New upturn for Norway

The Norwegian economy is still in a slump, but appears to have bottomed out, according to Statistics Norway (SSB). Greater domestic demand is expected to result in a new boom in two years.

The SSB points out that the activity in the Norwegian economy has increased considerably since the summer.

With growth in the GDP for mainland Norway in the third quarter that is above trend, the Norwegian economy appears to be experiencing a cyclical upturn, SSB says.

It is primarily the development in domestic demand that is driving the development.

Moderate growth in the international economy is expected for a period, and the cyclical upturn is first expected to be experienced in the euro zone in 2013.

- However, we consider the level of uncertainty in the international development to be high, and a poorer development abroad can temper or delay any further upturn in the Norwegian economy, the SSB states in its report on economic trends for Norway and abroad.