Key facts
- Norges Bank lowered its growth forecast for the Norwegian economy for 2024 and 2025.
- The bank anticipates a slowdown in economic activity.
- Weaker global demand is a contributing factor.
- Higher interest rates are also expected to impact growth.
Norges Bank, Norway's central bank, has revised its economic growth projections downwards for both 2024 and 2025. The bank's updated outlook suggests a deceleration in the Norwegian economy's pace. This anticipated slowdown is attributed to a combination of factors, including a weakening global economic environment, which is expected to reduce external demand for Norwegian goods and services, and the persistent impact of higher interest rates on domestic economic activity. The bank's assessment indicates that these macroeconomic headwinds are likely to dampen overall economic performance in the coming years.