Main economic indicators 2004-2019. Accounts and forecasts. Percentage change from previous year unless otherwise noted

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Main economic indicators 2004-2019. Accounts and forecasts. Percentage change from previous year unless otherwise noted
  2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* Forecasts
  2016 2017 2018 2019
1Consumption in households and non-profit organizations + general government consumption + gross fixed capital formation in mainland Norway.
2Change in stockbuilding. Per cent of GDP.
3According to Statistics Norway's labour force survey(LFS). Break in data series in 2006.
4CPI adjusted for tax changes and excluding energy products.
5Yearly average. Lending rate, banks until 2006.
6Increasing index implies depreciation.
7Average spot price Brent Blend.
Demand and output                                
Consumption in households etc. 5.4 4.4 5.0 5.3 1.7 0.0 3.8 2.3 3.5 2.7 1.9 2.1 1.5 1.9 2.0 2.0
General government consumption 1.3 1.9 1.9 2.0 2.4 4.1 2.2 1.0 1.6 1.0 2.7 2.1 2.2 1.7 1.9 1.8
Gross fixed investment 10.0 12.0 9.1 11.7 0.9 -6.8 -6.6 7.4 7.6 6.3 -0.7 -3.8 0.0 1.5 3.3 2.5
Extraction and transport via pipelines 10.5 19.7 3.2 6.9 4.7 3.3 -8.9 11.3 15.1 19.3 -3.2 -15.0 -15.8 -11.8 5.1 3.7
mainland Norway 10.7 11.1 9.3 14.2 0.9 -10.4 -6.4 5.0 7.4 2.9 0.4 0.6 5.6 5.0 2.5 1.8
Industries 12.5 18.1 12.7 22.7 3.1 -18.4 -9.5 1.1 10.5 -3.3 -0.7 -1.6 2.6 3.6 3.5 3.7
Housing 16.3 9.7 4.0 2.7 -9.0 -8.1 -1.6 17.0 10.9 5.3 -1.4 1.6 9.3 6.9 1.3 -1.1
General government 2.6 -0.6 8.4 8.7 7.2 7.7 -4.8 1.1 -1.8 11.8 4.4 3.0 6.0 5.0 2.5 2.4
Demand from Mainland Norway1 5.1 5.1 5.0 6.2 1.6 -1.4 1.2 2.5 3.7 2.3 1.8 1.8 2.6 2.5 2.1 1.9
Stockbuilding2 2.4 -0.1 1.4 0.2 -0.1 -2.5 2.9 -0.3 -0.3 0.4 0.2 0.2 0.2 0.0 0.0 0.0
Exports 1.0 0.5 -0.8 1.4 0.1 -4.1 0.7 -0.8 1.4 -1.7 3.1 3.7 -1.7 1.2 1.6 2.0
Crude oil and natural gas -0.7 -5.0 -6.6 -2.4 -1.3 -1.6 -6.9 -5.6 0.5 -5.5 2.7 3.2 0.8 0.0 -1.0 -0.8
Traditional goods 3.6 5.3 6.1 9.2 3.5 -8.0 3.3 -0.1 -0.2 1.3 3.1 5.8 -5.1 3.0 3.5 4.4
Imports 9.0 7.9 9.1 10.0 3.2 -10.0 8.3 4.0 3.1 4.9 2.4 1.6 1.1 1.8 2.8 2.9
Traditional goods 11.7 8.4 11.6 7.2 1.2 -12.1 9.2 4.6 2.6 2.3 2.1 1.9 0.1 1.3 2.7 3.0
Gross domestic product 4.0 2.6 2.4 2.9 0.4 -1.6 0.6 1.0 2.7 1.0 1.9 1.6 0.4 1.4 1.7 1.7
Mainland Norway 5.0 4.7 5.0 5.7 1.7 -1.6 1.8 1.9 3.8 2.3 2.2 1.1 0.7 1.7 2.2 2.1
Manufacturing 4.6 3.6 2.6 3.8 2.7 -7.8 2.1 1.7 2.0 3.3 2.8 -3.2 -3.9 1.0 1.8 1.9
Labour market                                
Total hours worked, Mainland Norway 2.2 1.6 3.5 4.8 3.6 -2.0 0.2 1.7 1.8 0.3 1.4 0.4 -0.1 0.3 0.5 0.8
