1

Norges Bank

Monetary policy and the outlook for the Norwegian economy

Governor Svein GjedremHammerfest

10 October 2005

Norges Bank

2

Less unemployment in all regionsDevelopments in unemployed and persons participating in ordinary labour

market programmes. Seasonally adjusted monthly figures. Per cent

2,0

3,0

4,0

5,0

6,0

2000 2001 2002 2003 2004 2005

2,0

3,0

4,0

5,0

6,0

East

South

North

Central Norway

Inland

North-West

South-West

Sources: Directorate of Labour and Norges Bank

Norges Bank

3

Employment by industry Region North and the country as a whole

As a percentage of total employment (2004 Q4)

0 %

10 %

20 %

30 %

40 %

50 %

Norway as a whole Nordland, Troms and Finnmark

Source: Statistics Norway

Public administration and other services

Retail trade, hotel and restaurant

Manufacturing Commercial services

Transport, communications

Construction

Utilities

Financial services

Agriculture, forestry, fishing Extraction

of oil and gas

Norges Bank

4

Norges Bank’s regional network

Region North: Generally positive development

– Growth in demand and production continues

– Moderate to solid growth in investment

– Employment generally unchanged

– Stable to moderate growth in profitability

– In general moderate rise in prices (expected to remain at the same level)

Source: Norges Bank