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Norway Mainland GDP Growth 0.1% q-o-q (consensus 0.2%) in Q3-23

- Norway's mainland GDP experienced a disappointingly modest increase of 0.1% q-o-q in Q3-23, albeit surpassing the previous quarter's stagnancy.
- This growth falls below both the one-year average and long-run average, suggesting that monetary policy is currently tight.

Norway CPI Inflation 4.0% y-o-y (consensus 3.6) in Oct-23

- Norway's October 2023 CPI inflation surpassed market expectations at 4.0% y-o-y, reaching the highest growth rate since August 2023.
- While the current inflation rate is still below the one-year average, the higher-than-expected CPI-ATE inflation of 6.0% suggests worryingly high underlying inflationary pressures.

Norway Policy Rate 4.25% in Nov-23

• The Norges Bank maintained its policy rate at 4.25%, in line with consensus, with a possible hike to 4.5% in December based on future inflation data.
• Global factors, including slowing inflation among trading partners, fluctuating energy prices, and geopolitical tensions, alongside domestic economic indicators, influence the interest rate outlook.
• The central bank's decision balances the need to address high inflation against the potential over-tightening of monetary policy, highlighting the ongoing challenge of ensuring economic stability.

Norway Unemployment Rate 3.5% in Sep-23

- The unemployment rate in Norway decreased to 3.5% in September 2023, reaching its lowest level since June 2023.
- Meanwhile, the registered unemployment rate stood at 1.8% in September 2023.