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Home > Country Profiles > Norway

Country Profiles

Financial Outlook

In its 2013 budget the government noted that employment has increased for the last eight quarters, to the point that there are now more jobs than there were before the 2008 global financial crisis. The mainland (i.e. nonoil) economy is growing at 2.5–3%, with unemployment down to between 3% and 3.5%. Norway has taken care to move its oil wealth into the fund for the country’s future to try to insulate the economy from the effects of too much liquidity from petrodollars. However, the persistently high oil price is creating pressure on the economy, according to the IMF’s latest country report. Inflation is well below the 2.5% target level and the country is in the middle of a housing boom. The oil and gas economy is growing at 1.8% per annum. Wage increases for 2013 ran at around 3.4%, down slightly on the figures for 2012. Norway operates a “fiscal policy rule” which releases oil wealth into the economy in a measured way in cyclical downturns and reduces the release when GDP growth is good.

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Further reading on Norway

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