ECONOMIC PROFILE OF NORWAY
|
|
- Leslie Burns
- 6 years ago
- Views:
Transcription
1 5/31/2017 ECONOMIC PROFILE OF NORWAY Submitted to Dr. Ahmed Tazmeen Department of Economics North South University Prepared & Submitted by Fatema Zohara ID: MPPG 6th Batch North South University Master in Public Policy and Governance (MPPG) user
2 Table of Contents Introduction Page 03 Historical Overview Page 03 Recent Economic Outlook: Page 05 a) Broad Money Page 05 b) Consumer Price Inflation (CPI) Page 05 c) Domestic Demand and GDP Page 05 d) Unemployment Rate Page 06 e) Credit and Debt Growth Page 06 f) Export Growth Page 06 Economic Forecast Page 06 Conclusion Page 06 Appendix: Table 1 Economic Indicators of Norway Page 07 Figure 1 GDP Per Capita Page 08 Figure 2 Government Pension Fund Global (GPFG) Page 08 Figure 3 Oil and Gas Production Page 08 Figure 4 Oil and Gas Export Page 08 Figure 5 CPI Growth and Inflation Page 09 Figure 6 Credit and Debt Trends Page 09 Figure 7 Labor Market and Unemployment Page 09 Figure 8 Export Volume Page 09 References Page 10 2 P a g e
3 Economic Profile of Norway Introduction: Economic condition of any country refers to the status of a country's financial position at a specific period of time. A country's economic conditions are defined and influenced by numerous macroeconomic and microeconomic factors, including monetary and fiscal policy, the state of the global economy, unemployment levels, productivity, levels of current account and budget surpluses or deficits, GDP growth rate, exchange rate, inflation rate and many others. The state of the economy is always changing because of these changeable factors. That is why every country is very much concerned about the economic changes that directly impact on the demand and supply sides of the market as well as the whole economy. One of the developed welfare states of the world, Norway, is focused on limited government expenditure, selective social services and private provision. Norway is comprised of the western and northern part of the Scandinavian Peninsula. The country also has common land borders with Russia, Finland and Sweden. Compared to other European states, the country contains a very high standards of living moved towards general coverage of the costs of hospital care and more inclusive social protection policies with egalitarian social values. The Norwegian government also took effective measures for removing the obstacles of women s career development. The country is blessed by a mixed wealth of natural resourced. Norway's modern manufacturing and welfare system mainly rely on a financial reserve produced by exploitation of natural resources, particularly North Sea oil. Historical Overview: Norway possesses a mixed and diversified industrial economy comprised of market liberalization and low trade barriers. Since its independence, the country was totally dependent on agriculture, fishing and timber. The self-owning farmers were the main drivers of Norwegian agriculture. Fishing was a significant supplement with crop-growing and the raising of livestock on small farms. But the industrial revolution put a different economic wave as the country moved to expansionary economy by starting export including petroleum exploration and production, fisheries and hydro-electric power. As a result, traditional heavy manufacturing and agriculture suffered much for the globalization effect compared to oil-related industries and service providers. The GDP of Norway was declining and it has lost some competitive edges in the past 3 P a g e
4 10-15 years (Figure 1) compared to other European economy due to various factors; such as - increase in unit-labor-cost resulted from a decline in labor-productivity, fluctuations in the price of oil as well as exchange rates, huge tax burden, etc. As a result, the country s trend of productivity growth has been in contraction, which needs to be focused on. In the year 1991, the economy expanded as the stock of M2 got a notable increase for the ending of saving schemes with tax credit. In the next year 1992, the country maintained floating exchange rate instead of fixed exchange rate by introducing market liberalization. The monetary aggregates of the country include the broad monetary aggregate M3 from the year Norwegian oil and gas sector has boosted up its economy by creating a large employment sector for its citizens as well as that of European Economic Area (EEA) (Figure 3 and 7). The export income from oils and gas sector encompassed its contribution over employment income to the country s GDP. From the year the average income from the export of oil and gas increased to 45 percent (Figure 4). But during 1971 to 1995, the export income from these sectors contributed to total revenue and GDP only less than 7 percent and 4 percent respectively. Notably, the public sector is the largest contributor in the world as a percentage of the overall Gross Domestic Product (GDP). In 2012, 59 percent of GDP growth was accounted for the whole service sector comprised of public services, transport and communications, engineering, banking, insurance, retail and wholesale trade, etc. Gradually the export increased to 63 percent from the year 1995 to 2014 leading to a high expansion (Figure 4). As a total, oil and gas exports rise from a lowest of 8 percent in 1988 to a peak of 24 percent in Economic development is fundamental, but sometimes it cannot guarantee social protection. The economy of Norway was once one of the brightest economies of Europe. But, it started to fall in the late In the 2013 the economic growth fell to 1.0 percent (Table 1), which was the lowest since the financial crisis in the year 2009 and also in six years (Figure 1). The consumer confidence was affected also by this in its lowest in 24 years. Although Norway is the top gas and oil producer of Western Europe, but in mid 2014, the country s crude oil prices fall by 17 percent (Figure 3). Many oil related companies were closed and the unemployment rate was also the highest ever in last 10 years, 3.2 percent. The economy was at the bottom of its contraction and the situation also became worse as the central bank decreased interest rate, demanding the economy for expansion. Another risk was associated to this as the government continued to increase in property prices and at the same time mortgage lending. 4 P a g e
