Norway: Selected Economic Indicators
|Real Economy (change in percent)|
|Of which: Mainland GDP 2/||4.1||3.1||3.7||3.9||3.2|
|Unemployment rate (in percent)||5.4||4.9||4.9||4.1||3.8|
|Gross national saving 3/||25.0||27.0||29.9||30.6||31.9|
|Gross domestic investment 3/||22.3||23.7||22.8||25.1||24.5|
|Public Finance (in percent of GDP)|
|State budget balance||−3.3||0.4||4.6||5.8||5.8|
|General government financial balance||0.4||3.3||5.9||7.0||7.7|
|Money and Credit (end-period, percent change)|
|Interest rates (period average, in percent)|
|Three-month interbank rate||5.8||5.5||4.9||3.7||…|
|Ten-year government bond yield||7.5||7.4||6.8||5.9||…|
|Balance of Payments (in percent of GDP)|
|Reserves (gold valued at SDR 35 per ounce,|
|end of period, in billions of SDRs)||13.1||15.2||18.5||17.3||…|
|Exchange rate regime||Managed floating|
|Present rate (February 20, 1998)||US$1 = Nkr 7.57|
|Nominal effective rate (1990=100)||96.7||99.22||98.9||99.4||…|
|Real effective rate (1990=100) 4/||98.5||104.2||106.6||108.5||…|
Excluding petroleum and shipping activities.
In percent of GDP.
Based on relative normalized unit labor costs in manufacturing.
These projections are based on the oil price assumption in the 1998 budget. If oil prices remain at their current level, about 15 percent below the assumption in the 1998 budget, the fiscal and external current account surpluses would be reduced by about 1½ percent of GDP.