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Economic trends for Norway and abroad

Revised economic trends for Norway

Published:

Statistics Norway has revised the forcasts for the Norwegian and international economy. The article is avaliable in Norwegian only, but you can find the main figures in English here.

Main economic indicators 1998-2011. Accounts and forecasts. Percentage change from previous year unless otherwise noted
 
  1998 1999 2000 2001 2002 2003 2004 2005 2006* 2007* Forecasts
  2008 2009 2010 2011
 
Demand and output                            
Consumption in households etc. 2.8   3.7     4.2     2.1     3.1     2.8     5.6     4.0     4.7     6.4     2.3     1.8     2.0     3.4
General government consumption 3.4 3.1 1.9 4.6 3.1 1.7 1.5 0.7 2.9 3.6 3.8 3.4 3.3 3.2
Gross fixed investment 13.6 -5.4 -3.5 -1.1 -1.1 0.2 10.2 13.3 7.3 9.3 3.9 -2.7 1.0 2.1
Extraction and transport via pipelines 22.2 -13.0 -22.9 -4.6 -5.4 15.9 10.2 18.8 2.9 5.5 6.2 9.2 5.9 4.9
Mainland Norway 9.4 0.2 -1.4 3.9 2.3 -3.6 9.3 12.7 7.6 9.4 2.8 -5.5 -0.1 2.5
Industries 10.4 -1.0 -0.4 2.5 4.0 -11.6 8.4 19.2 7.3 12.5 8.6 -7.1 -3.1 -0.8
Housing 7.7 3.0 5.6 8.1 -0.7 1.9 16.3 10.8 6.6 5.5 -9.4 -8.8 -1.3 6.7
General government 8.5 0.4 -11.2 2.7 1.7 10.4 2.5 1.3 10.1 7.8 6.2 2.8 8.3 4.9
Demand from Mainland Norway 1 4.2 2.9 2.6 3.0 3.0 1.4 5.0 4.6 4.8 6.2 2.8 0.8 2.0 3.2
Stockbuilding 2 0.4 -1.0 1.2 -1.3 0.1 -0.2 1.2 0.4 -0.1 -1.3 0.5 0.0 0.0 0.0
Exports 0.7 2.8 3.2 4.3 -0.3 -0.2 1.1 1.1 0.4 2.8 2.1 0.9 -0.2 0.9
Crude oil and natural gas -5.8 0.4 3.8 6.6 2.4 -0.6 -0.5 -5.0 -6.6 -2.8 -1.5 2.5 -0.1 0.0
Traditional goods 5.5 2.3 3.3 1.8 0.6 2.9 3.4 5.0 6.2 9.0 7.0 -1.8 -0.6 2.2
Imports 8.8 -1.6 2.0 1.7 1.0 1.4 8.8 8.7 8.1 8.7 5.1 -0.3 2.0 2.5
Traditional goods 9.3 -1.9 2.5 4.5 3.0 5.2 10.9 8.1 9.6 8.1 4.5 -0.7 1.7 4.0
Gross domestic product 2.7 2.0 3.3 2.0 1.5 1.0 3.9 2.7 2.5 3.7 2.4 1.4 1.1 2.2
Mainland Norway 4.1 2.6 2.9 2.0 1.4 1.3 4.4 4.6 4.8 6.2 3.0 1.1 1.3 2.8
Manufacturing -0.9 0.1 -0.6 -0.5 -0.4 3.0 5.7 4.2 7.1 4.7 2.4 0.5 -0.9 1.3
Labour market                            
Total hours worked, Mainland Norway 2.5 0.8 -0.7 -0.9 -0.9 -2.1 1.7 1.4 2.6 4.1 3.4 0.5 1.0 0.9
Employed persons 2.7 0.9 0.6 0.4 0.4 -1.0 0.5 1.2 3.4 4.0 2.6 0.8 0.6 0.8
Labor force 3 1.7 0.9 0.9 0.5 0.7 -0.4 0.5 1.4 2.2 3.1 2.8 1.4 1.3 0.8
Participation rate (level) 4 73.9 74.2 74.4 74.5 74.6 73.8 73.6 74.0 74.7 75.9 76.8 76.6 76.4 75.8
Unemployment rate (level) 3.2 3.2 3.4 3.6 3.9 4.5 4.5 4.6 3.4 2.5 2.7 3.2 3.8 3.8
Prices and wages                            
