natgillin/translations-raw huggingface dataset:
Information obtained via the regional network established last autumn was used when preparing the October Inflation Report.
I arbeidet med inflasjonsrapporten ble det denne gang benyttet informasjon fra det regionale nettverket som ble etablert i høst.
The private service sector is by far the largest in the Central Norway region, accounting for over 40 percent of total employment in the region.
I Midt-Norge er privat tjenesteytende sektor den klart største, med vel 40 prosent av samlet sysselsetting i regionen.
The share of manufacturing industry that is exposed to international competition in Trøndelag is relatively limited.
Det er relativt lite konkurranseutsatt industri i Trøndelag.
Companies in the Central Norway region report small changes in prices and costs, except for export companies.
Fra Midt-Norge rapporteres det om små endringer i priser og kostnader, med unntak for eksportbedrifter.
Export companies are also facing a decline in demand, while the picture for companies producing for the domestic market is more mixed.
De opplever også nedgang i etterspørselen, mens bildet for bedrifter som produserer for hjemmemarkedet er blandet.
In many companies, concern has been expressed about the sharp wage growth of recent years and attention is being increasingly focused on cost reductions.
I mange bedrifter er det uttrykt bekymring for den kraftige lønnsveksten i de seneste årene og det er økende oppmerksomhet rundt kostnadsreduksjoner.
Companies are making less use of temporary labour, with man-hours being reduced more than the number of permanent employees.
Bedriftene benytter seg i mindre grad av midlertidig arbeidskraft og timeverkene faller mer enn antallet fast ansatte.
Some think than downsizing may be more in focus in the period ahead.
Enkelte mener at bemanningsreduksjoner kan bli mer aktuelt fremover.
In general, companies are uncertain about the next three-month period, but a majority expects conditions to stabilise.
Bedriftene er generelt usikre på neste tremånedersperiode, men de fleste tror på en stabil situasjon.
In my address here last year, one of the themes was the outlook for manufacturing industry.
Da jeg holdt foredrag for denne forsamlingen i fjor var utsiktene for industrien ett tema.
This year, I would like to look more closely at developments in private service industries.
I år vil jeg se litt nærmere på utviklingen i private tjenesteytende næringer.
From 1991 to 2001, total employment increased by about 280 000.
Fra 1991 til 2001 økte samlet sysselsetting i Norge med om lag 280 tusen personer.
In the same period, employment rose by about 120 000 in the public sector and by 145 000 in private service industries1.
I offentlig forvaltning økte sysselsettingen i samme periode med om lag 120 tusen og i privat tjenesteyting1 med 145 tusen personer.
In manufacturing, employment increased by 40 000 up to 1998, then fell by 25 000.
I industrien økte sysselsettingen fram til 1998 med 40 tusen, deretter falt den med 25 tusen.
A total of about 900 000 were employed in private service industries in 2001, about three times as many as in manufacturing.
I privat tjenesteyting og varehandel var det i 2001 til sammen om lag 900 tusen sysselsatte, om lag tre ganger så mange som industrien.
The decline in manufacturing over the past four or five years is more than offset by the rise in employment in service industries and the public sector.
Nedgangen i industrien de seneste fire-fem årene mer enn motsvares av oppgang i sysselsettingen i tjenesteytende næringer og i offentlig forvaltning.
Although the phasing-in of petroleum revenues is a gradual process, the contest for labour resources will intensify.
Selv om innfasingen av oljeinntektene skjer gradvis, vil kampen om arbeidskraften isolert sett bli skjerpet.
A high interest rate level may, as we are now experiencing, result in a strong krone in periods .
Et høyt rentenivå kan, som en nå opplever, tidvis gi en sterk krone.
Even if manufacturing employment and production show a decline, the situation for Norwegian enterprises will not necessarily be negative.
Selv om sysselsetting og produksjon i industrien i Norge blir svekket, behøver ikke utviklingen for norske foretak å bli negativ.
Some enterprises could be at the forefront of technological developments and increase efficiency in pace with the relatively sharp rise in costs in Norway.
Enkelte bedrifter vil kunne være i forkant i den teknologiske utviklingen og øke effektiviteten i takt med den særnorske kostnadsstigningen.
Norwegian manufacturing companies could still be profitable.
Norske industriforetak vil fremdeles kunne være lønnsomme.
