Forecasts show brighter times ahead for Norwegian economy
According to the Ministry of Finance’s new forecasts for this and next year, the sun is shining on the Norwegian economy. The skies are blue and little birds are tweeting in the trees. The Ministry believe’s the economy hit rock bottom in 2016. in sum Norway is looking at brighter times ahead.
An economic survey showed that the Government is heading in the right direction, according to Aftenposten newspaper. The survey demonstrates that economic growth in mainland Norway this year and next year will be three times as high as it was in the spring of 2016. Even at the west coast, who was the hardest hit by plummeting oil prices, optimism once again reign.
The adapted wage growth doubles next year
In addition, the adapted wage growth which was at a record low last year, will be almost twice as high next year.
The vacancies rate measured by Statistics Norway (SSB) show that in 2014, unemployment was 3.5% before it rose to 4.4% in 2015 and further up to 4.7% in 2016. In 2017, it has decreased to 4.3%, and forecasts for 2018 estimate that unemployment will be at 4.10%.
Wage growth and employment have also risen since hitting rock bottom in 2016. The forecast for wage growth is from 1.7% last year, to 3.1% by 2018.
The number of new jobs were virtually non-existant last year, but will will rise to approximately 25,000 next year. The survey shows that employment growth will move from 0.1% in 2016, to 0.9% by 2018.
‘In the revised National Budget for 2017, we estimate that employment growth will be higher than population growth next year, so the proportion of people employed will begin to rise once more ,’ Siv Jensen told the news agency NTB on Thursday.
© NTB Scanpix / Norway Today