Employed persons 0.6 1.3 3.4 4.1 3.2 -0.5 -0.5 1.5 2.1 1.1 1.2 0.3 -0.1 0.8 0.8 0.8
Labor force3 0.3 0.8 1.6 2.5 3.4 0.0 0.5 1.0 1.8 1.0 1.1 1.4 0.4 0.6 0.7 0.7
Participation rate (level)3 72.6 72.4 72.0 72.8 73.9 72.8 71.9 71.4 71.5 71.2 71.0 71.2 70.7 70.6 70.7 70.8
Unemployment rate (level)3 4.5 4.6 3.4 2.5 2.6 3.2 3.6 3.3 3.2 3.5 3.5 4.4 4.7 4.5 4.4 4.3
Prices and wages                                
Wages per standard man-year 3.5 3.3 4.1 5.4 6.3 4.2 3.7 4.2 4.0 3.9 3.1 2.8 2.2 2.6 2.9 3.4
Consumer price index (CPI) 0.4 1.6 2.3 0.8 3.8 2.1 2.5 1.2 0.8 2.1 2.0 2.1 3.6 2.3 2.1 2.4
CPI-ATE4 0.4 1.0 0.8 1.4 2.6 2.6 1.4 0.9 1.2 1.6 2.4 2.7 3.0 2.0 2.0 2.2
Export prices, traditional goods 8.4 4.0 11.3 2.4 2.8 -6.0 4.5 5.8 -1.9 2.7 3.4 2.3 3.1 1.9 1.3 2.9
Import prices, traditional goods 3.7 0.3 4.0 3.7 3.9 -1.5 0.0 4.0 0.3 1.5 4.4 4.7 0.9 0.8 1.2 2.2
Housing prices 10.1 8.2 13.7 12.6 -1.1 1.9 8.3 8.0 6.7 4.0 2.7 6.1 7.3 7.2 1.5 -0.7
Income, interest rates and excange rate                                
Household real income 3.4 8.3 -6.6 6.0 3.4 3.2 2.3 4.1 4.4 3.8 2.7 5.2 -2.9 2.1 1.9 2.0
Household saving ratio (level) 7.0 9.6 -0.5 0.9 3.7 5.2 4.0 5.8 7.1 7.6 8.2 10.4 6.5 6.6 6.5 6.4
Money market rate (level) 2.0 2.2 3.1 5.0 6.2 2.5 2.5 2.9 2.2 1.8 1.7 1.3 1.1 1.0 1.0 1.0
Lending rate, credit loans(level)5 4.2 3.9 4.3 5.0 6.8 4.0 3.4 3.6 3.9 4.0 3.9 3.2 2.6 2.6 2.6 2.6
Real after-tax lending rate, banks (level) 2.0 0.8 0.2 2.9 1.1 0.7 0.1 1.3 2.1 0.7 0.8 0.1 -1.6 -0.3 -0.1 -0.4
Importweighted krone exchange rate (44 countries)6 3.0 -3.9 0.7 -1.8 0.0 3.3 -3.7 -2.4 -1.2 2.2 5.3 10.4 1.9 -3.2 0.0 1.1
NOK per euro (level) 8.4 8.0 8.1 8.0 8.2 8.7 8.0 7.8 7.5 7.8 8.4 9.0 9.3 9.0 9.0 9.1
Current account                                
Current balance (bill. NOK) 220.6 322.8 357.7 287.4 408.3 258.2 282.7 344.9 368.6 314.2 346.0 270.0 159.4 201.3 210.3 229.8
Current balance (per cent of GDP) 12.4 16.2 16.1 12.2 15.6 10.7 10.9 12.7 12.4 10.2 11.0 8.7 5.1 6.2 6.2 6.4
International indicators                                
Exports markets indicator 7.8 7.1 9.8 6.5 1.7 -9.8 11.3 6.3 1.4 2.1 4.9 4.9 3.1 4.1 4.5 4.6
Consumer price index, euro-area 2.1 2.2 2.2 2.2 3.3 0.3 1.7 2.7 2.5 1.3 0.4 0.1 0.3 1.2 1.5 1.7
Money market rate, euro(level) 2.1 2.2 3.1 4.3 4.6 1.2 0.8 1.4 0.5 0.2 0.2 0.0 -0.3 -0.2 -0.2 0.2
Crude oil price NOK (level)7 255 356 423 423 536 388 484 621 649 639 621 430 375 451 464 503

Source: Statistics Norway. The cut-off date for information was 29 November.

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