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Economic perspectives Charts

This presentation provides economic perspectives and charts addressing various aspects of the global economy, including equity prices, industrial production, inflation, foreign exchange rates, key rates, liquidity, national income, consumer spending, interest rate premiums, debt-to-income ratio, and more.

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Economic perspectives Charts

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  1. Economic perspectivesCharts Address by Governor SveinGjedrem at the meeting of the Supervisory Council of Norges Bank on Thursday, 12 February 2009

  2. Fall in all countries and marketsIndex. 1 January 2004 = 100. 1 January 2004 – 10 February 2009 Equity prices Prices Industrial production US • Brent blend • Baltic Dry Index Source: Thomson Reuters

  3. Inflation and the Icelandic krona (ISK)1)1 January 2003 – 4 February 2009 Inflation 12-month change. Per cent ISK to NOK2) • As from 9 December 2008 ,foreign exchange market listings are used for the ISK/NOK exchange rate • A rising curve denotes a weaker krone exchange rate. Sources: Thomson Reuters and Norges Bank

  4. NOK to EUR1 January 2008 – 10 February 2009 Rate1) Daily fluctuation in NOK2) • A rising curve denotes a weaker krone exchange rate. • Difference between highest and lowest rate during the day. 10-day moving average Source: Thomson Reuters

  5. Key rates abroad Per cent. 1 January 2003 – 10 February 2009 Source: Thomson Reuters

  6. Government supply of capital1)Per cent. 2008 and 2009 Share of equity capital2) Share of core capital3) • Planned and transferred capital. • Supply of equity capital as share of equity capital. • Supply of core capital as share of core capital. Source: Bloomberg

  7. Norges Bank’s key policy rate Per cent. 1 January 2003 – 10 February 2009 Source: Norges Bank

  8. Liquidity 12-month change. 3-month moving average. Per cent.January 2005 – December 2008 • Banks’ liquidity expressed as the sum of banks’ and money holding sector’s stock of Norwegian banknotes and coins in circulation plus their deposits in Norges Bank (M0). • Enterprises’ liquidity expressed as non-financial enterprises’ stock of Norwegian banknotes and coins, unrestricted bank deposits, certificates of deposit (M2). Sources: Statistics Norway and Norges Bank

  9. Current accounts US and ChinaIn billions of USD. 1980 – 2007 China US Source: Thomson Reuters

  10. National income1)Total growth from 2002 to 2007. Per cent • Disposable national income, in nominal terms Source: OECD

  11. Inflation12-month change. Per cent. January 2000 – January 2009 • CPI • CPI adjusted for tax changes and excluding temporary changes in energy prices. See Norges Bank’s Staff Memo 2008/7 for a description of the CPIXE. Sources: Statistics Norway and Norges Bank

  12. Consumer spending and house pricesIndex. 1 January 2004 = 100 Sources: Norwegian Association of Real Estate Agents, Association of Real Estate Agency Firms, FINN.no, ECON Pöyry, Statistics Norway and Norges Bank

  13. Premiums in international money markets1)5-day moving average. Percentage points. 1 June 2007 – 1 February 2009 • Average of the spread between 3-month money market rates and expected key rates in the US, UK and euro area. Source: Thomson Reuters

  14. Norway’s terms of tradeExport prices/import prices. 1978 – 20091) • Projections for 2008 and 2009. Sources: Statistics Norway, Thomson Reuters and Norges Bank

  15. Relative labour costs1)Deviation from average. 1970 – January 2009. Per cent • In relation to our trading partners. Measured in a common currency. Expresses the competitiveness of Norway. The average is calculated from1970 to 2008. Sources: Statistics Norway, the Technical Reporting Committee on Income Settlements(TRC), Ministry of Finance and Norges Bank

  16. Debt to income ratio1)Quarterly figures. 1987 Q1 – 2008 Q4 • Household debt as a share of liquid disposable income adjusted for projected reinvested share dividends. Sources: Statistics Norway and Norges Bank

  17. Interest rate premiums on government debt1)Compared with Germany. Percentage points. 1 January 2008 – 10 February 2009 • 5-year government bonds. Source: Thomson Reuters

  18. Size of the banking sector Total assets as share of GDP. 2001 - 2007 • All banks, excluding foreign-owned branches • UK resident banks • Kaupthing, Landsbanki and Glitnir and their foreign subsidiaries • All banks • All banks, excluding foreign-owned branches and subsidiaries Sources: Swiss National Bank, Bank of England, Riksbanken, IMF, Financial Supervisory Authorities Iceland and Norges Bank

  19. Petroleum revenue spending in thegovernmentbudgetIn billions of NOK. 2001 - 2007 Source: Ministry of Finance

  20. InflationMoving 10-year average1) and variation2) in CPI3). Per cent. 1980 - 2008 • The moving average is calculated 7 years back and 2 years ahead. • The band around the CPI is the variation adjusted for tax changes and excluding energy products in the average period, measured by +/- one standard deviation. • Projections for 2008 – 2010 from PPR 3/08 form the basis for this estimate. Sources: Statistics Norway and Norges Bank

  21. Banks’ equity capital1)Per cent of total assets. 1875 - 2008 Sources: Klovland (2007), Statistics Norway and Norges Bank • Includes savings and commercial banks

  22. Banks’ sources of funding in Norway1)Per cent of total assets. 1875 - 2008 Sources: Klovland (2007), Matre (1992), Statistics Norway and Norges Bank • Includes savings and commercial banks

  23. Purchase of equitiesIndex.1997 Q4 = 0. Billions of NOK.1998 Q1 – 2008 Q4 Source: Norges Bank

  24. Ownership interests in stock marketsPer cent. 1998 – 20081) • Figures for 2008 up to 2008 Q3. Sources: FTSE and Norges Bank

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