Wages per standard man-year 6.5 5.4 4.6 5.3 5.4 3.7 4.6 3.8 4.9 5.6 6.0 4.7 4.0 3.7
Consumer price index (CPI) 2.2 2.3 3.1 3.0 1.3 2.5 0.4 1.6 2.3 0.8 4.1 3.2 1.7 1.9
CPI-ATE 5 .. .. .. 2.6 2.3 1.1 0.3 1.0 0.8 1.4 2.7 2.7 1.8 2.0
Export prices, traditional goods 1.9 -0.5 11.8 -1.8 -9.1 -0.9 8.5 4.1 11.4 2.2 1.4 -4.3 -2.7 3.8
Import prices, traditional goods 0.7 -2.9 6.5 -1.6 -7.2 -0.4 4.0 0.5 4.7 3.4 1.6 -2.0 -1.9 2.3
Housing prices 6 9.7 9.4 14.1 7.1 4.0 1.6 10.1 7.9 12.9 12.3 -0.4 -0.6 1.9 6.3
Income, interest rates and excange rate                            
Household real income 5.3 2.4 3.4 -0.3 7.9 4.1 3.5 7.5 -6.5 6.4 3.3 1.3 4.5 4.1
Household saving ratio (level) 5.8 4.7 4.3 3.1 8.4 9.1 7.4 10.2 0.1 -0.4 0.9 0.8 3.3 4.0
Money market rate (level) 5.8 6.5 6.8 7.2 6.9 4.1 2.0 2.2 3.1 5.0 6.4 5.5 3.7 3.6
Lending rate, banks (level) 7 7.4 8.4 8.0 8.8 8.4 6.5 4.2 3.9 4.3 5.7 7.3 7.2 5.4 4.8
Real after-tax lending rate, banks (level) 3.1 3.7 2.7 3.3 4.8 2.2 2.5 1.3 0.7 3.3 1.2 1.9 2.2 1.5
Importweighted krone exchange rate (44 countries) 8 2.5 -1.2 2.9 -3.1 -8.5 1.3 3.0 -3.9 0.6 -1.7 -1.2 3.1 -2.8 -0.3
NOK per euro (level) 8.5 8.3 8.1 8.1 7.5 8.0 8.4 8.0 8.1 8.0 8.1 8.2 7.9 7.9
Current account                            
Current balance (NOK billion ) -3.6 69.5  222.4  247.5  192.3  195.9  221.6  316.6  373.4  350.7  485.1  471.5  441.0  436.7
Current balance (per cent of GDP) -0.3 5.6 15.0 16.1 12.6 12.3 12.7 16.3 17.3 15.4 18.8 17.8 16.4 15.6
International indicators                            
Exports markets indicator 8.3 6.9 11.7 0.8 2.4 3.5 8.3 6.9 8.9 5.4 3.7 0.0 0.9 3.0
Consumer price index, euro-area 1.1 1.1 2.1 2.3 2.3 2.1 2.1 2.2 2.2 2.2 3.6 2.3 1.8 1.9
3 mths. interest rate, euro 4.2 2.9 4.4 4.2 3.3 2.3 2.1 2.2 3.1 4.3 4.8 3.4 2.3 2.6
Crude oil price NOK (level) 9 96  142  252  219  197  205  257  351  414  423  560  473  460  459
 
1   Consumption in households and non-profit organizations + general government consumption + gross fixed capital formation in mainland Norway.
2   Change in stockbuilding. Per cent of GDP.
3   Unemployed (Labour Force Survey) and employment (NA) exclusive of foreigners in foreign shipping.
4   Unemployed (Labour Force Survey) and employment (NA) exclusive of foreigners in foreign shipping as a share of the average population.
5   CPI adjusted for tax changes and excluding energy products.
6   Freeholder.
7   Yearly average.
8   Increasing index implies depreciation.
9   Average spot price Brent Blend.
Source:  Statistics Norway. The cut-off date for information was 10 October.