Export industries generate foreign-exchange earnings to finance imports of goods and services.
Næringer som eksporterer til utlandet bidrar til å skaffe valutainntekter for å finansiere import av varer og tjenester.
Industries that are exposed to international competition are also important to the growth potential of the economy.
Å ha næringer som er utsatt for konkurranse fra utlandet er også viktig for vekstevnen i økonomien.
Scaling back manufacturing therefore involves a risk.
Derfor tar vi en risiko når industrien bygges ned.
The growth potential of the economy - the basis for learning, innovation and development - may be impaired when less of the business sector is exposed to intense international competition.
Vekstevnen i økonomien - grobunnen for læring, innovasjon og utvikling - kan bli svekket når mindre av næringslivet blir utsatt for intens internasjonal konkurranse.
Some service production is also export-oriented and thereby exposed to foreign competition.
Deler av tjenesteproduksjonen er også eksportrettet og dermed utsatt for konkurranse fra utlandet.
In 2001, for example, exports of financial and commercial services and transport services came to NOK 44 billion.
I 2001 utgjorde for eksempel eksport av finans- og forretningstjenester og samferdselstjenester til sammen 44 milliarder kroner.
In comparison, the figure for traditional merchandise exports was NOK 214 billion.
Til sammenlikning utgjorde eksport av tradisjonelle varer 214 milliarder kroner.
The private service sector, as defined here, comes to about 40 per cent of total mainland employment.
Privat tjenesteyting, slik vi har avgrenset det her, utgjør om lag 40 prosent av samlet sysselsetting i Fastlands-Norge.
The retail sector, employing over 300 000, is by far the largest group measured by the number of employees.
Varehandelen er klart den største gruppen målt i antall ansatte, med over 300 tusen sysselsatte.
The number employed in this group has increased somewhat over the past ten years.
Sysselsettingen i denne gruppen har økt noe over de siste 10 årene.
Commercial services is the next largest group, employing 230 000.
Forretningsmessig tjenesteyting er nest største undergruppe, med 230 tusen sysselsatte.
Combined, these two account for about 60 percent of the number employed in the private service sector.
Disse to utgjør til sammen omtrent 60 prosent av sysselsettingen i privat tjenesteyting.
Of the groups in the private service sector, commercial services has expanded from 140 000 in 1995 to about 230 000 in 2001.
I forretningsmessig tjenesteyting økte sysselsettingen fra 140 tusen i 1995 til om lag 230 tusen i 2001.
Commercial services include legal services, employment services, architectural services, cleaning services and data processing.
Forretningsmessig tjenesteyting består blant annet av juridisk tjenesteyting, formidling av arbeidskraft, arkitektvirksomhet, rengjøringsvirksomhet og databehandling.
Growth in these industries reflects both underlying growth in demand for these services and the fact that many enterprises in the public and private sectors outsource these services.
Veksten i disse næringene gjenspeiler både en underliggende vekst i etterspørselen etter slike tjenester og at mange virksomheter i privat og offentlig sektor utkontrakterer denne tjenesteproduksjonen.
On the other hand, employment in postal and telecommunications and the financial industry has fallen somewhat over the past ten years.
På den annen side har sysselsettingen falt noe gjennom de siste ti årene i post og telekommunikasjon og i finansnæringen.
According to national accounts figures, productivity growth in manufacturing in Norway was low in the 1990s, while it was high in the private service sector and the retail trade.
Produktivitetsveksten i industrien i Norge var ifølge nasjonalregnskapstallene lav på 1990-tallet, mens den var høy i privat tjenesteyting og varehandel.
Productivity growth in the private sector was higher in Norway than in the US through the 1990s, for example.
Veksten i produktiviteten i privat sektor i Norge har vært høyere enn for eksempel i USA gjennom 1990-tallet.
High productivity growth in many service industries has contributed to this.
Høy produktivitetsvekst i mange tjenesteytende næringer har bidratt til dette.
The growth rates for the 1990s must to some extent be seen in connection with cyclical developments during this period which started with a recession and ended with a tendency towards overheating in the labour market at the end of the period.
I noen grad er veksttallene for 1990-årene påvirket av at vi gikk inn i tiåret med en lavkonjunktur og kom ut av det med en tendens til overoppheting i arbeidsmarkedet.
Productivity growth has been particularly strong in the retail sector, financial services and postal and telecommunications services.
