Rates kept stable as growth slows

Norway’s central bank (Norges Bank) opted against raising interest rates on Thursday, while economists warned of weaker economic growth and “deep concern” about US President Donald Trump’s trade wars. A rise in interest rates still looms in September. The central bank’s executive board stated that the current “upturn” in the Norwegian economy that began when […]

Oil industry faces labour shortage

The rapid recovery of Norway’s oil industry is suddenly leaving some offshore oil and oil service companies short of workers. State welfare and employment agency NAV reports that a labour shortage is beginning to resurface in several sectors, with the decline in unemployment greatest among engineers and information technology experts. Unemployment in Rogaland County on […]

Weaker ‘krone’ due to strengthen

Norway’s krone has been losing value against the US dollar during the past week, at odds with predictions earlier this summer. Analysts now blame uncertainty generated by US President Donald Trump’s trade wars, a stronger dollar and the summer holidays. One US dollar cost NOK 8.23 on Wednesday afternoon, compared to just NOK 6 and […]

Norway tops new prosperity survey

Norway has done a “remarkable” job converting its national wealth into widespread prosperity for its residents, according to the latest Sustainable Economic Development Assessment (SEDA) conducted by the international Boston Consulting Group. Norway tops SEDA’s ranking of 152 countries. The SEDA survey measures how wealth is used to improve well-being in each individual country. Data […]

Mountain town is ‘best in Norway’

International publications and the UN have long ranked Norway as among the best countries in the world in which to live. A Norwegian news service that specializes in covering municipalities, Kommunal Rapport, has just released its annual rankings of which place within Norway can be the best place to live, in terms of delivering well-run […]

Unemployment keeps falling

The number of Norwegians officially unemployed has fallen by another 20,000 during the past 12 months. That brought Norway’s jobless rate down to just 3.7 percent, according to new numbers from the labour survey AKU (Arbeidskraftundersøkelsen). State statistics bureau SSB (Statistics Norway) reported that the jobless number fell by 7,000 people from January 1 to […]

Krone expected to rise against dollar

Norway’s central bank refrained once again from raising interest rates on Thursday but now states that it’s “likely” to do so in September. That in turn can boost the value of the country’s currency, the krone, which already is expected to strengthen significantly against the US dollar next year. Newspaper Dagens Næringsliv (DN) was even […]

Huge new contracts fuel the oil industry

Just two weeks after a huge new drilling rig for Norway’s state-owned oil company was completed and towed away from Aibel’s yard in Haugesund, Equinor (formerly Statoil) was busy handing out billions of kroner worth of more contracts. The new wave of work for the oil service business confirms that Norway’s oil age is far […]

Solberg struggles to save the seas

NEWS ANALYSIS: Erna Solberg made history over the weekend by being the first Norwegian prime minister to be invited to a G7 meeting. Her goal of raising high-level consciousness about the state of the seas, however, was largely overshadowed by all the drama stirred up by US President Donald Trump both at and just after […]

Hot housing market still scares experts

Norway’s high and still-rising housing prices have prompted the International Monetary Fund (IMF) to warn Finance Minister Siv Jensen against loosening up the financing rules she tightened less than two years ago. Local economists and even real estate brokers also think capital requirements need to remain strict. An IMF delegation was in Norway this week […]