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Monday, July 15, 2024

Purchasing power declines

Norwegians score high on international salary charts, but the country’s high prices are cutting into their actual purchasing power, according to new figures from state statistics bureau SSB.

Norway placed highest in terms of average salary levels in other industrial countries, according to SSB, followed by Switzerland and Denmark. Pay levels in Finland and Sweden were as much as 30 percent lower than in Norway.

But high prices for a sample shopping basket of goods and services left Norway placing only 5th in terms of purchasing power. Workers in Switzerland, Great Britain, The Netherlands, Luxembourg and South Korea all had greater purchasing power than Norwegians.

South Korean salary levels were half those in Norway, yet South Koreans enjoy slightly better purchasing power because of relatively low prices in their country.

Norwegians fared better than their counterparts in other Nordic countries, however. Swedes’ purchasing power was calculated at being 13 percent lower than Norwegians, while that of the Finns and Danes was even lower.

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