Norwegian economy

By Per-Kristian Foss

Member of the Norwegian Parliament

The Conservative Party Parliamentary Group

GDP growth

100

105

110

115

120

125

130

135

140Q

4-19

99

Q4-

2000

Q4-

2001

Q4-

2002

Q4-

2003

Q4-

2004

Q4-

2005

Q4-

2006

Q4-

2007

Q4-

2008

Q4-

2009

Q4-

2010

Q4-

2011

Mainland Norway

OECD

Norway

EU 27

Sources: OECD and Statistics Norway

Unemployment rates

0

2

4

6

8

10

12Q

4-19

99

Q4-

2000

Q4-

2001

Q4-

2002

Q4-

2003

Q4-

2004

Q4-

2005

Q4-

2006

Q4-

2007

Q4-

2008

Q4-

2009

Q4-

2010

Q4-

2011

OECD - Europe

United States

OECD - Total

Norway

Source: OECD

Government Pension Fund Global

• NOK 3 378 billion (€ 450 billion)• Probably largest SWF in the world since 2011

The fund's market value per quarter at the end of September 2011. Billions of NOK

Source: Norges Bank Investment Management

GPFG ownership in % of benchmark

The fund’s average holdings in equity markets. The fund’s average holdings in fixed-income markets

Employment rate

% of population, age 15-64

75.3 %

Source: Eurostat

Female employment rate

% of population, age 15-64

73.3 %

Source: Eurostat

Fertility rate

1.77

1.91

2.08

1.89

1.67

1.73

2.01

1.48

1.41 1.31

1.40

1.47 1.41

1.27

1.511.39

1.44

1.331.27

1.27

1.29

1.30

1.381.41

1.31

1.43

1.65

1.781.77

1.74

Source: CIA World Factbook

Balance in public finances

Source: Eurostat

Net borrowing or lending of consolidated general government sector, % of GDP

-20

-15

-10

-5

0

5

10

EU

-27

Eur

o a

rea

Est

oni

a

Sw

ede

n

Luxe

mbo

urg

Fin

land

Den

mar

k

Bul

gari

a

Mal

ta

Bel

gium

Hun

gary

Ger

ma

ny

Aus

tria

Ital

y

Cze

ch R

epu

blic

Net

herla

nds

Cyp

rus

Slo

ven

ia

Rom

ania

Lith

uani

a

Fra

nce

Slo

vak

ia

Pol

and

Latv

ia

Spa

in

Por

tuga

l

Uni

ted

Kin

gdom

Gre

ece

Irel

and

Nor

way

Cro

atia

Turk

ey

Icel

and

2009 2010

Threshold

-31.3

Relative hourly industry labour cost, Norway vs trading partner countries

• Hourly labour cost of Norwegian industry workers 57 % higher than trading partner countries in EU

1995 = 100

Common currency

National currency

Source: Norwegian Technical Calculation Committee for Wage Settlements

Population of Norway, different scenarios

0

2

4

6

8

10

12

14

2010 2020 2030 2040 2050 2060 2070 2080 2090 2100

Mill

High national growth (HHMH)

Medium national growth (MMMM)

Low national growth (LLML)

No migration (MM00)

Parameters: fertility, life span, internal migration and immigration

Sources: Statistics Norway