strong.
- Risk environment: tightening global conditions pose risks; risks to financial stability appear to be broadly manageable but continued vigilance is needed given the heightened uncertainty.

### Structural Reforms and Labor Market
- Progress on structural reforms: piecemeal.
- Noted steps: increased vocational training and the planned introduction of a youth guarantee scheme aimed at further upskilling the workforce.

### Subjects and Keywords
- Subject: Central bank policy rate, Consumption, Financial services, Fiscal policy, Fiscal stance, Inflation, International organization, Labor, Labor markets, Monetary policy, National accounts, Prices
- Keywords: Central bank policy rate, Consumption, Fiscal stance, Global, Inflation, inflation expectation, inflation risk, Labor markets, liability positions vis-a-vis nonresident, mainland GDP growth, money market rate

---

## Content in this bundle

- **1norea2023001**
  - [1norea2023001 (Markdown version)](/-/media/files/publications/cr/2023/english/1norea2023001.pdf.md){rel="alternate" type="text/markdown"}
  - [1norea2023001 (PDF)](/-/media/files/publications/cr/2023/english/1norea2023001.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/cr/issues/2023/07/25/norway-2023-article-iv-consultation-press-release-and-staff-report-536905_