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Norway Unemployment Rate 3.6% (consensus 3.5%) in Oct-23

- The unemployment rate in Norway increased to 3.6% in October 2023, slightly higher than the consensus estimate of 3.5%. It is the highest level since March 2023.
- Despite the increase, the current unemployment rate in Norway remains below the long-run average, indicating a relatively tight labour market situation.

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.