5 Moreover, the problem of handling with the Dutch disease was noticeable. The Norwegian government appreciated the exchange rate and at the same time crowding out of private sector to dominate the real economy. The country started to increase its share of the mainland economy by providing products and services. The steady growth to a large size of The Government Pension Fund Global (GPFG) also supported to handle that problem guided by a contraction of fiscal policy framework in the year 2014 (Table 1 and Figure 2). But in real, the country maintains a long trend of expansionary fiscal policy which has put the economy in risk. Recent Economic Outlook: i. Broad Money- The Broad money gradually increased from year 2014 to the date, in spite of facing economic contraction due to other factors. It indicates that the economy is in expansion from the past facing lower GDP growth (Table 1). ii. Consumer Price Inflation (CPI)- The measurement of inflation in Norway might be done by Consumer Price Inflation or CPI in short. The Norges Bank stated in their website ( that the Norway Government has set an inflation target that the operational target of monetary policy is low and stable inflation, with annual consumer price inflation of approximately 2.5% over time. Moreover, the Focus Economic expert panelists said that, CPI came down 2.2% in April, 2017 from as high as 3.4% had been in April, Thus, it is seen that the government has been able to maintain the inflation rate as they expected. The Focus Economics ( showed the inflation data of Norway (Table 1 and Figure 5). iii. Domestic Demand and GDP- Domestic demand is closely related to the GDP. The Focus Economics, a group of economists that forecasts about the economy of a country, states that the total GDP growth rate is 2.6% and the mainland GDP growth rate is 3.1%. It means that mainland economy is accelerated compared to the overall economy. Still domestic demand is sluggish due to slowed government consumption that is cut in defense budget. But the business confidence grew and fixed investment was 0.5% more than the previous quarter. The external sector s performance is encouraging and import increased 2.8% that means that domestic activity is gaining traction. The available data says that the GDP in Norway was worth billion USD in 2015 with 1.6% annual change. The GDP per capita of Norway in 2016 was USD 71,094. In the order of 5 P a g e
6 GDP per capita comparing with other countries, Norway is well positioned and coming 6th out of 196 countries (Table 1). iv. Unemployment Rate- Norway s income level is higher than that of most other countries although the mainland economic downturn substantially increased the unemployment rate by contraction the labor market (Figure 7). The trend shows that the situation is becoming worse and the rate has slightly declined to 4.3 percent in the year 2017 (Table 1 and Figure 7). v. Credit and Debt Growth- The household debt are increasing where the growth of credit to household tends to declining over the last few years and also is expected to be stable in the coming years as the assets accumulated from bank mortgage are not fluctuating (Figure 6). To overcome this situation the Norwegian government took an expansionary fiscal policy by lowering interest rate as well as housing wealth. vi. Export Growth- Export growth has been highly affected by the fall of crude oil and natural gas prices. The trend shows that the export of total goods and services comprised of traditional goods has significantly increased compared the exports of crude oil and natural gas (Table 1 and Figure 8). Economic Forecast: Researchers and analysts along with Prime Minister Erna Solberg of Norway are expecting an expansion in the Norwegian economy in coming years. Behind the forecast various factors are working (Table 1); such as global economic rising, country s higher private consumption, counter-stroke in non-oil investment, expected inflation rate in spite of higher unemployment rate, exchange rate depreciation and weaker currency stance. Thus, Norway can gradually diversify from oil and gas output, although having a wealth fund of $800 billion and declining interest rates of Norges Bank. Conclusion: Norway a small and open economy is facing a hard time to recovery through a well combination of accommodative monetary policy as well expansionary fiscal policy. Gradually the oil price increased, exports comprised mainly with fossil oil grew almost 30 percent annually, housing boom has been fuelled in spite of sustained low interest rate, tax has been reduced including in-corporate taxation, additional public investment increased for the education and skill development and unemployment rate declined with a rapid declaration in inflation in late P a g e
