2002 OECD Economic Surveys: Norway 2002

image of OECD Economic Surveys: Norway 2002

This 2002 edition of OECD's periodic review of Norway's economy  examines recent economic developments, policies and prospects and includes special features on enhancing the effectiveness of public spending and on policies to boost potential output growth.

English Also available in: French


Assessment and Recommendations

Strong growth through the five years to 1998 necessitated fiscal and monetary policy tightening which, together with a drop in oil investment, damped activity since then. However, the labour market has remained tight with tensions persisting in many sectors, even though the unemployment rate has risen slightly to 3.7 per cent in early 2002. Rapid wage gains have caused a sharp deterioration in competitiveness since the mid-1990s. On the other hand, inflation has remained under control, reflecting a squeeze in profit margins, cuts in indirect taxes and more recently the appreciation of the krone. As Norway is the world’s third largest oil exporter behind Saudi Arabia and Russia, high oil prices since 2000 have led to an extremely large current account surplus which reached 15 per cent of GDP in 2001.

English Also available in: French

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