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Norway’s oil-fuelled economic growth has outpaced all other western countries

Posted by African Press International on September 11, 2007

Norway’s oil-fuelled economic growth has outpaced all other western countries during the past four years, and statistics experts think the good times will keep on rolling.

Norway’s economic growth is expected to keep rolling.

PHOTO: ARASH A.NEJAD

Norwegian statistics bureau SSB (Statistisk sentralbyr) has released new data indicating that unemployment is expected to fall even further, remain at a low level and contribute to high wage growth.

While growth in production and employment may moderate in the years ahead, the cyclical upturn of the past four years will continue, predicts SSB. Economic growth already rose “sharply” during the second quarter of this year, agency researchers said.

SSB officials cited “good growth in Norwegian export markets, strong growth in petroleum investments, increased public sector demand and low interest rates” as the main factors behind “the strong and lasting upturn” in the Norwegian economy.

Even though the central bank has been trying to dampen growth by gradual increases in interest rates, the level of housing investments remains high despite a slight slowdown in recent weeks.

“”We think the strong cycle we’re in now will last a long time,” SSB research leader Torbjrn Eika told newspaper Dagens Nringsliv.

He and his colleagues are predicting economic growth of 5.1 percent this year. SSB’s managing director, ystein Olsen, noted that Norway has had such strong growth before, but that it wasn’t sustained.

Leader of the pack
Mainland growth (excluding Norway’s offshore oil industry) is up more than 20 percent over the past four years and up 26 percent since 2000. That beats US economic growth of 13 percent and economic growth among European countries of around 9 percent during the past four years.

The other Nordic countries are doing well, too, but not as well as Norway. Sweden’s growth, for example, came in at 16 percent over the past four years, and is predicted to settle at 4.3 percent this year.

By Nina Berglund

Lifted and published by Korir, API*APN africanpress@chello.no tel +47 932 99 739 or +47 6300 2525 source.aftenposteneng

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