Strong growth expected in Norwegian economy
Presenting the Revised National Budget for 2006, the Government states that the strong performance of the Norwegian economy continues. Economic activity is high, the labour market is improving rapidly and unemployment is falling towards low levels.The activity in the Norwegian economy is high. Domestic demand is fuelled by low interest rates and strong growth in petroleum investments. At the same time, new orders in the manufacturing and construction industry are high, and profitability in the mainland business sectors is good. Mainland GDP is expected to increase by 3 per cent in 2006. Lower growth compared to 2005 is mainly due to lower hydroelectric power production, reflecting an assumed return to more normal precipitation in 2006 after an unusually wet 2005. Excluding this sector, growth in 2006 is estimated at close to 3½ per cent, slightly outperforming 2005.
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