Chart 1. Long-term interest rates
Per cent
15
15
12
12
9
9
6
6
3
3
Norway
US
Germany
0
0
1983
1986
1989
Source: EcoWin
1992
1995
1998
2001
2004
Chart 2. Global daily foreign exchange trade
In billions of USD
1600
1200
800
400
0
1983
1989
1992
Sources: BIS, IMF, central banks
1995
1998
2001
Chart 3. Share of global exports
Per cent
16
16
US
12
12
Germany
8
8
Japan
4
4
China
0
0
1983
1987
1991
1995
Sources: IMF, EcoWin and Norges Bank
1999
2003
Chart 4. Wage level
Percentage of wages in the US
50
50
South Korea
40
40
Taiwan
30
20
30
Singapore
20
Hong Kong
10
10
0
0
1980
1985
1990
1995
2000
Sources: US Department of Labor and Norges Bank
2002
Chart 5. Exports and foreign assets
Per cent of global GDP. 1870 - 2001
125
25
Exports (righthand scale)
100
75
Assets (left-hand
scale)
20
15
50
10
25
5
0
1870
1890
1910
1930
Sources: IMF and Norges Bank
1950
1970
0
1990 2001
Chart 6. Imports to Norway
Share. Per cent
12
12
9
9
China
6
Central Europe
6
3
3
0
0
1991
1993
1995
1997
1999
Sources: Statistics Norway and Norges Bank
2001
2003
Chart 7. Consumer prices and mainland GDP
Percentage growth. Average
10
GDP
CPI
8
6
4
2
0
1970s
1980s
Sources: Statistics Norway and Norges Bank
1990s
Chart 8. Mainland GDP
In billions of NOK. Constant 2000 prices
1200
1200
1000
1000
Trend
Actual
800
800
600
600
1980
1984
1988
1992
1996
Sources: Statistics Norway and Norges Bank
2000 2003
Chart 9. Trade-weighted exchange rate
Index. 1992 Week 1 = 100
a. Commodity economies
145
b. Other economies
145
New Zealand
130
Australia
115
Norway
100
130
UK
Switzerland
115
100
85
85
Canada
70
1992 1996 2000 2004
Norway
Sweden
70
1992 1996 2000 2004
Sources: Bank of England and EcoWin
Chart 10. Exchange rate
NOK-EUR
7,0
7,0
7,5
7,5
8,0
8,0
8,5
8,5
9,0
9,0
ja
3
n0
03 ai 03
r
m
ma
Source: EcoWin
03
l
u
j
3
3
0
04
0
v
n
p
ja
no
se
Chart 11. Real krone exchange rate
Deviation from average. Per cent
15
15
10
10
5
5
0
0
-5
-5
-10
-10
-15
1970
1980
Source: Norges Bank
1990
2000
-15
2004
Chart 12.
a. Output gap
b. Inflation
Deviation from trend BNP. Per cent
Per cent
5
4
4
US
2
Euro area
3
0
2
-2
1
Euro area
-4
1992
1996
2000
US
2004
Sources: OECD and EcoWin
0
1992
1996
2000
2004
Chart 13. Short-term interest rates
Per cent
8
8
US
6
6
Euro area
4
2
4
2
0
1999
2000
Source: Norges Bank
2001
2002
2003
0
2004
Chart 14. USD/EUR and the US current account
balance as a percentage of GDP
0.8
0
USD/EUR (left-hand
scale)
1
-2
1.2
-4
Current account balance
(right-hand scale)
1.4
1999
2000
2001
Sources: OECD and Norges Bank
2002
2003
-6
2004
Chart 15. Mainland GDP and employment
Annual growth. Per cent
6
6
GDP
4
4
2
2
0
0
Employment
-2
-2
1990
1992
1994
1996
1998
2000
Sources: Statistics Norway and Norges Bank
2002
2004
Chart 16. Inflation
Per cent
6
6
Goods and services produced in Norway
4
4
2
2
Underlying inflation
0
0
-2
-2
Imported consumer goods
-4
-4
-6
1999
-6
2000
2001
2002
Sources: Statistics Norway and Norges Bank
2003
2004
Chart 17. Price indicator for imported consumer
goods
Foreign currency. Percentage rise
3
3
2
2
1
1
0
0
-1
-1
-2
-2
-3
1992
-3
1994
1996
Source: Norges Bank
1998
2000
2002 2003
Chart 18. Price indicator for imported consumer
goods
Foreign currency. Index. 1992 Q1 = 100
120
120
Other goods
100
100
Footwear
80
80
Clothing
Audiovisual equipment
60
1992
60
1994
1996
Source: Norges Bank
1998
2000
2002 2003
Chart 19. Import-weighted krone exchange rate
and interest rate differential against trading
partners
Index
Per cent
80
5
85
4
90
3
95
2
100
Krone exchange rate
(left-hand scale)
1
Interest rate
differential (righthand scale)
105
110
2000
2001
Source: Norges Bank
2002
2003
0
-1
2004
Chart 20. After-tax real interest rates
Quarterly figures. Per cent
10
10
8
8
3-month rate
6
6
10-year rate
4
4
2
2
0
1990
0
1992
1994
1996
1998
2000
Sources: Statistics Norway and Norges Bank
2002
2004
Chart 21. Labour costs in Norway compared
with trading partners
Index. 1990=100
110
110
105
105
100
100
95
Local currency
Common
currency
90
95
90
1990 1992 1994 1996 1998 2000 2002 2004
Sources: TRCIS, Ministry of Finance and Norges Bank
Chart 22. Credit growth
Per cent
24
20
24
20
Non-financial enterprises
16
12
16
Households
Total credit
12
8
8
4
4
0
0
-4
1997
-4
1998
1999
Source: Norges Bank
2000
2001
2002
2003
Chart 23. Enterprise credit and investment
Nominal growth. Per cent
30
30
Credit
20
20
10
10
0
0
-10
-10
Fixed investment
-20
-20
-30
-30
1983
1987
1991
1995
Sources: Statistics Norway and Norges Bank
1999
2003
Chart 24. Household debt
Annual growth. Per cent
25
25
20
December 2003
20
15
15
10
10
5
5
0
0
-5
-5
-10
-10
1983
1987
Source: Norges Bank
1991
1995
1999
2003
Chart 25. House prices and household debt
Annual rise. Per cent
25
December 2003
20
25
20
Household debt
15
15
10
10
5
5
0
0
-5
House prices
January 2004
-10
-5
-10
1983
1987
1991
1995
1999
Sources: Norwegian Association of Real Estate
Agents, Statistics Norway and Norges Bank
2003
Chart 26. Short-term interest rates in Norway
Actual and market expectations. Per cent
10
10
8
8
6
6
4
Actual interest rate
4
Market expectations
2
2
0
1998
0
2002
Source: Norges Bank
2006
2010
2014
Chart 27. Debt and interest expenses
Per cent of household income
12
8
4
200
Interest expenses
(left-hand scale)
Debt (right-hand scale)
150
100
0
50
1987 1989 1991 1993 1995 1997 1999 2001 2003
Sources: Statistics Norway and Norges Bank