7 Also, global financial market movements have implications for the value of Norway s sovereign wealth fund in ensuring spending effectively. As European economy influences the country s economy in the field of non-oil exports, new investment attempts will partly offset the past decline in ongoing projects. Appendix: Table 1: Economic Indicators of Norway Year/ Indicator (estimated) GDP (USD billion) (forecast) GDP (annual variation %) Mainland GDP (annual variation %) GDP Deflator (annual variation %) GDP Per Capita (USD) 100, ,690 97,766 75,600 71,094 97,754 Inflation Rate (CPI, annual variation %) Unemployment Rate (annual variation %) Domestic Demand (annual variation %) Total Consumption (annual variation %) Investment (annual variation %) Exports (G&S, annual variation %) Imports (G&S, annual variation %) GPFG (USD billion) Industrial Production (annual variation %) Fiscal Balance (% of GDP) Public Debt (% of GDP) Money (annual variation %) Policy Interest Rate (%) Exchange Rate (vs EUR) Trade Balance (USD billion) P a g e
8 Figure 1: GDP per Capita Figure 2: Government Pension Fund Global (GPFG) Figure 3: Oil and Gas Production (Barrels of Oil equavalent) Figure 4: Oil and Gas Exports (Percent) 8 P a g e
9 Figure 5: CPI Growth and Inflation Figure 6: Credit and Debt Trends Figure 7: Labor Market and Unemployment Figure 8: Export Volume 9 P a g e
10 References: 1. Economy of Norway, Wikipedia; available at: 2. Economic Condition, Investopedia; available at: 3. General Economic Conditions, Boundless.com; available at: 4. Focus Economics, Economic Forecast from the World s Leading Economists, Norway s Economic Outlook ; available at: 5. OECD, Norway Economic Forecast Summary (November 2016) ; available at: 6. Norway Economy; available at: 7. Norway s Economy Loses its Shine ; available at: 8. International Monetary Fund (IMF) Country Report, September 2015; available at: 9. The Norwegian Economy Key Facts ; available at: economy_2013.pdf 10. OECD Economic Surveys Norway, January 2016 ; available at: Available at: Norges Bank Website; available at: 10 P a g e
Economic Profile of Bhutan
Economic Profile of Bhutan Submitted to: Dr. Ahmed Tazmeen Assistant Professor, Department of Economics North South University Submitted By: Namgay Wangmo MPPG 6th Batch ID # 1612872085 Date of Submission:
More informationTRINIDAD AND TOBAGO. 1. General trends
Economic Survey of Latin America and the Caribbean 2014 1 TRINIDAD AND TOBAGO 1. General trends Economic growth in Trinidad and Tobago continues to rebound from the negative and negligibly positive rates
More informationØystein Olsen: The economic outlook
Øystein Olsen: The economic outlook Address by Mr Øystein Olsen, Governor of Norges Bank (Central Bank of Norway), to invited foreign embassy representatives, Oslo, 29 March 2011. The address is based
More informationEconomic Survey of Latin America and the Caribbean CHILE. 1. General trends. 2. Economic policy
Economic Survey of Latin America and the Caribbean 2017 1 CHILE 1. General trends In 2016 the Chilean economy grew at a slower rate (1.6%) than in 2015 (2.3%), as the drop in investment and exports outweighed
More informationJan F Qvigstad: Outlook for the Norwegian economy
Jan F Qvigstad: Outlook for the Norwegian economy Address by Mr Jan F Qvigstad, Deputy Governor of Norges Bank (Central Bank of Norway), at Sparebank 1 Fredrikstad, 4 November 2009. The text below may
More informationNew information since the October 2011 Monetary Policy Report (3/11) 1
Meeting 14 March 2012 New information since the October 2011 Monetary Policy Report (3/11) 1 International economy According to preliminary figures, GDP for Norway s main trading partners fell by 0.2 percent
More informationMonetary Policy Report 3/11. Charts
Monetary Policy Report / Charts Chart. Projected output gap¹) for Norway's trading partners. Per cent. Q Q - - - - MPR / MPR / - - - - - 7 9 ) The output gap measures the percentage deviation between GDP
More informationMalaysia. Real Sector. Economic recovery is gaining momentum.
Malaysia Real Sector Economic recovery is gaining momentum. Malaysia s economy grew 4.7% in the first three quarters of 23, well above the year-earlier pace of 3.7%. GDP rose 5.1% in the third quarter,
More information2018 Article IV Consultation with Norway Concluding Statement of the IMF Mission
2018 Article IV Consultation with Norway Concluding Statement of the IMF Mission June 7, 2018 A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit
More informationSvein Gjedrem: The conduct of monetary policy
Svein Gjedrem: The conduct of monetary policy Introductory statement by Mr Svein Gjedrem, Governor of Norges Bank (Central Bank of Norway), at the hearing before the Standing Committee on Finance and Economic
More informationThe expansion of the U.S. economy continued for the fourth consecutive
Overview The expansion of the U.S. economy continued for the fourth consecutive year in 2005. The President has laid out an agenda to maintain the economy's momentum, foster job creation, and ensure that
More informationJarle Bergo: Monetary policy and the cyclical situation
Jarle Bergo: Monetary policy and the cyclical situation Speech by Mr Jarle Bergo, Deputy Governor of Norges Bank (Central Bank of Norway), at a meeting with local authorities and the business community,
More informationMacroeconomic Outlook: Implications for Agriculture. It has been 26 years since we have experienced a significant recession
Macroeconomic Outlook: Implications for Agriculture John B. Penson, Jr. Regents Professor and Stiles Professor of Agriculture Texas A&M University Our Recession History September 1902 August1904 23 May
More informationSvein Gjedrem: The outlook for the Norwegian economy
Svein Gjedrem: The outlook for the Norwegian economy Address by Mr Svein Gjedrem, Governor of Norges Bank (Central Bank of Norway), at the Bergen Chamber of Commerce and Industry, Bergen, 11 April 2007.
