Main economic indicators. Accounts and forecasts

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Main economic indicators. Accounts and forecasts1
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Forecasts
2020 2021 2022 2023
1Percentage change from previous year unless otherwise noted.
2Consumption in households and non-profit organizations + general government consumption + gross fixed capital formation in mainland Norway.
3CPI adjusted for tax changes and excluding energy products.
4Yearly average. Credit lines, secured on dwellings.
5Increasing index implies depreciation.
6Current account not adjusted for saving in pension funds.
7Average spot price Brent Blend.
Demand and output
Consumption in households etc 3.8 2.4 3.5 2.8 2.1 2.7 1.1 2.2 1.9 1.5 -7.2 7.9 4.7 3.5
General government consumption 2.2 1.1 1.5 1.0 2.7 2.4 2.3 1.9 1.4 1.7 1.5 2.1 2.0 1.6
Gross fixed investment -6.4 7.5 7.5 6.3 -0.3 -4.0 3.9 2.6 2.8 6.1 -5.7 -1.5 1.8 2.9
Extraction and transport via pipelines -8.0 11.4 14.6 19.0 -1.8 -12.2 -16.0 -5.4 1.9 12.8 -3.1 -10.1 1.1 7.3
Gross fixed investment mainland Norway -6.4 5.0 7.4 2.9 0.4 -0.2 9.0 6.8 3.0 4.3 -6.2 0.7 2.0 2.0
Industries -9.2 1.1 10.5 -3.2 -0.7 -2.8 12.6 9.2 6.8 5.6 -9.8 -1.3 2.4 3.6
Housing -1.6 17.0 10.9 5.3 -1.4 3.2 6.6 7.3 -6.2 -0.9 -6.9 3.4 3.1 1.7
General government -5.3 1.1 -1.8 11.8 4.5 0.2 6.4 2.6 7.5 7.5 0.0 1.3 0.4 -0.1
Demand from Mainland Norway2 1.2 2.5 3.7 2.3 1.9 2.0 3.1 3.1 2.0 2.2 -4.7 4.6 3.4 2.6
Exports 0.6 -0.8 1.7 -1.8 3.4 4.3 1.1 1.7 -0.2 1.5 -4.1 4.2 5.1 3.7
Exports of traditional goods 3.3 -0.1 -0.2 1.3 3.1 6.9 -8.6 1.7 2.0 4.9 -7.3 4.3 6.3 5.0
Exports of crude oil and natural gas -6.9 -5.6 0.5 -5.5 2.7 2.1 4.9 5.1 -4.8 -4.3 7.4 6.5 3.4 2.2
Imports 8.4 3.9 2.9 5.0 2.0 1.9 2.7 1.9 1.9 5.2 -13.0 4.3 5.9 4.4
Imports of traditional goods 9.2 4.6 2.2 1.8 1.9 2.8 -0.2 3.8 3.2 5.7 -5.0 1.1 3.5 2.9
Gross domestic product 0.7 1.0 2.7 1.0 2.0 2.0 1.1 2.3 1.3 1.2 -1.9 3.7 3.0 2.6
GDP Mainland Norway 1.9 1.9 3.7 2.3 2.2 1.4 0.9 2.0 2.2 2.3 -3.2 3.6 2.9 2.7
GDP Manufacturing 2.1 1.7 2.0 3.3 2.8 -4.6 -4.2 0.0 0.8 3.2 -4.9 3.7 5.0 2.4
Labour market
Total hours worked, Mainland Norway 0.2 1.7 1.7 0.4 1.4 0.7 0.6 0.3 1.8 1.8 -3.0 2.0 1.5 0.8
Employed persons -0.3 1.4 2.0 1.1 1.0 0.5 0.3 1.2 1.6 1.6 -2.0 0.4 1.4 1.2
Labor force 0.6 1.3 1.5 1.2 0.7 1.5 0.2 -0.2 1.4 1.0 -0.1 -0.1 0.9 0.9
Participation rate (level) 71.7 71.5 71.4 71.2 70.7 71.0 70.4 69.7 70.2 70.5 70.1 69.9 70.3 70.7
Unemployment rate (level) 3.8 3.4 3.3 3.8 3.6 4.5 4.7 4.2 3.8 3.7 4.9 4.5 4.3 4.1
Prices and wages
Wages per standard man-year 3.7 4.2 4.0 3.9 3.1 2.8 1.7 2.3 2.8 3.5 2.0 2.3 3.5 3.6
Consumer price index (CPI) 2.5 1.2 0.8 2.1 2.0 2.1 3.6 1.8 2.7 2.2 1.5 2.9 2.1 2.3
CPI-ATE3 1.4 0.9 1.2 1.6 2.4 2.7 3.0 1.4 1.6 2.2 3.1 2.2 2.1 2.2
Export prices, traditional goods 4.5 5.8 -1.9 2.7 3.4 2.0 4.0 5.2 5.9 0.3 -2.4 1.9 3.3 2.6
Import prices, traditional goods 0.0 4.0 0.3 1.4 4.3 4.6 1.7 3.5 4.5 2.5 2.4 1.9 1.8 2.1
Housing prices 8.2 8.0 6.8 4.0 2.7 6.1 7.0 5.0 1.4 2.5 3.2 3.9 2.7 3.1
Income, interest rates and excange rate
Household real income 2.8 4.3 4.4 4.0 2.3 5.4 -1.6 2.0 1.5 3.2 2.0 1.8 1.8 2.2
Household saving ratio (level) 3.7 5.8 6.9 7.2 7.7 9.8 6.9 6.6 5.9 8.0 15.1 9.7 7.4 6.6
Money market rate (level) 2.5 2.9 2.2 1.8 1.7 1.3 1.1 0.9 1.1 1.6 0.7 0.3 0.6 1.0
Lending rate, credit loans (level)4 3.4 3.6 3.9 4.0 3.9 3.2 2.6 2.6 2.7 3.0 2.5 1.9 2.2 2.5
Real after-tax lending rate, banks (level) 0.1 1.3 2.1 0.8 0.8 0.1 -1.6 0.1 -0.7 0.2 0.4 -0.5 -0.3 -0.1
Import-weighted NOK exchange rate (44 countries)5 -3.7 -2.4 -1.2 2.2 5.3 10.5 1.8 -0.8 0.1 2.9 6.5 -1.5 0.0 0.0
NOK per euro (level) 8.01 7.79 7.47 7.81 8.35 8.95 9.29 9.33 9.60 9.85 10.69 10.67 10.67 10.67
Current account
Current balance (NOK billion)6 281 346 374 317 341 250 138 152 252 145 124 113 140 147
Current account (per cent of GDP) 10.8 12.4 12.6 10.3 10.8 8.0 4.5 4.6 7.1 4.1 3.6 3.1 3.6 3.6
International indicators
Exports markets indicator 11.1 6.1 1.1 1.9 4.8 5.3 3.9 5.6 3.8 2.6 -15.8 10.0 7.7 4.4
Consumer price index, euro-area 1.6 2.7 2.5 1.4 0.4 0.2 0.2 1.5 1.8 1.2 0.3 0.8 1.5 1.9
Money market rate, euro (level) 0.8 1.4 0.6 0.2 0.2 0.0 -0.3 -0.3 -0.3 -0.4 -0.6 -0.6 -0.3 0.0
Crude oil price USD (level)7 80 111 112 109 100 53 45 55 72 64 42 43 46 48
Crude oil price NOK (level)7 485 622 650 639 627 431 379 452 583 564 395 388 415 434

Source: Statistics Norway

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