natgillin/translations-raw huggingface dataset:
Petroleum investment, favourable prices in important export markets and a strong upturn in the world economy have also contributed to solid growth in the Norwegian economy.
Økte oljeinvesteringer, gode priser i viktige eksportmarkeder og en sterk oppgang i verdensøkonomien har også bidratt til god vekst i norsk økonomi.
So far in the cyclical upturn, the mainland economy has grown by an average of close to 4 per cent annually.
Fastlandsøkonomien har så langt i konjunkturoppgangen i gjennomsnitt vokst med nær 4 prosent årlig.
Although the underlying rise in consumer prices has picked up from its trough two years ago, it remains moderate and well below the inflation target, even three years into this cyclical upturn.
Selv om den underliggende veksten i konsumprisene har tatt seg opp fra sitt laveste nivå for to år siden, er den fortsatt moderat og klart lavere enn inflasjonsmålet, selv tre år inn i denne konjunkturoppgangen.
The global economy is now in the strongest upturn since the early 1970s.
Verdensøkonomien er nå inne i sin sterkeste oppgang siden begynnelsen av 1970-tallet.
Growth in the US has been high for a long period, but has declined somewhat so far this year.
I USA har veksten vært høy lenge, men har avtatt noe hittil i år.
There are prospects that a weaker US housing market may lead to increased household saving and lower consumer demand.
Det er utsikter til at et svakere boligmarked i USA kan føre til økt sparing hos husholdningene og svekke forbruksetterspørselen.
The effect of these developments on the global economy will depend on the scale and timing of the correction.
Virkningen av dette på verdensøkonomien vil avhenge av styrken og tidsforløpet for korreksjonen.
International equity markets have stabilised following a turbulent period in May and have edged up through the summer.
Internasjonale aksjemarkeder har stabilisert seg etter en urolig periode i mai og hatt en liten oppgang gjennom sommeren.
Norges Bank's assessment is that global growth will abate somewhat from 2006 to 2007, but will remain solid.
Norges Banks vurdering er at veksten internasjonalt vil avta noe fra i år til neste år, men at veksten fortsatt vil være god.
However, many observers have pointed out that the risk of weaker developments may have increased somewhat recently.
Mange observatører har imidlertid pekt på at risikoen for en svakere utvikling kan ha økt noe den senere tiden.
Interest rates remain low among several of our trading partners, even though they have been raised so far this year in a number of countries as a result of rising energy prices and higher consumer price inflation.
Rentene er fortsatt lave hos flere av våre handelspartnere, selv om de hittil i år er blitt satt opp i flere land som følge av stigende energipriser og økt konsumprisvekst.
In the US, there are now expectations that the interest rate has peaked, and that it will be lowered in the course of summer 2007.
I USA er det forventninger om at rentetoppen er nådd, og at renten vil bli satt ned i løpet av neste sommer.
One risk factor is that inflation in the US and the euro area may be higher than expected.
En risikofaktor er at inflasjonen i USA og i euroområdet kan bli høyere enn ventet.
In the event, interest rates internationally are likely to rise more than the current outlook would imply and curb growth among our trading partners.
Da vil rentene ute trolig stige mer enn det nå er utsikter til og dempe veksten hos handelspartnerne.
In the past two years, oil prices have doubled, measured in USD.
I løpet av de siste to årene er oljeprisen doblet målt i amerikanske dollar.
With little spare production capacity, even minor disruptions in supply or demand can have a relatively strong impact on prices.
Med lite ledig produksjonskapasitet kan selv mindre forstyrrelser i tilbud eller etterspørsel gi forholdsvis store utslag i prisene.
It is likely that global growth will remain buoyant.
Det er utsikter til at veksten internasjonalt vil holde seg oppe.
This may contribute to keeping oil prices at a high level.
Dette vil kunne bidra til at oljeprisen blir værende på et høyt nivå.
Recently, oil prices have been around USD 70 per barrel.
Oljeprisen har i det siste vært rundt 70 dollar per fat.