More informationCOSTA RICA. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 COSTA RICA 1. General trends According to new official statistics, the Costa Rican economy grew by 3.7% in real terms in 2015, up from 3% in 2014,
More informationSvein Gjedrem: Inflation targeting in an oil economy
Svein Gjedrem: Inflation targeting in an oil economy Address by Mr Svein Gjedrem, Governor of Norges Bank (Central Bank of Norway), at Sparebanken Møre, Ålesund, 4 June 2002. Please note that the text
More informationKarnit Flug: Macroeconomic policy and the performance of the Israeli economy
Karnit Flug: Macroeconomic policy and the performance of the Israeli economy Remarks by Dr Karnit Flug, Governor of the Bank of Israel, to the conference of the Israel Economic Association, Tel Aviv, 18
More informationDOMINICAN REPUBLIC. 1. General trends
Economic Survey of Latin America and the Caribbean 2015 1 DOMINICAN REPUBLIC 1. General trends The economy of the Dominican Republic grew by 7.3% in 2014, compared with 4.8% in 2013, driven by expanding
More informationECONOMY REPORT - BRUNEI DARUSSALAM
ECONOMY REPORT - BRUNEI DARUSSALAM (Extracted from 2001 Economic Outlook) REAL GROSS DOMESTIC PRODUCT In 2000, Brunei Darussalam s economy improved and grew at 3 percent, compared to 2.5 percent in the
More informationEl Salvador. 1. General trends. 2. Economic policy. Most macroeconomic indicators for El Salvador worsened in Real GDP increased by
Economic Survey of Latin America and the Caribbean 2008-2009 173 El Salvador 1. General trends Most macroeconomic indicators for El Salvador worsened in 2008. Real GDP increased by 2.5%, two percentage
More informationGUATEMALA. 1. General trends
Economic Survey of Latin America and the Caribbean 2014 1 GUATEMALA 1. General trends GDP grew by 3.7% in 2013 in real terms, versus 3.0% in 2012, reflecting the robustness of domestic demand, mainly from
More informationECUADOR. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 ECUADOR 1. General trends Ecuador ended 2015 with GDP growth of 0.3%. The slowdown that began in 2014 worsened in 2015, in an external context
More informationNorwegian economy. Economic trends Economic Survey 3/2001
Economic trends Economic Survey 3/2001 Norwegian economy The fear of a demand-driven increase in inflation has so far induced Norges Bank to maintain high interest rates. Changes in figures from the quarterly
More informationSvein Gjedrem: Monetary policy and aspects of economic developments
Svein Gjedrem: Monetary policy and aspects of economic developments Speech by Mr Svein Gjedrem, Governor of the Central Bank of Norway, Ålesund, 12 October 2005. Please note that the text below may differ
More informationLETTER. economic COULD INTEREST RATES HEAD UP IN 2015? JANUARY Canada. United States. Interest rates. Oil price. Canadian dollar.
economic LETTER JANUARY 215 COULD INTEREST RATES HEAD UP IN 215? For six years now, that is, since the financial crisis that shook the world in 28, Canadian interest rates have stayed low. The key interest
More informationARGENTINA. 1. General trends
1 ARGENTINA 1. General trends After slowing rapidly in 2009, the Argentine economy resumed robust growth in 2010, with a rate well above the regional average at 9.2%. On the back of this the unemployment
More informationCOLOMBIA. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 COLOMBIA 1. General trends Real GDP climbed 3.1% in 2015, driven by strong momentum in the finance, commerce and construction sectors, which offset
More informationMonthly Report of Prospects for Japan's Economy
Monthly Report of Prospects for Japan's Economy March 15 Macro Economic Research Centre Economics Department http://www.jri.co.jp/english/periodical/ This report is the revised English version of the February
More informationECUADOR. 1. General trends
Economic Survey of Latin America and the Caribbean 2017 1 ECUADOR 1. General trends In 2016, GDP fell by 1.5% after weak growth of 0.2% in 2015 owing to the drop in the average international oil price
More informationBELIZE. 1. General trends
Economic Survey of Latin America and the Caribbean 2015 1 BELIZE 1. General trends The economy recovered in 2014 with growth strengthening to 3.6% up from 1.5% in 2013. Growth was driven by increased dynamism
More informationEconomic Growth Chapter 12 Section Main Menu
Economic Growth 12.3 How do economists measure economic growth? What is capital deepening? How are saving and investing related to economic growth? How does technological progress affect economic growth?