Produktivitetsveksten har vært særlig høy i varehandelen, finansiell tjenesteyting og post og telekommunikasjon.
These are industries that have undergone extensive changes in structure, technology and market adaptation.
Dette er næringer som har vært gjennom store endringer i struktur, teknologi og markedstilpasning.
In addition, this has contributed to keeping inflation at a low level and spurring large new investment projects.
Utviklingen har trolig også bidratt til å holde den samlede prisveksten nede og til at store nye investeringer har vært sett på som lønnsomme.
We know that variations in productivity can influence the real exchange rate.
Vi vet at svingninger i produktivitet kan påvirke realvalutakursen.
When an economy goes through a period of high productivity growth and high returns on many investment projects, real interest rates will normally increase.
Når en økonomi går gjennom en fase med høy produktivitetsvekst, og med høy avkastning i mange investeringsprosjekter, vil realrenten normalt gå opp.
Over time, the real interest rate must reflect the economy's long-term growth potential.
Over tid må realrenten reflektere økonomiens langsiktige vekstevne.
When real interest rates rise in our country relative to other countries, we have to expect that the real exchange rate will move in line with the same pattern that can be observed when we increase the use of petroleum revenues in the domestic economy.
Hvis realrenten stiger i vårt land sammenliknet med andre land, må vi vente at realvalutakursen blir påvirket etter det samme mønster som når vi tar inn mer oljeinntekter inn i økonomien.
There is symmetry here.
Det vil være symmetri.
A decline in productivity growth will have the opposite effect.
Nedgang i produktivitetsveksten vil virke motsatt.
Developments in the 1990s may, over a very long time horizon, prove to have been an episode - and the considerable structural changes in the services sector a one-off event.
Utviklingen på 1990-tallet kan i et virkelig langt tidsperspektiv ha vært en episode - og de store strukturendringene i de tjenesteytende næringene en engangsforeteelse.
This would imply that the economy will tend to return to its previous path.
I så fall vil veksten i økonomien etter hvert trolig vende tilbake til nivået den har ligget på tidligere.
But it is also possible that we will see a new round of pronounced productivity gains thanks to new technology and new structures.
Men det er også mulig at vi fortsatt har i vente en betydelig produktivitetsvekst fra ny teknologi og nye strukturer.
The figures are based on the national accounts.
Tallene er fra Nasjonalregnskapet.
We have defined private service industries as wholesale and retail trade, hotels and restaurants, other transport industries, financial intermediation, commercial services and part of other social and personal services.
Vi har her definert Privat tjenesteyting som summen av sektorene varehandel, reparasjon av kjøretøy, hotell og restaurantvirksomhet, transport ellers, post og telekommunikasjon, finansiell tjenesteyting, forretningsmessig tjenesteyting samt deler av andre sosiale og personlige tjenester.
Series: Foreign exchange reserves Number: 2/2017
Serie: Valutareserver Nummer: 2/2017
Report for second quarter 2017 (PDF 596.5 Kb)
Rapport for andre kvartal 2017 (PDF 582,7 Kb)
Norges Bank will sell foreign exchange on behalf of the government equivalent to NOK 650 million per day in September 2017.
Noregs Bank vil selje valuta på vegne av staten tilsvarande 650 millionar kroner kvar dag i september 2017.
The following applies as from 2 October 2017:
Fra og med 2. oktober 2017 gjelder følgende:
Division of banks into groups (as of September 2017)
Inndeling av banker i grupper (per september 2017)
Group 3: All B-banks in NBO* (105 banks)
Gruppe 3: Alle B-bankene i NBO* (105 banker)
SpareBank 1 SR-Bank ASA
SpareBank 1 SR-Bank ASA
SpareBank 1 SMN**
SpareBank 1 SMN**
SpareBank 1 Østlandet
SpareBank 1 Østlandet
* Norges Bank Settlement system, ** Settlement bank
* Norges Banks oppgjørssystem, **Oppgjørsbank
The quotas that apply as from 2 October 2017 are set on the basis of banks' total assets as at 30 June 2017.
Kvotene som gjelder fra 2. oktober 2017, er beregnet på grunnlag av bankenes forvaltningskapital per 30. juni 2017.
The quotas are distributed as follows (Table 2).
Kvotene fordeles på følgende måte (tabell 2):
Banks' quotas to be applied as from 2 October 2017.
