Norway Statistics Office Cuts Growth Estimates as Recovery Slows

Norway’s economy will expand at a slower pace than previously forecast amid stagnant exports, Statistics Norway said.

The mainland economy, which excludes income from oil and shipping industries, will grow 2.4 percent this year and 3 percent next year, down from 3.4 percent in 2012, the Oslo-based agency said today. This compares with March forecasts of 2.6 percent for 2013 and 3.1 percent for 2014. In 2015, non-oil output will expand 3.3 percent, the agency said.

A recession in Europe has started to hurt the world’s fourth-richest nation per capita. Exporters have struggled to cope with a record high import-weighted krone and slowing demand from the debt-burdened euro area.

Mainland exports are estimated to be unchanged this year after rising 2.6 percent last year, SSB said.

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