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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
NorwayNorway GDP MoM climbed to 2.3% in June 2024
FMPQuarterlyReleased August 2024
Norway GDP MoM climbed to 2.3% in June 2024, released August 2024, up 1.7% from May's 0.6% reading. The print exceeded the 0.3% consensus by 2.0%. GDP MoM has now risen for 3 consecutive months. GDP MoM is now the highest in 21 months.
Latest Release
2.3
Actual
0.3
Consensus
0.6
Previous
Median Absolute Error
±0.52 percentage points
across last 10 releases
Last Call
Aug 2024
Predicted: 0.2
Actual: 0.1
Error: +0.1
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Signal Bias | Action |
|---|---|---|---|---|---|
| USD/NOK | ▼ Inverse | −0.50 | FOREX | Bullish NOK | → View |
| EUR/NOK | ▼ Inverse | −0.45 | FOREX | Bullish NOK | → View |
| WTI Crude | ▲ Direct | +0.40 | COMMODITIES | Watch | → View |
| EUR/USD | ▲ Direct | +0.30 | FOREX | Watch | → View |
| XAU/USD | ▲ Direct | +0.30 | COMMODITIES | Watch | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
GDP MoM (Norway) was reported at -2.6% in November 2024. The reading fell from the previous value of 3.5%.
WHY IT MATTERS
The indicator has been trending downward over the last three releases. The trailing three releases averaged -0.63%, down from the prior three at -0.13%.
THE MODEL'S TAKE
Historically, this indicator is negatively correlated with USD/NOK (Bullish NOK). A secondary relationship exists with EUR/NOK, negatively correlated (Bullish NOK). Over the last 10 releases, the Sigmacast model's median absolute error is 0.53%.
Auto-generated from current model state · Refreshes on each release · Last update November 2024.
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GDP MoM - NO
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About GDP MoM — Norway
DEFINITION
GDP MoM stands for Gross Domestic Product Month-over-Month and is a key economic indicator that measures the change in a country's total economic output from one month to the next. It provides valuable insights into the health and growth of a nation's economy, making it a crucial tool for investors, policymakers, and businesses to assess economic trends and make informed decisions. A positive GDP MoM indicates economic expansion, while a negative reading suggests a contraction. This indicator is closely monitored by financial experts and can have a significant impact on financial markets.
WHY THIS INDICATOR MATTERS
Aggregate growth figures anchor cyclical positioning across asset classes and inform fiscal and monetary policy debate. The release is more useful as part of a longer-run signal than as a single-print catalyst. Released quarterly.
WHAT CHANGED THIS MONTH
Latest reading (Sep 2024): actual -0.7 %. Prior reading (Sep 2024): -3.5 %. Before that (Sep 2024): -2.6 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a materially lower reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bearish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary headwind in the current projection. This indicator correlates most strongly with USD/NOK (Bullish NOK, r=-0.50) — a useful reference for forex-focused traders.