More informationStrengths (+) and weaknesses ( )
Country Report Australia Country Report Marcel Weernink Economic growth in Australia decelerates due to lower mining investments. The outlook depends heavily on demand from China for its commodities and
More informationDOMINICAN REPUBLIC. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 DOMINICAN REPUBLIC 1. General trends The economy of the Dominican Republic grew by 7.0% in 2015, compared with 7.3% in 2014. That growth is driven
More informationMonthly Economic Review
Monthly Economic Review FEBRUARY 2018 Based on January 2018 data releases Bedfordshire Chamber of Commerce Headlines UK GDP growth picked up in Q4, driven by stronger output from the services sector The
More informationOutlook for Economic Activity and Prices (April 2010)
April 30, 2010 Bank of Japan Outlook for Economic Activity and Prices (April 2010) The Bank's View 1 The global economy has emerged from the sharp deterioration triggered by the financial crisis and has
More informationPERU. 1. General trends
Economic Survey of Latin America and the Caribbean 2017 1 PERU 1. General trends Peru s gross domestic product (GDP) grew by 3.9% in 2016, compared with 3.3% the previous year, primarily on higher production
More informationTHE U.S. ECONOMY IN 1986
of women in the labor force. Over the past decade, women have accounted for 62 percent of total labor force growth. Increasing labor force participation of women has not led to large increases in unemployment
More informationSvein Gjedrem: The outlook for the Norwegian economy and monetary policy assessments
Svein Gjedrem: The outlook for the Norwegian economy and monetary policy assessments Speech by Mr Svein Gjedrem, Governor of Norges Bank (Central Bank of Norway), at a presentation of the Monetary Policy
More informationI. INTRODUCTION TO THE US ECONOMY
I. INTRODUCTION TO THE US ECONOMY The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $49,800. In this market-oriented economy, private individuals and
More informationConsensus Forecast 2010 and 2011
Consensus Forecast 2010 and 2011 Seventeenth Annual Automotive Outlook Symposium Detroit, Michigan June 4, 2010 William Strauss Senior Economist and Economic Advisor Federal Reserve Bank of Chicago Review
More informationEconomic Survey. Economic developments in Norway Forecasts
Economic Survey Economic developments in Norway Forecasts 2017-2020 3/2017 Economic Survey 3/2017 Norwegian economy Economic developments in Norway After being in a cyclical downturn for almost three
More informationThe euro area economy: an update Euro Challenge November 2016
The euro area economy: an update Euro Challenge November 2016 Delegation of the European Union to the United States www.euro-challenge.org What this presentation will cover A. Update on the economic situation
More informationBolivarian Republic of Venezuela
92 Economic Commission for Latin America and the Caribbean (ECLAC) Bolivarian Republic of Venezuela 1. General trends The Venezuelan economy contracted by 3.3% in 2009, and the rate of inflation was 25.1%.
More informationMonetary Policy Report 3/12. Charts
Monetary Policy Report / Charts Chart. Key rates and estimated forward rates as at June and October.¹) Percent. January December ²) US Euro area³) UK 9 ) Broken lines show estimated forward rates as at
More informationMonetary Policy Report 1/12. Charts
Monetary Policy Report / Charts Chart. Projected output gap¹) for Norway's trading partners. Percent. Q Q - - - - MPR / MPR / - - - - - 8 ) The output gap measures the percentage deviation between GDP
More informationParaguay. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 Paraguay 1. General trends In 2015, Paraguay s gross domestic product (GDP) grew by 3%, which is lower than the 4.7% posted in 2014, but higher
More informationMonetary Policy Report 2/12. Charts
Monetary Policy Report / Charts Chart. Yields on -year government bonds. Percent. January June Greece (left-hand scale) Germany Spain Italy 8 7 Jan- Jul- Jan- Jul- Jan- Source: Thomson Reuters Chart. Developments
More informationMEXICO. 1. General trends
Economic Survey of Latin America and the Caribbean 2015 1 MEXICO 1. General trends Real GDP growth in Mexico in 2014 was 2.1%, up 0.7 percentage points on 2013. This increase stems from a good export performance,
More informationThe Celtic Tiger Roars
To: The Central Bank of Ireland From: Jeffrey Aronoff, Madeleine Findley, Sharon Dolente, and Steph Wasson Date: 4/17/02 Re: The Economic Outlook of Ireland In recent years, Ireland acquired the distinction
More informationEmerging Markets Debt: Outlook for the Asset Class
Emerging Markets Debt: Outlook for the Asset Class By Steffen Reichold Emerging Markets Economist May 2, 211 Emerging market debt has been one of the best performing asset classes in recent years due to
More informationEconomic Performance. Lessons from the past and a guide for the future Björn Rúnar Guðmundson, Director
Economic Performance Lessons from the past and a guide for the future Björn Rúnar Guðmundson, Director Analysis of economic performance Capital and labour: The raw ingredients in economic development However,
More informationgrowth but still remains at approximately 1.5% of potential GDP.
