Chart 1. Long-term interest ratesPer cent

0

3

6

9

12

15

1983 1986 1989 1992 1995 1998 2001 2004

0

3

6

9

12

15

Norway US Germany

Source: EcoWin

Chart 2. Global daily foreign exchange tradeIn billions of USD

0

400

800

1200

1600

1983 1989 1992 1995 1998 2001

Sources: BIS, IMF, central banks

Chart 3. Share of global exportsPer cent

0

4

8

12

16

1983 1987 1991 1995 1999 2003

0

4

8

12

16

China

Japan

Germany

US

Sources: IMF, EcoWin and Norges Bank

Chart 4. Wage levelPercentage of wages in the US

0

10

20

30

40

50

1980 1985 1990 1995 2000 2002

0

10

20

30

40

50

Taiwan

Singapore

South Korea

Hong Kong

Sources: US Department of Labor and Norges Bank

Chart 5. Exports and foreign assets Per cent of global GDP. 1870 - 2001

0

25

50

75

100

125

1870 1890 1910 1930 1950 1970 1990

0

5

10

15

20

25

Exports (right-hand scale)

Assets (left-hand scale)

2001

Sources: IMF and Norges Bank

Chart 6. Imports to NorwayShare. Per cent

0

3

6

9

12

1991 1993 1995 1997 1999 2001 2003

0

3

6

9

12

China

Central Europe

Sources: Statistics Norway and Norges Bank

Chart 7. Consumer prices and mainland GDPPercentage growth. Average

0

2

4

6

8

10

1970s 1980s 1990s

CPIGDP

Sources: Statistics Norway and Norges Bank

Chart 8. Mainland GDPIn billions of NOK. Constant 2000 prices

600

800

1000

1200

1980 1984 1988 1992 1996 2000

600

800

1000

1200

Trend

Actual

2003

Sources: Statistics Norway and Norges Bank

Chart 9. Trade-weighted exchange rateIndex. 1992 Week 1 = 100

a. Commodity economies b. Other economies

70

85

100

115

130

145

1992 1996 2000 200470

85

100

115

130

145

1992 1996 2000 2004

Canada

Switzerland

Norway

Sweden

Norway

New Zealand

Australia UK

Sources: Bank of England and EcoWin

7,0

7,5

8,0

8,5

9,0

7,0

7,5

8,0

8,5

9,0

Chart 10. Exchange rateNOK-EUR

Source: EcoWin

Chart 11. Real krone exchange rateDeviation from average. Per cent

-15

-10

-5

0

5

10

15

1970 1980 1990 2000

-15

-10

-5

0

5

10

15

2004

Source: Norges Bank

Chart 12.a. Output gap b. InflationDeviation from trend BNP. Per cent Per cent

-4

-2

0

2

4

1992 1996 2000 2004

0

1

2

3

4

5

1992 1996 2000 2004

Euro area

USEuro area

US

Sources: OECD and EcoWin

Chart 13. Short-term interest ratesPer cent

0

2

4

6

8

1999 2000 2001 2002 2003 2004

0

2

4

6

8

Euro area

US

Source: Norges Bank

Chart 14. USD/EUR and the US current account balance as a percentage of GDP

0.8

1

1.2

1.4

1999 2000 2001 2002 2003 2004

-6

-4

-2

0

Current account balance (right-hand scale)

USD/EUR (left-hand scale)

Sources: OECD and Norges Bank

Chart 15. Mainland GDP and employment Annual growth. Per cent

-2

0

2

4

6

1990 1992 1994 1996 1998 2000 2002 2004

-2

0

2

4

6

Sources: Statistics Norway and Norges Bank

GDP

Employment

Chart 16. InflationPer cent

-6

-4

-2

0

2

4

6

1999 2000 2001 2002 2003 2004

-6

-4

-2

0

2

4

6Goods and services produced in Norway

Underlying inflation

Imported consumer goods

Sources: Statistics Norway and Norges Bank

Chart 17. Price indicator for imported consumer goods

Foreign currency. Percentage rise

-3

-2

-1

0

1

2

3

1992 1994 1996 1998 2000 2002

-3

-2

-1

0

1

2

3

2003

Source: Norges Bank

Chart 18. Price indicator for imported consumer goods

Foreign currency. Index. 1992 Q1 = 100

60

80

100

120

1992 1994 1996 1998 2000 2002

60

80

100

120

2003

Footwear

Clothing

Audiovisual equipment

Other goods

Source: Norges Bank

Chart 19. Import-weighted krone exchange rate and interest rate differential against trading

partners80

85

90

95

100

105

110

2000 2001 2002 2003 2004

-1

0

1

2

3

4

5

Krone exchange rate (left-hand scale)

Interest rate differential (right-

hand scale)

Index Per cent

Source: Norges Bank

Chart 20. After-tax real interest rates Quarterly figures. Per cent

0

2

4

6

8

10

1990 1992 1994 1996 1998 2000 2002 2004

0

2

4

6

8

10

10-year rate

3-month rate

Sources: Statistics Norway and Norges Bank

Chart 21. Labour costs in Norway compared with trading partners

Index. 1990=100

90

95

100

105

110

1990 1992 1994 1996 1998 2000 2002 2004

90

95

100

105

110

Common currency

Local currency

Sources: TRCIS, Ministry of Finance and Norges Bank

Chart 22. Credit growthPer cent

-4

0

4

8

12

16

20

24

1997 1998 1999 2000 2001 2002 2003

-4

0

4

8

12

16

20

24

Total creditHouseholds

Non-financial enterprises

Source: Norges Bank

Chart 23. Enterprise credit and investmentNominal growth. Per cent

-30

-20

-10

0

10

20

30

1983 1987 1991 1995 1999 2003

-30

-20

-10

0

10

20

30

Credit

Fixed investment

Sources: Statistics Norway and Norges Bank

Chart 24. Household debtAnnual growth. Per cent

-10

-5

0

5

10

15

20

25

1983 1987 1991 1995 1999 2003

-10

-5

0

5

10

15

20

25

December 2003

Source: Norges Bank

Chart 25. House prices and household debtAnnual rise. Per cent

-10

-5

0

5

10

15

20

25

1983 1987 1991 1995 1999 2003

-10

-5

0

5

10

15

20

25December 2003

Household debt

House prices January 2004

Sources: Norwegian Association of Real Estate Agents, Statistics Norway and Norges Bank

Chart 26. Short-term interest rates in NorwayActual and market expectations. Per cent

0

2

4

6

8

10

1998 2002 2006 2010 2014

0

2

4

6

8

10

Market expectationsActual interest rate

Source: Norges Bank

Chart 27. Debt and interest expensesPer cent of household income

0

4

8

12

1987 1989 1991 1993 1995 1997 1999 2001 2003

50

100

150

200

Debt (right-hand scale)

Interest expenses (left-hand scale)

Sources: Statistics Norway and Norges Bank