Chart 1 Comparison of the RN series for quarterly growth in
output (aggregated, building and construction and services,
index, right-hand scale) with trend-adjusted annualised
quarterly growth in value added for mainland Norway from
the QNA (per cent, left-hand scale)
8
4
6
3
4
2
2
1
0
0
-2
-4
QNA - Value added, mainland Norway, LH scale
RN - Manufacturing, RH scale
RN - Aggregated, RH scale
RN - Buliding and construction, RH scale
-1
-2
-6
-3
2002 2003 2004 2005 2006 2007 2008 2009
Source: Statistics Norway, Norges Bank's regional network
Chart 2 Comparison of the RN aggregated series for
quarterly growth in output (index, right-hand scale) with
trend-adjusted annualised quarterly growth in gross output
for mainland Norway from the QNA (per cent, left-hand
scale)
10
5
8
4
6
3
4
2
2
1
0
0
-2
QNA - Mainland Norway, LH scale
RN - Aggregated, RH scale
-1
-4
-2
2002 2003 2004 2005 2006 2007 2008 2009
Source: Statistics Norway, Norges Bank's regional network
Chart 3 Comparison of the RN series for quarterly growth in
output in manufacturing (index, right-hand scale) with trendadjusted annualised quarterly growth in gross output in
manufacturing from the QNA (per cent, left-hand scale)
12
10
8
6
4
2
0
QNA - Manufacturing, LH scale
-2
RN - Manufacturing, RH scale
-4
Maximum score on RN scale
-6
2002 2003 2004 2005 2006 2007 2008 2009
Source: Statistics Norway, Norges Bank's regional network
6
5
4
3
2
1
0
-1
-2
-3
Chart 4 Comparison of the RN series for quarterly growth in
output in building and construction (index, right-hand scale) with
trend-adjusted annualised quarterly growth in gross output in
building and construction from the QNA (per cent, left-hand scale)
20
10
16
8
12
6
8
4
4
2
0
-4
-8
2002
0
QNA - Building and construction, LH scale
RN - Building and construction, RH scale
Maximum score on RN scale
-2
-4
2003
2004
2005
2006
2007
2008
2009
Source: Statistics Norway, Norges Bank's regional network
Chart 5 Comparison of the RN series for quarterly growth in
output in retail trade (index, right-hand scale) with annualised
quarterly growth in the consumption of goods from the QNA
(per cent, left-hand scale)
10
5
8
4
6
3
4
2
2
1
0
0
-2
-4
-1
QNA - Consumption of goods, LH scale
RN - Retail trade, RH scale
-2
-6
-3
-8
2002
-4
2003
2004
2005
2006
2007
2008
2009
Source: Statistics Norway, Norges Bank's regional network
Chart 6 Comparison of the RN series for quarterly growth
in output in services (index, right-hand scale) with trendadjusted annualised quarterly growth in gross output in
services from the QNA (per cent, left-hand scale)
12
6
10
5
8
4
6
3
4
2
2
1
0
-2
QNA - Services, LH scale
RN - Services, RH scale
Maximum score on RN scale
0
-1
-4
-2
2002 2003 2004 2005 2006 2007 2008 2009
Source: Statistics Norway, Norges Bank's regional network
Chart 7 Comparison of the RN series for capacity utilisation
and labour supply in manufacturing (percentage share, righthand scale) with Statistics Norway’s business tendency
survey (diffusion index, left-hand scale)
60
84
40
81
78
Business tendency survey, LH scale
20
RN - Capacity constraints, RH scale
RN - Labour supply constraints, RH scale
75
2005
0
2006
2007
2008
2009
Source: Statistics Norway, Norges Bank's regional network
Chart 8 Comparison of the RN series for capacity utilisation in
manufacturing (percentage share, right-hand scale) with the PMI’s
seasonally-adjusted overall index (diffusion index, left-hand scale)
70
80
65
70
60
60
55
50
50
40
45
PMI - Overall index, LH scale
30
40
RN - Capacity constraints, RH scale
20
35
2005
10
2006
2007
2008
Sources: NIMA, Norges Bank’s regional network
2009
Chart 9 Comparison of the RN series for labour supply in
manufacturing (percentage share, right-hand scale) with the
PMI’s employment sub-index (diffusion index, left-hand scale)
70
60
65
50
60
40
55
50
30
45
40
35
30
2005
20
PMI - Employment sub-index, LH scale
RN - Labour supply constraints, RH scale
10
0
2006
2007
2008
Sources: NIMA, Norges Bank’s regional network
2009
Chart 10 RN series for capacity utilisation in manufacturing,
building and construction, retail trade and services.
