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Monthly GDP Indicator Contracts In February

NORWAY

The Norwegian February mainland GDP indicator fell 0.2% M/M (vs +0.1% cons, a 0.2pp upwardly revised 0.6% M/M prior). The Norges Bank also projected growth of 0.1% M/M in its March MPR.

  • On a 3m rolling basis, mainland GDP growth stands at 0.1% (vs 0.2% prior).
  • Taken alongside the upward revision to January’s print, there are still probably upside risks to the Norges Bank’s 0.0% Q/Q Q1 ’24 mainland GDP projection.
  • All in, this doesn’t change the picture much for the Norges Bank, with yesterday’s CPI and weekend wage agreements more important to the policy rate outlook.
  • Total GDP fell 0.9% M/M in February, driven by a decline in natural gas production, according to the press release.



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