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Economic Perspectives: Charts Address by Governor Svein Gjedrem

Analysis of key economic indicators in Norway presented at a Supervisory Council meeting, including GDP growth, productivity, inflation, unemployment, house prices, and more. Governor Svein Gjedrem provides insights on economic policies, trade, taxes, and financial markets. Explore charts depicting trends and projections in various economic sectors.

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Economic Perspectives: Charts Address by Governor Svein Gjedrem

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  1. Economic perspectivesChartsAddress by Governor Svein Gjedrem at the meeting of the Supervisory Council of Norges Bank on Thursday, 15 February 2007

  2. Chart 1 Mainland GDPAnnual growth. Per cent Sources: Statistics Norway and Norges Bank

  3. Chart 2 Terms of tradeIndex. 2000=100 Sources: Statistics Norway and Norges Bank

  4. Chart 3 Foreign workers on assignments in Norway Source: Central Office - Foreign Tax Affairs

  5. Chart 4 Productivity growth in the business sectorPer cent Sources: Statistics Norway and Norges Bank

  6. Chart 5 Short-term real interest ratePer cent Interval for neutral real interest rate Source: Norges Bank

  7. Chart 6 Capacity utilisation in manufacturing Per cent Average 2006 Source: Statistics Norway

  8. Chart 7 Inflation and capacity utilisation Per cent Projections Inflation Capacity utilisation Sources: Statistics Norway and Norges Bank

  9. Chart 8 Registered unemploymentPer cent Source: Norwegian Labour and Welfare Organisation (NAV)

  10. Chart 9 Norges Bank's key rate1)Per cent 1) Projections from Inflation Report 3/06 Source: Norges Bank

  11. Chart 10 InflationMoving 10-year average. Per cent Inflation target Sources: Statistics Norway and Norges Bank

  12. Chart 11 Periods of rising house pricesNumber of years and total percentage increase. 1819-2006 14 years 11 years 18 years 12 years 9 years 14 years Sources: Statistics Norway and Norges Bank

  13. Chart 12 Total increase in real house prices At end-2005. Per cent Sources: Paul van den Noord (2006) OECD, Statistics Norway and Norges Bank

  14. Chart 13 House prices and disposable incomeAnnual change. Average 1999 -2005 UK Spain France Australia Norway Sweden Real house prices US Germany Japan Real disposable income Sources: OECD, Reuters EcoWin, Statistics Norway and Norges Bank

  15. Chart 14 Household saving and net lendingPercentage of disposable income Saving Net lending Sources: Statistics Norway and Norges Bank

  16. Chart 15 Long-term interest ratesPer cent US Norway Source: Reuters EcoWin

  17. Chart 16 Population structure Number of households Growth Numbers in densely populated areas Per cent of total population Sources: Statistics Norway and Norges Bank

  18. Chart 17 Household debtPercentage of disposable income Netherlands Denmark Norway UK Sweden Sources: OECD, Office for National Statistics (ONS), Sveriges Riksbank, Danmarks Nationalbank, BIS and Norges Bank

  19. Chart 18 House prices in NorwayReal rise and fluctuations. Per cent Real rise Fluctuations Sources: Statistics Norway and Norges Bank

  20. Chart 19 Actual and simulated house priceIn thousands of NOK per square meter Actual house price Simulated house price Sources: Norges Eiendomsmeglerforbund, Eiendomsmeglerforetakenes forening, FINN.no, ECON og Norges Bank

  21. Chart 20 Periods of falling house prices Number of years and total percentage decline. 1819-2006 5 years 4 years 11 years 7 years 7 years 2 years Sources: Statistics Norway and Norges Bank

  22. Chart 21 GDPAverage growth. Per cent Sources: Groningen Growth and Development Centre and Norges Bank

  23. Chart 22 Productivity growthPer cent Nordic countries and EU15 Average 1995 -2005 Norway Mainland Norway, total Total Services and retail trade Sources: OECD, Groningen Growth and Development Centre, Statistics Norway and Norges Bank

  24. Chart 23 Inflation and unemployment Per cent Inflation Unemployment EU15 EU15 Nordic countries Nordic countries Sources: Reuters EcoWin, OECD and Norges Bank

  25. Changes in the economic system • Division of responsibility in economic policy • Trade policy • Tax system • Financial and credit markets

  26. Division of responsibility in economic policy

  27. Chart 24 Start ups in the service sectorPer cent of existing enterprises. Average 1998 -2001 Source: Eurostat

  28. Chart 25 Female labour force participation Per cent Nordic countries Norway EU15 Sources: OECD and Norges Bank

  29. Chart 26 Persons on benefit and early retirement schemes Number of persons. 1995 – 2005 Early retirement schemes Vocational rehabilitation Sickness benefits Rehabilitation Disability schemes Source: Norwegian Labour and Welfare Organisation (NAV)

  30. Chart 27 CO2 emissionsIn billions of tonnes Asia and Oceania North America Europe Eurasia Source: Energy Administration Information (EIA)

  31. Chart 28 Global mean temperatureTrend and deviation from average 1951 – 1980, ºC Source: NASA – Goddard Institute for Space Studies

  32. Economic perspectives

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