Percentage share
100
100
80
80
60
60
40
40
Manufacturing
Retail trade
Building and construction
Services
20
0
2005
2006
2007
Source: Norges Bank's regional network
2008
20
0
2009
Chart 11 RN series for labour supply in manufacturing,
building and construction, retail trade and services.
Percentage share
100
100
80
80
60
60
40
40
Manufacturing
Retail trade
Building and construction
Services
20
0
2005
2006
2007
Source: Norges Bank's regional network
2008
20
0
2009
Chart 12 Comparison of the RN aggregated series for
growth in employment over the past three months with
quarterly growth in the number of employed for mainland
Norway from the QNA. Per cent
2
2
1.5
1.5
1
1
0.5
0.5
0
0
QNA - Mainland Norway
-0.5
RN - Aggregated
-0.5
-1
-1
2002 2003 2004 2005 2006 2007 2008 2009
Source: Statistics Norway, Norges Bank's regional network
Chart 13 Comparison of the RN series for growth in
employment in building and construction over the past
three months with quarterly growth in the number of
employed in construction from the QNA. Per cent
4
4
3
3
2
2
1
1
0
0
-1
QNA - Building and construction
-1
-2
RN - Building and construction
-2
-3
2002
-3
2003
2004
2005
2006
2007
2008
2009
Source: Statistics Norway, Norges Bank's regional network
Chart 14 Comparison of the RN series for growth in employment in
manufacturing (per cent, right-hand scale) with quarterly growth in
average employment in manufacturing from Statistics Norway’s
business tendency survey (diffusion index, left-hand scale)
70
3
65
2
60
1
55
50
0
45
-1
40
Business tendency survey, LH scale
35
RN - Manufacturing, RH scale
30
2002
-2
-3
2003
2004
2005
2006
2007
2008
2009
Source: Statistics Norway, Norges Bank's regional network
Chart 15 Comparison of the RN series for annual price changes
in domestically-oriented manufacturing (index, right-hand scale)
with the change in the producer price index for manufacturing
for the domestic market (per cent, left-hand scale)
10
8
6
Producer price index, manufacturing for
domestic market, LH scale
RN - Domestically-oriented
manufacturing, RH scale
5
4
3
4
2
2
1
0
0
-2
-1
-4
2002 2003 2004 2005 2006 2007 2008 2009
-2
Source: Statistics Norway, Norges Bank's regional network
Chart 16 Comparison of the RN series for annual price
changes in building and construction (index, right-hand
scale) with the construction cost index for residential
buildings (per cent, left-hand scale)
10
5
8
4
6
3
4
2
2
1
0
-2
-4
-6
2005
Construction cost index for residential
buildings, LH scale
RN - Building and construction, RH scale
0
-1
-2
-3
2006
2007
2008
2009
Source: Statistics Norway, Norges Bank's regional network
Chart 17 Comparison of the RN series for expected growth in output
over the next six months (index, right-hand scale) with the annualised
semi-annual growth in trend-adjusted gross output for mainland
Norway from the QNA six months ahead (per cent, left-hand scale)
10
5
8
4
6
3
4
2
2
1
0
0
QNA - Mainland Norway, LH scale
-2
-4
2003
-1
RN - Aggregated, RH scale
-2
2004
2005
2006
2007
2008
Source: Statistics Norway, Norges Bank's regional network
2009
Chart 18 Comparison of the RN series for growth in investment
over the next 12 months (index, right-hand scale) with four-quarter
growth in gross fixed capital formation for mainland Norway from
the QNA 12 months ahead (per cent, left-hand scale)
20
2
10
1
0
0
QNA - Mainland Norway, LH scale
RN - Aggregated, RH scale
-10
2003
-1
2004
2005
2006
2007
2008
Source: Statistics Norway, Norges Bank's regional network
2009
Chart 19 Comparison of the RN aggregated series for
expected growth in employment over the next three months
with quarterly growth in the number of employed for mainland
Norway from the QNA three months ahead. Per cent
2
2
1.5
1.5
1
1
0.5
0.5
0
0
QNA - Mainland Norway
-0.5
-1
2005
-0.5
RN - Aggregated
-1
2006
2007
2008
2009
Source: Statistics Norway, Norges Bank's regional network
Chart 20 Comparison of the RN estimates of annual wage
growth in the current calendar year and the Norwegian Technical
Calculation Committee for Wage Settlements (TBU) estimates of
annual wage growth issued the following year. Per cent
RN Feb
RN May
RN Sep
RN Nov
TBU
7.00
7
6.00
6
5.00
5
4.00
4
3.00
3
2.00
2
1.00
1
0.00
0
2002
2003
2004
2005
2006
2007
2008
Sources: Norwegian Technical Calculation Committee for Wage
Settlements, Norges Bank’s regional network