THE UK ECONOMY IN FOCUS/APPLICATIONS Reminder of key objectives: Low and positive inflation (inflation rate target of 2%/- 1%) Sustainable growth of real GDP (no target) falling unemployment (no target)
More informationThe National Budget 2014
The National Budget 214 The National Budget 214 1 Contents: page 1. Introduction... 2 2. Economic outlook... 2 3. Economic policy... 7 3.1 Fiscal policy... 7 3.2 Tax policy... 16 3.3 Monetary policy...
More informationOIL-EXPORTING COUNTRIES: KEY STRUCTURAL FEATURES, ECONOMIC DEVELOPMENTS AND OIL REVENUE RECYCLING
OIL-EXPORTING COUNTRIES: KEY STRUCTURAL FEATURES, ECONOMIC DEVELOPMENTS AND OIL REVENUE RECYCLING This article reviews key structural features and recent economic developments in ten major oilexporting
More informationDecember. Monetary Policy Report. with financial stability assessment
December Monetary Policy Report with financial stability assessment Norges Bank Oslo Address: Bankplassen Postal address: Postboks 79 Sentrum, 7 Oslo Phone: +7 Fax: +7 E-mail: central.bank@norges-bank.no
More informationThe analysis and outlook of the current macroeconomic situation and macroeconomic policies
The analysis and outlook of the current macroeconomic situation and macroeconomic policies Chief Economist of the Economic Forecast Department of the State Information Centre Wang Yuanhong 2014.05.28 Address:
More informationThe Economic Outlook of Taiwan
The Economic Outlook of Taiwan by Ray Yeutien Chou and Shou-Yung Yin The Institute of Economics, Academia Sinica, Taipei October 2016 Prepared for Project LINK 2016 Fall Meeting, Toronto City, Oct. 19-21,
More informationEconomic Survey. Economic developments in Norway Forecasts
Economic Survey Economic developments in Norway Forecasts 08-0 /08 Contents Economic developments in Norway... Contractionary fiscal policy in 08 neutral going forward... 5 The interest rate will be raised
More informationEurozone. EY Eurozone Forecast March 2015
Eurozone EY Eurozone Forecast March 2015 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Lithuania Luxembourg Netherlands Portugal Slovakia Slovenia Spain Outlook for
More informationINFORMATION FROM A MEETING OF THE MONETARY POLICY COUNCIL, held on March 2003
Warsaw, 26 March 2003 INFORMATION FROM A MEETING OF THE MONETARY POLICY COUNCIL, held on 25-26 March 2003 On 25-26 March 2003 the meeting of the Monetary Policy Council took place. The MPC read materials
More informationEconomic Outlook. Technology Industries In Finland Orders up since early autumn 2016 pg. 5
Economic Outlook Technology Industries of Finland 1 217 Global And Finnish Economic Outlook Economic outlook is brightening up, but uncertainty persists pg. 3 Technology Industries In Finland Orders up
More informationMacroeconomic Risk Management in Nigeria: Dealing with External Shocks
-Macroeconomic Risk Management in Nigeria: Dealing with External Shocks Page 1 of 6 THE WORLD BANK GRO UP AV.., 23098 Findings reports on ongoing operational, economic and sector work carried out by the
More information2.10 PROJECTIONS. Macroeconomic scenario for Italy (percentage changes on previous year, unless otherwise indicated)
. PROJECTIONS The projections for growth and inflation presented in this Economic Bulletin point to a strengthening of the economic recovery in Italy (Table ), based on the assumption that the weaker stimulus
More informationChart 1 Oil investment and spending of petroleum revenues. In billions of 2016 NOK. Average annual change
Chart Oil investment and spending of petroleum revenues. In billions of 6 NOK. Average annual change 3 3 Spending Investment 3 3 Sources: Statistics Norway and Norges Bank 3 6 3 Chart Key policy rates.