Bankenes kvoter som gjelder fra 2. oktober 2017.
Number baNks
Antall banker
3 245 022 907
3 245 022 907
65.1 %
65.1 %
29 297 148
29 297 148
968 764 986
968 764 986
19.4 %
19.4 %
8 746 333
8 746 333
770 520 852
770 520 852
15.5 %
15.5 %
6 956 519
6 956 519
66 000
66 000
4 984 308 745
4 984 308 745
The settlement banks DNB, SpareBank 1 SMN and Danske Bank are assigned quotas as follows (Table 3).
Oppgjørsbankene DNB, Sparebank 1 SMN og Danske Bank får tilleggskvoter som vist i tabell 3.
610 000
610 000
1 190 000
1 190 000
National summary (PDF 146.9 Kb)
Nasjonal oppsummering (PDF 144,7 Kb)
Interviews were conducted in the period 7 August - 28 August 2017.
Intervjuene er gjennomført i perioden 7. august til 28. august.
Press release 12 September 2017
Pressemelding 12. september 2017
Norges Bank’s regional network contacts report that output growth has been moderate over the past three months.
Kontaktene i Norges Banks regionale nettverk melder om moderat vekst i produksjonen de siste tre månedene.
Growth was somewhat higher than in the preceding period.
Veksten var noe høyere enn i perioden før.
Contacts expect the pace of output growth to slow somewhat over the next six months.
Kontaktene venter noe avtagende produksjonsvekst det neste halve året.
Contacts as a whole report that output growth has picked up somewhat since May, in line with expectations in the previous survey.
Kontaktene melder samlet at produksjonsveksten har tiltatt noe siden mai, i tråd med bedriftenes forventninger i forrige runde.
Growth in public demand and residential construction in particular has contributed to the increase.
Det er særlig vekst i offentlig etterspørsel og boligbygging som har bidratt til oppgangen.
Contacts as a whole expect that output growth will be slightly lower over the next six months.
Samlet venter kontaktene at produksjonsveksten vil bli litt lavere de neste seks månedene.
Some enterprises report that uncertainty in the housing market is weighing on expectations.
Enkelte bedrifter viser til at usikkerhet i boligmarkedet demper forventningene.
The share of contacts reporting capacity constraints is little changed, while the share of contacts reporting recruitment difficulties has risen slightly.
Andelen av bedriftene som rapporterer om kapasitetsbegrensninger er lite endret, mens andelen bedrifter som melder om problemer med å få tak i arbeidskraft, har økt litt.
Contacts report a moderate increase in employment, and they also expect employment growth to remain moderate over the next three months.
Kontaktene oppgir at sysselsettingen har økt moderat, og de venter moderat sysselsettingsvekst også de neste tre månedene.
Contacts as a whole estimate annual wage growth of 2.5 percent for 2017.
Samlet anslår kontaktene en årslønnsvekst på 2,5 prosent for inneværende år.
Regional network 3/2017
Rapport fra Regionalt nettverk 2017-3
Key policy rate decision (Press release 21 September 2017)
Rentebeslutning (pressemelding 21. september 2017)
Countercyclical capital buffer 2017 Q3 (Press release 21 September 2017)
Motsyklisk kapitalbuffer 3. kvartal 2017 (pressemelding 21. september 2017)
Monetary Policy Report with financial stability assessment 3/17
Pengepolitisk rapport med vurdering av finansiell stabilitet 3/17
Rate effective from 22 September 2017:
Rentesatser gjeldende fra 22. september 2017:
The financial crisis has illustrated the shortcomings of the current cross-border crisis management framework.
The financial crisis has illustrated the shortcomings of the current cross-border crisis management framework.
A strong tendency to favor national solutions, including ring-fencing, and inadequate tool kits for crisis resolution at the domestic level, have led to uncoordinated crisis resolutions and unprecedented levels of public financial support to the banking sector.
A strong tendency to favor national solutions, including ring-fencing, and inadequate tool kits for crisis resolution at the domestic level, have led to uncoordinated crisis resolutions and unprecedented levels of public financial support to the banking sector.
The report provides, in our view, a balanced review of the challenges involved in resolving cross-border banking problems.
The report provides, in our view, a balanced review of the challenges involved in resolving cross-border banking problems.
