On Thursday, Oslo’s statistical agency Statistics Norway (SSB) stated, Norway’s mainland economy, which excludes the volatile oil and shipping sectors, is likely to grow by 2.4% in 2020, up from a 2.2% prediction in September.

In a statement, it said “the outlook for the global economy has improved in recent months, the Norwegian economy will still slow in the coming years”.

“Over the next 12 months, the cyclical upturn that began in early 2017 is likely to come to an end. The slowdown in the international economy and the markedly lower growth in petroleum investments are contributing to the change of pace,” said the SSB.

SSB maintained its view that the central bank’s key policy interest rate has likely peaked after four hikes in the last 15 months.

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