International trade tension and higher interest rates are likely to put a damper on economic activity in Norway, according to state statistics bureau SSB (Statistics Norway). “We have clearly lowered our prognoser,” said SSB researcher Thomas von Brasch after presenting SSB’s latest economic analysis last week.
It confirms the concerns of several other analysts and economists who think Norway’s still-strong economy will taper off over the next few years. While debt levels and Norway’s economic dependency on its oil industry worry many, SSB also points to looming trade wars and the current economic activity that’s expected to prompt Norway’s central bank to boost interest rates as early as next week.
“Things are going well now,” said von Brasch when SSB presented its report, “but in the future, with weaker international growth prospects, investments will be more modest and put a damper on growth here, too.”
To see SSB’s full report, click here (external link to SSB’s website).