Norway: 2007 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Norway

Author: International Monetary Fund

Volume/Issue: Volume 2007 Issue 196

Publication date: June 2007

ISBN: 9781451829808

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Inflation , Labor , Economics- Macroeconomics , Public Finance , ISCR , CR , state , fiscal policy framework , estimate , rate , mainland GDP , core inflation , competition authorities , state account , Fiscal stance , Pension spending , Oil prices , Inflation , Global , Eastern Europe

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Summary

This 2007 Article IV Consultation highlights that the Norwegian economy is set to grow strongly in 2007 for the fourth consecutive year. This economic performance is underpinned by strong monetary and fiscal policy frameworks. External demand, both for petroleum products and other Norwegian exports, is strong. Rapid credit growth, rising house prices, and tight labor markets are supporting domestic demand. Unit labor cost increases and core inflation have been subdued, although rapidly rising employment and increasing reports of labor shortages and wage drift indicate intensifying pressures.