1. Norges Bank 1 Economic perspectives Charts Address by Governor Svein Gjedrem at the meeting of the Supervisory Council of Norges Bank on Thursday, 14 February 2008

2. Norges Bank 2 The US housing market Price changes Source: Reuters (EcoWin)

3. Norges Bank 3 Photo: AFP/SCANPIX

4. Norges Bank 4 Equity prices Indices, 1 January 2007 = 100 Source: Reuters (EcoWin) US Norway Europe 4

5. Norges Bank 5 Interest rate premia in the money market Percentage points Norway Sources: Bloomberg, Reuters (EcoWin) and Norges Bank US Euro area

6. Norges Bank 6 Real interest rate and saving ratio in the US Per cent Source: Reuters (EcoWin) Saving ratio Long-term real interest rate

7. Norges Bank 7 US real interest rate and current account deficit Per cent Sources: Reuters (EcoWin) and IMF Current account deficit (per cent of GDP) Long-term real interest rate

8. Norges Bank 8 Current account surplus In billions of USD Source: IMF Japan Oil exporters China

9. Norges Bank 9 Norway - current account balance, basic balance and household financial saving In billions of NOK Sources: Statistics Norway Ministry of Finance and Norges Bank 1) The figure for 2007 is the sum of 2006 Q4 through 2007 Q3. Current account balance Basic balance Household financial saving 1)

10. Norges Bank 10 Regional house prices 12-month rise. Per cent Rogaland Hedmark Whole of Norway Sources: Norwegian Association of Real Estate Agents, Association of Real Estate Agency Firms, FINN.no, ECON Pöyry, Statistics Norway and Norges Bank

11. Norges Bank 11 Inflation CPI. 3-year moving average. Per cent Sources: Statistics Norway and Norges Bank Inflation target

12. Norges Bank 12 Norges Bank’s key policy rate Per cent Source: Norges Bank

13. Norges Bank 13 Krone exchange rate and interest rate differential Index and per cent Sources: Reuters and Norges Bank Krone exchange rate 1) (left-hand scale) Interest rate differential (right-hand scale) 1) A rising curve denotes an appreciation of the krone

14. Norges Bank 14 Registered employed from new EU countries In thousands Population growth and net inward migration In thousands Population growth Net inward migration Sources: Statistics Norway and the Central Office - Foreign Tax Affairs

15. Norges Bank 15 Change in employment In thousands Sources: Statistics Norway and Norges Bank

16. Norges Bank 16 Productivity growth Per cent Sources: Statistics Norway and Norges Bank Average 1980s Average 1990-2007

17. Norges Bank 17 Terms of trade Index Mainland Norway Norway incl. oil Sources: Reuters (EcoWin), Statistics Finland and Statistics Norway Sweden Finland

18. Norges Bank 18 Real krone exchange rate Index. Average 1970 – 2007 = 100 Sources: Statistics Norway, Ministry of Finance and Norges Bank Average

19. Norges Bank 19 Real wage growth and wage share Index and per cent Sources: Statistics Norway and the Technical Reporting Committee on Income Settlements Real wage growth (right-hand scale) Wage share (left-hand scale)

20. Norges Bank 20 Wage differential in OECD countries in 2005 Ninth decile/first decile Source: OECD

21. Norges Bank 21 Share of persons with low income Per cent Source: Statistics Norway EU average

22. Norges Bank 22 Income in selected countries in 2006 Adjusted for purchasing power. In thousands of EUR Source: Eurostat Norwegian low income threshold

23. Norges Bank 23 Share of persons in Norway with low income 1994 threshold. Per cent Source: Statistics Norway

24. Norges Bank 24 Government Pension Fund – Global In billions of NOK Source: Norges Bank

25. Norges Bank 25 Pension obligations and the Government Pension Fund Per cent of mainland GDP The National Insurance Scheme's old age pension obligations Government Pension Fund Source: Norges Bank

26. Norges Bank 26 Large sovereign-wealth funds and foreign exchange reserves In billions of USD Sources: Morgan Stanley Research and IMF