THE ECONOMIC SITUATION IN NORWAYFIRST QUARTER 2011

Economic indicators

GDP growth, Mainland Norway

Labour marketTotal employment and Unemployment rate (LFS), sesonally adjusted

Total Employment, right scale Unemployment rate, left scale

Source: Reuters EcoWin

00 01 02 03 04 05 06 07 08 09 10

Pers

on (m

illio

ns)

2,15

2,20

2,25

2,30

2,35

2,40

2,45

2,50

2,55

2,60

2,65

Perc

ent

2,25

2,50

2,75

3,00

3,25

3,50

3,75

4,00

4,25

4,50

4,75

Total employment (right scale)

Unemployment rate (left scale)

Investements in Mainland NorwayGross Capital Formation, Total, change last 12 months (LTM)

Gross capital formation [ar 4 quarters]

Source: Reuters EcoWin

00 01 02 03 04 05 06 07 08 09 10

Pe

rcen

t

-30

-20

-10

0

10

20

30

40

Household consumptionHousehold consumption, change last 12 months (LTM)

Final Consumption Expenditure, Households, Total, Constant Prices, NOK, 2007 prices [ar 4 quarters]

Source: Reuters EcoWin

00 01 02 03 04 05 06 07 08 09 10

Per

cent

-3

-2

-1

0

1

2

3

4

5

6

7

Current account balance, % of GDP

Deviation from the fiscal rule

Housing market

Average price per square meter, all dwellings, NOK Existing dwellings, all dwellings, houses, total, Index, 2005=100 [ar 4 quarters]

Source: Reuters EcoWin

Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3

01 02 03 04 05 06 07 08 09 10

Pe

rce

nt

-25

-20

-15

-10

-5

0

5

10

15

20

25

30

35

NO

K

14000

15000

16000

17000

18000

19000

20000

21000

22000

23000

24000

25000

26000

Average price per m2 (left scale)

House price growth, annual rate (right scale)

Monetary policy rates, per cent

Source: Reuters EcoWin

06 07 08 09 10 110

1

2

3

4

5

6

7

0

1

2

3

4

5

6

7

Norway

UK

Sweden

US

Euro area

Consumer prices, per cent change y/y

CPI ATE = Consumper prices excl. taxes and energy pricesCPIXE = Consumer prices excl. energy prices, but incl. trend in energy prices

Domestic credit, change y/y

Non-financial enterprises Households Total credit indicator

Source: Reuters EcoWin

00 01 02 03 04 05 06 07 08 09 10

Pe

rce

nt

-2,5

0,0

2,5

5,0

7,5

10,0

12,5

15,0

17,5

20,0

22,5

Non-financial enterprises

Households

Total credit indiator(C2)

NOK - Exchange rate changeTWI - Trade Weighted Index, monthly average, index, (inverted)

Source: Reuters EcoWin

00 01 02 03 04 05 06 07 08 09 10 11

Ind

ex

92,5

95,0

97,5

100,0

102,5

105,0

107,5

110,0