This involves a search for pragmatic bank resolution systems that hold shareholders, managers and, where appropriate, other creditors accountable while protecting depositors and if necessary preserving continued access to critical banking services.
This involves a search for pragmatic bank resolution systems that hold shareholders, managers and, where appropriate, other creditors accountable while protecting depositors and if necessary preserving continued access to critical banking services.
This would greatly enhance market discipline and limit moral hazard.
This would greatly enhance market discipline and limit moral hazard.
As to the 10 recommendations we have the following specific comments.
As to the 10 recommendations we have the following specific comments.
Recommendation 1: Effective national resolution powers.
Recommendation 1: Effective national resolution powers.
The report correctly observes that the crisis resolution options for the authorities are severely limited if the existing tool kit has not been adequately updated.
The report correctly observes that the crisis resolution options for the authorities are severely limited if the existing tool kit has not been adequately updated.
If private sector participants know that the tool kit is not suited for time critical interventions; they might expect to be bailed out and gamble for resurrection when facing difficulties.
If private sector participants know that the tool kit is not suited for time critical interventions; they might expect to be bailed out and gamble for resurrection when facing difficulties.
There is also a need for greater clarity about the intervention points for early intervention.
There is also a need for greater clarity about the intervention points for early intervention.
This is particularly important in cross border banks given the uncertainties regarding the crisis management framework for these banks.
This is particularly important in cross border banks given the uncertainties regarding the crisis management framework for these banks.
Currently, many supervisors would intervene if regulatory capital falls below 8 %, while others will not have the legal capacity to intervene before the bank is balance sheet insolvent.
Currently, many supervisors would intervene if regulatory capital falls below 8 %, while others will not have the legal capacity to intervene before the bank is balance sheet insolvent.
This regulatory limbo is detrimental to any coordinated crisis resolution and should be addressed as a matter of priority.
This regulatory limbo is detrimental to any coordinated crisis resolution and should be addressed as a matter of priority.
A first step could be to clarify national differences; then to look for common approaches to intervention within existing legal mandates.
A first step could be to clarify national differences; then to look for common approaches to intervention within existing legal mandates.
Finally, new legal tools should be explored for those authorities with weak tool kits.
Finally, new legal tools should be explored for those authorities with weak tool kits.
Recommendation 2: Framework for coordinated resolution of financial groups.
Recommendation 2: Framework for coordinated resolution of financial groups.
Each jurisdiction should establish a national framework to coordinate the resolution of the legal entities of financial groups and financial conglomerates within its jurisdiction.
Each jurisdiction should establish a national framework to coordinate the resolution of the legal entities of financial groups and financial conglomerates within its jurisdiction.
Crisis resolution in Norway is facilitated by having an integrated supervisory agency.
Crisis resolution in Norway is facilitated by having an integrated supervisory agency.
In addition, the Domestic Standing Committee between representatives from the central bank, supervisory authority and the Ministry of Finance has the potential for being a vehicle for crisis coordination.
In addition, the Domestic Standing Committee between representatives from the central bank, supervisory authority and the Ministry of Finance has the potential for being a vehicle for crisis coordination.
Recommendation 3: Convergence of national resolution measures.
Recommendation 3: Convergence of national resolution measures.
National authorities should seek convergence of national resolution tools and measures toward those identified in Recommendations 1 and 2 in order to facilitate the coordinated resolution of financial institutions active in multiple jurisdictions.
National authorities should seek convergence of national resolution tools and measures toward those identified in Recommendations 1 and 2 in order to facilitate the coordinated resolution of financial institutions active in multiple jurisdictions.
There are inherent conflicting interests of the home and host countries in cross border banking crisis.
There are inherent conflicting interests of the home and host countries in cross border banking crisis.
These could be increased by differences in national banking crisis resolution regimes.
These could be increased by differences in national banking crisis resolution regimes.
Even within the EU there are important differences in these regimes.
Even within the EU there are important differences in these regimes.
As part of the territorial approach to banking crisis resolution, quite often the resolution regime is changed during a crisis.
As part of the territorial approach to banking crisis resolution, quite often the resolution regime is changed during a crisis.
The experience from the EU is broadly that MoUs on crisis management were of limited use during the crisis.
The experience from the EU is broadly that MoUs on crisis management were of limited use during the crisis.
Increased convergence is hence a challenging but important task.
Increased convergence is hence a challenging but important task.