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Annual address 2005

Annual address 2005. Chart 1. Developments in GDP and interest rates 1900-1914. Annual change. Per cent. Per cent. Key rate. GDP. 10-year bond yield. Sources: Statistics Norway and Norges Bank. Chart 2. International real interest rates Per cent. Long-term real interest rates.

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Annual address 2005

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  1. Annual address 2005

  2. Chart 1. Developments in GDP and interest rates1900-1914 Annual change.Per cent Per cent Key rate GDP 10-year bond yield Sources: Statistics Norway and Norges Bank

  3. Chart 2.International real interest ratesPer cent Long-term real interest rates Short-term real interest rates Sources: Norges Bank, OECD, Statistics Norway

  4. Chart 3.Long-term real interest ratesPer cent International Norway Sources: Norges Bank, OECD, Statistics Norway

  5. Chart 4.Risk premium Per cent Percentage points Emerging economies Equity market Enterprises Foreign exchange market Source: EcoWin

  6. Chart 5.Current account balancePer cent of GDP Asia Euro area US Sources: EcoWin / National statistics

  7. Chart 6.US net foreign debtPer cent of GDP Sources: Federal Reserve Board and US Department of Commerce

  8. Chart 7.Private domestic demandAnnual growth. Per cent US Euro area Source: OECD

  9. Chart 8. Interest rates and inflationPer cent Market rate Real interest rate Neutral real interest rate Inflation Sources: Statistics Norway and Norges Bank

  10. Chart 9. Key rate, lending rate and expected interest ratePer cent Banks' lending rate Expected interest rate 9 months ahead Key rate Sources: EcoWin and Norges Bank

  11. The exchange rate channel Chart 10. Krone exchange rate and interest rate differential against trading partners1) Index Percentage points Interest rate differentialleft-hand scale Krone exchange rate right-hand scale 1) The graph showing the interest rate differential against trading partners has been changed compared with the version of the speech printed in Economic Bulletin 1/05. This is due to an adjustment of the weighting for Japan. Source: Norges Bank

  12. The exchange rate channel Chart 11. Krone exchange rate and rise in prices for imported consumer goods Per cent Index Imported consumer goods left-hand scale Krone exchange rate right-hand scale Sources: Norges Bank and Statistics Norway

  13. The demand channel Chart 12. Key rate and house pricesAnnual rise.Per cent House prices Key rate Sources: Associations of Norwegian real estate agents (NEF, EFF)

  14. The demand channel Chart 13. Key rate and residential construction Number of dwellings 12 mths Per cent Key rate Residential construction Sources: Statistics Norway and Norges Bank

  15. The demand channel Chart 14. Number employedIn thousands Source: Statistics Norway

  16. The demand channel Chart 15. Rise in prices and capacity utilisation in the Norwegian economyPer cent Rise in prices for goods and services produced in Norway Capacity utilisation Sources: Statistics Norway and Norges Bank

  17. The expectations channel Chart 16. Projected consumer price inflation5-year horizon. Annual rise. Per cent Employers' organisations Analysts and academicians Employees' organisations Source: TNS Gallup

  18. Chart 17. Inflation and capacity utilisation in the Norwegian economyProjections. Per cent Inflation target Projections Inflation Capacity utilisation Sources: Statistics Norway and Norges Bank

  19. Chart 18. Central government spending and GDPAnnual growth. Per cent Nominal growth in mainland GDP Underlying spending growth 2004 Sources: Ministry of Finance and Statistics Norway

  20. Chart 19. CompetitivenessDeviation from average. Per cent Sources: TRCIS, Ministry of Finance and Norges Bank

  21. Chart 20. Employment in manufacturingIn thousands Sources: Statistics Norway and Norges Bank

  22. Chart 21. Wage growth and unemploymentPer cent Wage growth Unemployment rate Source: Statistics Norway, TRCIS

  23. Chart 22. Labour force participation among young peoplePer cent Age group 20-24 Age group 16-19 Source: Statistics Norway

  24. Chart 23. Number of unemployedIn thousands Number of unemployed Frictional and structural unemployment Sources: Statistics Norway and Norges Bank

  25. Chart 24. Persons on early retirement, disability pensioners and unemployed personsPercentage of population (aged 16-66) Persons on early retirement Disability pensioners Frictional and structural unemployment Cyclical fluctuations in unemployment Sources: Statistics Norway, National Insurance Administration and Norges Bank

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