Economic Survey 3-2004

The global cyclical upturn, high oil investment and record-low interest rates have provided momentum to the Norwegian economy over the past year. Between the second quarter of 2003 and the second quarter of this year, mainland GDP expanded at a rate of 3.4 per cent, calculated on the previous quarter and as an annual rate. Growth in overall demand has been even stronger, but imports have either directly or indirectly accounted for a large share of demand. Employment picked up markedly in the second quarter of this year, and with continued solid growth in the economy ahead, unemployment will fall to 3.8 per cent in 2006.