14 February 2024 at 08:01 Weak development in the Norwegian economy in 2023 Interest rate hikes, increased prices and weak development in real wages. Statistics Norway (SSB) believes that this is the reason for the weak development in the Norwegian economy last year. The gross domestic product (GDP) for mainland Norway increased by 0.7 per cent from 2022 to 2023, measured in constant prices. The Norwegian economy developed almost flat through 2023 and grew by only 0.2 per cent in the 4th quarter, writes SSB. – The economic development throughout the year was characterized by strong domestic price increases, increased interest rates and reduced demand from households. This means that we are seeing lower growth than normal and relatively weak development in the economy, says section head for national accounts at Statistics Norway, Pål Sletten.
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