Norway | We expect growth in H2 will be driven by services

The mainland economy advanced 1.4% q/q in Q2, lower than our 1.9%
prediction. The final reopening of the economy has been further delayed amid concerns surrounding the Delta variant, but we still see the economy
recovering above its pre-pandemic level in Q3 2021. We have lowered our 2021 mainland GDP growth forecast to 4.1% from 4.3% previously.

What you will learn from this report:

• We expect growth in H2 will be driven by a gradual shift of consumer spending back into services
• We now expect 4.1% mainland GDP growth in both 2021 and 2022
• We expect the unemployment rate to narrow rapidly this year.