Main Features of the Economic Outlook
Norges Bank. Inflation Report. › Nbr. 1/2005, March 2005
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Summary
Output growth in the Norwegian economy has been strong since mid-2003. Higher demand and output must be seen in connection with the low level of interest rates. Growth in demand and output is expected to remain high in the coming period. There are prospects of a somewhat faster tightening in the labour market than observed over the past year. Capacity utilisation will probably move to above its normal level in 2005. The output gap will be positive in 2005. The projections for the years ahead are based on market interest rate expectations. Forward rates seem to provide a reasonable indication of these expectations in the period to 2007. As interest rates approach a more normal level, growth in private demand will probably slacken.
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Main Features of the Economic Outlook
Inflation was low in 2004. As measured by the CPI-ATE, prices rose by 0.3% between 2003 and 2004. Inflation picked up towards the end of the year. In the beginning of 2005, CPI-ATE inflation slowed as a result of a fall in prices for imported consumer goods. The decline probably r...
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