Norway economy seen growing by 1.2% in 2023

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OSLO, Dec 9 (Reuters) – The Norwegian mainland economy is set to grow by an estimated 1.2% in 2023 while the central bank’s key policy interest rate will likely peak early next year, Statistics Norway (SSB) predicted on Friday.

In September SSB had forecast that the mainland economy, which excludes oil and gas production, would grow by 1.5% next year.

“According to (the) forecasts, the key policy rate will peak at 3% at the start of 2023. This equates to an overall rise of 0.50 percentage points from the current level,” SSB said.

“The calculations show that interest rates will be lowered again towards the end of 2023.”

Norway’s November core inflation eased to 5.7% year-on-year from 5.9% in October, SSB reported on Friday, below the 6.0% predicted in a Reuters poll of analysts.

In 2023, core inflation will likely average 4.4%, SSB predicted.

(Reporting by Terje Solsvik, editing by Stine Jacobsen)

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