More informationThe main assumptions underlying the scenario are as follows (see the table):
. PROJECTIONS The projections for the Italian economy presented in this Economic Bulletin update those prepared as part of the Eurosystem staff macroeconomic projections, which were based on information
More informationBELIZE. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 BELIZE 1. General trends Economic growth fell from 4.1% in 2014 to 1.2% in 2015, as slower activity later in the year pulled down the average for
More information: Monetary Economics and the European Union. Lecture 8. Instructor: Prof Robert Hill. The Costs and Benefits of Monetary Union II
320.326: Monetary Economics and the European Union Lecture 8 Instructor: Prof Robert Hill The Costs and Benefits of Monetary Union II De Grauwe Chapters 3, 4, 5 1 1. Countries in Trouble in the Eurozone
More informationChapter 4: A First Look at Macroeconomics
Chapter 4: A First Look at Macroeconomics Principles of Macroeconomics I. Economics as a Social Science A. Economics is the social science that studies the choices that individuals, businesses, governments,
More informationSvein Gjedrem: The economic outlook for Norway
Svein Gjedrem: The economic outlook for Norway Address by Mr Svein Gjedrem, Governor of Norges Bank (Central Bank of Norway), for Norges Bank s regional network, Region East, 19 November 2008. Please note
More informationYEREVAN 2014 MACROECONOMIC OVERVIEW OF ARMENIA
YEREVAN 2014 MACROECONOMIC OVERVIEW OF ARMENIA MACROECONOMIC OVERVIEW In the early 1990s, a sharp boost of unemployment, reduction of real wages, shrinkage of tax-base, persistent cash shortages of GoA
More informationJarle Bergo: The economic outlook
Jarle Bergo: The economic outlook Address by Mr Jarle Bergo, Deputy Governor of Norges Bank (Central Bank of Norway), to invited foreign embassy representatives, Norges Bank, Oslo, 31 March 2005. The address
More informationThe Icelandic Economy
The Icelandic Economy Spring 2006 Macroeconomic forecast 2006 2010 Summary edition on April 25th 2006 M inistry of Finance The Icelandic Economy Spring 2006 25 April, 2006 This issue is published on the
More informationSvein Gjedrem: Interest rates, the exchange rate and the outlook for the Norwegian economy
Svein Gjedrem: Interest rates, the exchange rate and the outlook for the Norwegian economy Speech by Mr Svein Gjedrem, Governor of Norges Bank (Central Bank of Norway), to the Mid-Norway Chamber of Commerce
More informationHONDURAS. 1. General trends
Economic Survey of Latin America and the Caribbean 2017 1 HONDURAS 1. General trends The economy grew by 3.6% in 2016, maintaining the pace recorded in 2015 thanks to private and public consumption (up
More informationLETTER. economic THE CANADA / U.S. PRODUCTIVITY GAP: THE EFFECT OF FIRM SIZE FEBRUARY Canada. United States. Interest rates.
economic LETTER FEBRUARY 2014 THE CANADA / U.S. PRODUCTIVITY GAP: THE EFFECT OF FIRM SIZE For many years now, Canada s labour productivity has been weaker than that of the United States. One of the theories
More informationGuatemala. 1. General trends. 2. Economic policy. In 2009, the Guatemalan economy faced serious challenges as attempts were made to mitigate
Economic Survey of Latin America and the Caribbean 2009-2010 161 Guatemala 1. General trends In 2009, the Guatemalan economy faced serious challenges as attempts were made to mitigate the impact of the
More informationKMEFIC Research Kuwait Economic Report
K Kuwait Economic Report September 2013 Department شركة الكويت والشرق األوسط لإلستثمارالمالي ش.م.ك.م Kuwait and Middle East Financial Investment Company K.S.C.C September 2013 TABLE OF CONTENTS INTRODUCTION...
More informationGlobal Economic Outlook Brittle Strength
Global Economic Outlook Brittle Strength RISI North American Conference October 2017 Lasse Sinikallas Director Macroeconomics Agenda 1. Global Snapshot Steady 2. North America Performing 3. China In Transition
More informationMANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion contains an analysis of our financial condition and results of operations for the nine months
More informationECONOMY REPORT - CHINESE TAIPEI
ECONOMY REPORT - CHINESE TAIPEI (Extracted from 2001 Economic Outlook) REAL GROSS DOMESTIC PRODUCT The Chinese Taipei economy grew strongly during the first three quarters of 2000, thanks largely to robust
More informationChart 1.1 GDP. Seasonally adjusted volume index Q1= Q Q4 110
Chart. GDP. Seasonally adjusted volume index. 8 Q=. 8 Q Q 8 98 9 9 US Euro area UK Sweden 9 8 9 8 98 9 9 9 Sources: Thomson Reuters and Norges Bank Chart. GDP for trading partners. Volume. Four quarter
More informationThe Israeli economy: Trends and Outlook. 4th quarter of 2017
The Israeli economy: Trends and Outlook 4th quarter of 2017 Outline Factsheet Recent economic trends Fiscal indicators Economic Outlook Israel Factsheet Sources: Israeli CBS, BoI Economy Population Labor
More informationOVERVIEW. The EU recovery is firming. Table 1: Overview - the winter 2014 forecast Real GDP. Unemployment rate. Inflation. Winter 2014 Winter 2014
