Norway’s economy is expected to grow by 0.8 percent in 2024 and reach 2.1 percent in 2025, Finance Minister Trygve Slagsvold Vedum said in a statement on Monday.
Furthermore, the unemployment rate is anticipated to remain low, with projections of 2.0 percent for 2024 and 2.1 percent for 2025.
The low unemployment indicates that the economic policies are effective, suggesting “that we are moving in the right direction,” said the finance minister.
According to the Statistics Norway, the country’s Consumer Price Index (CPI) rose by 4.5 percent in February year on year, notably lower than anticipated, thanks to the decrease in food prices, which dropped by 0.7 percent in February from January.
“Many have noticed the demanding years we have been through, but now it looks like things will turn around. We believe that 2024 and 2025 will be brighter for people and that most people will enjoy improved purchasing power again,” said Vedum.
