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Norway's minority government will present its 2027 spending plan in October.

Home / Business and Economy / Norway cuts growth outlook amid global uncertainty

Norway cuts growth outlook amid global uncertainty

9 Mar

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Summary

Norway's 2026 non-oil GDP growth forecast lowered to 1.8%.
Finance Minister cites Middle East war's impact on global economy.
Rising oil prices benefit Norway, but fund value could decrease.

Norway cuts growth outlook amid global uncertainty

Norway's government has revised its economic growth forecast for 2026 downwards to 1.8%, a decrease from the 2.1% projected in October. Growth for 2027 has been marginally increased to 1.9%.

This adjustment was announced as the Labour Party government commenced work on the upcoming fiscal budget. The revisions reflect increasing global economic uncertainty.

Finance Minister Jens Stoltenberg stated that the ongoing conflict in the Middle East is a significant factor. He explained that while higher oil and gas prices provide increased income for Norway, a potential downturn in international financial markets could negatively affect the value of the nation's sovereign wealth fund.

The minority government is scheduled to present its spending plan for 2027 in October.

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