OVERVIEW The EU recovery is firming Europe's economic recovery, which began in the second quarter of 2013, is expected to continue spreading across countries and gaining strength while at the same time
More informationPAKISTAN ECONOMY
PAKISTAN ECONOMY 2017-18 MISE-EN-SCÈNE https://goo.gl/lfiwyx https://goo.gl/qdm4zm ADDRESS 408, 4th Floor, Continental Trade Centre, Clifton Block-8, Karachi Email: connect@tolaassociates.com Ph# 35303294-6
More informationEconomics Standard level Paper 2
Economics Standard level Paper 2 Tuesday 5 May 2015 (morning) 1 hour 30 minutes Instructions to candidates Do not open this examination paper until instructed to do so. You are not permitted access to
More informationEconomic Outlook. Global And Finnish. Technology Industries In Finland Turnover and orders picking up s. 5. Economic Outlook
Economic Outlook Technology Industries of Finland 2 217 Global And Finnish Economic Outlook Broad-Based Global Economic Growth s. 3 Technology Industries In Finland Turnover and orders picking up s. 5
More informationGreat Depression Economic history Timing and severity
1 Great Depression Worldwide economic downturn that began in 1929 and lasted until about 1939. It was the longest and most severe depression ever experienced by the industrialized Western world. Although
More informationSvein Gjedrem: From oil and gas to financial assets Norway s Government Pension Fund Global
Svein Gjedrem: From oil and gas to financial assets Norway s Government Pension Fund Global Speech by Mr Svein Gjedrem, Governor of Norges Bank (Central Bank of Norway), at the conference Commodities,
More informationECONOMY. The High-Growth Era. Japan s economy in an era of globalization
Web Japan http://web-japan.org/ ECONOMY Japan s economy in an era of globalization The Tokyo Stock Exchange Tokyo Stock Exchange The High-Growth Era Japan s postwar economy developed from the remnants
More informationLecture 7. Unemployment and Fiscal Policy
Lecture 7 Unemployment and Fiscal Policy The Multiplier Model As we ve seen spending on investment projects tends to cluster. What are the two reasons for this? 1. Firms may adopt a new technology at
More informationDEVELOPMENT TRENDS, INFLUENCE FACTORS, FORECAST MACROINDICATORS OF UKRAINE S ECONOMY FOR THE PERION UNTIL 1015
UKRAINE COUNTRY REPORT: DEVELOPMENT TRENDS, INFLUENCE FACTORS, FORECAST MACROINDICATORS OF UKRAINE S ECONOMY FOR THE PERION UNTIL 1015 New York, October 22-24, 2012 Valeriy Heyets, Maria Skrypnychenko
More informationThe Role of Taxes in Economic Development of Kosovo
The Role of Taxes in Economic Development of Kosovo Artan Nimani artannimani@gmail. com Kolegji Biznesi Gjakovë, Kosovë Abstract To achieve prosperity and political stability, national governments aimed
More informationAndersons Professor of International Trade Department of Agricultural, Environmental & Development Economics Ohio State University
Macroeconomic Outlook Ian Sheldon Andersons Professor of International Trade sheldon.1@osu.edu Department of Agricultural, Environmental & Development Economics Ohio State University Extension Global economic
More informationBox 2 Lessons to be drawn from the oil price shocks of the 1970s and early 1980s
Box Lessons to be drawn from the oil price shocks of the 197s and early 19s Since January 1999, i.e. in little more than a year and a half, the price of crude oil has more than tripled in US dollar terms
More information2012 6 http://www.bochk.com 2 3 4 ECONOMIC REVIEW(A Monthly Issue) June, 2012 Economics & Strategic Planning Department http://www.bochk.com An Analysis on the Plunge in Hong Kong s GDP Growth and Prospects
More informationBELIZE. 1. General trends
Economic Survey of Latin America and the Caribbean 2017 1 BELIZE 1. General trends The Belizean economy experienced a reversal of fortunes in 2016, with growth dropping to -0.8% from 2.9% in 2015. A sharp
More informationEconomic Outlook
2013-2014 Economic Outlook Published by: Department of Finance Province of New Brunswick P.O. Box 6000 Fredericton, New Brunswick E3B 5H1 Canada Internet: www.gnb.ca/0024/index-e.asp March 26, 2013 Cover:
More informationIndonesia. Real Sector. The economy grew 3.7% in the first three quarters.
Indonesia Real Sector The economy grew 3.7% in the first three quarters. The economy grew in a 3.5-4% range in each of the first three quarters, in spite of adverse effects from the 22 Bali bombing, the
More informationFinland falling further behind euro area growth
BANK OF FINLAND FORECAST Finland falling further behind euro area growth 30 JUN 2015 2:00 PM BANK OF FINLAND BULLETIN 3/2015 ECONOMIC OUTLOOK Economic growth in Finland has been slow for a prolonged period,
More informationPERU. 1. General trends
Economic Survey of Latin America and the Caribbean 2015 1 PERU 1. General trends Peru s gross domestic product (GDP) grew by 2.4% in 2014, compared with 5.8% in 2013. This slowdown was due mainly to the
More information