Brent Blend futures prices have also climbed and indicate that oil prices will remain high for several years to come.
Terminprisene for nordsjøoljen Brent har også steget og indikerer at oljeprisen vil holde seg høy i flere år fremover.
Prices for a number of other commodities - including natural gas and some metals - have also risen sharply in recent years.
En rekke andre råvarer - blant annet naturgass og en rekke metaller - har også hatt en sterk prisvekst de siste årene.
So far, high oil prices have not led to slower growth in the world economy.
Så langt har ikke høy oljepris ført til at veksten i verdensøkonomien har avtatt.
However, there is a risk that rising or persistently high oil prices may gradually curb growth among important trading partners.
En risikofaktor er likevel at stigende eller vedvarende høy oljepris etter hvert kan dempe veksten hos viktige handelspartnere.
In its June Inflation Report, Norges Bank assumed that money market rates among our trading partners would rise gradually over the next three years.
Norges Bank har i inflasjonsrapporten fra juni lagt til grunn at pengemarkedsrentene hos våre handelspartnere øker gradvis de neste tre årene.
Given solid global growth, demand for goods and services from Norwegian export companies may remain at a high level.
Med god vekst internasjonalt vil etterspørselen rettet mot norske eksportbedrifter kunne holde seg oppe.
Production growth is now high in these industries and employment is rising after declining over several years.
I disse næringene er produksjonsveksten nå høy, og sysselsettingen vokser etter å ha falt i flere år.
Capacity utilisation in the Norwegian economy is now higher than normal.
Utnyttingen av kapasiteten i norsk økonomi er nå høyere enn normalt.
Strong global growth is supporting both high demand and favourable prices for the Norwegian export sector.
God vekst ute gir både høy etterspørsel og gode priser for norsk eksportsektor.
Although petroleum investment is likely to peak this year, prospects of persistently high oil prices will contribute to continued strong demand from the petroleum sector.
Selv om oljeinvesteringene trolig passerer toppen inneværende år, vil utsikter til et fortsatt høyt nivå på oljeprisen bidra til at etterspørselen fra petroleumssektoren holder seg sterk.
High oil prices also generate substantial central government revenues and there are prospects of strong growth in the Government Pension Fund - Global in the next few years.
Høy oljepris gir også store inntekter til staten, og det er utsikter til at Statens pensjonsfond - Utland vil vokse sterkt de nærmeste årene.
This means that spending in line with the fiscal rule will lead to an increase in the structural, non-oil central government budget deficit.
Det innebærer at en bruk i tråd med handlingsregelen fører til at det strukturelle, oljekorrigerte underskuddet på statsbudsjettet øker.
We assume that fiscal policy will provide some stimulus to aggregate demand and output in 2008 and 2009.
Vi legger til grunn at finanspolitikken vil gi en viss stimulans til samlet etterspørsel og produksjon i 2008 og 2009.
A gradual increase in the interest rate will curb demand growth after a period.
En gradvis økning av renten vil etter hvert dempe veksten i etterspørselen.
Household debt and house prices have increased markedly over many years to historically high levels.
Husholdningenes gjeld og boligpriser har vokst sterkt i mange år til historisk høye nivåer.
House prices may now seem somewhat high in relation to developments in income, interest rates, unemployment and housing construction.
Boligprisene kan nå synes noe høye sett i forhold til utviklingen i inntekter, renter, arbeidsledighet og nybygging.
The prospects of a gradual normalisation of interest rates may restrain credit growth and the rise in house prices.
Utsiktene til en gradvis normalisering av renten kan bidra til å dempe utviklingen i kreditt og boligpriser.
The interest burden is low, but will increase as interest rates rise.
Rentebelastningen er lav, men den vil øke etter hvert som renten stiger.
The Executive Board's assessment in Inflation Report 2/06 was that the interest rate may gradually - in small, not too frequent steps - be brought back to a more normal level, and that the sight deposit rate should be in the interval 2¾ - 3¾ per cent in the period to the publication of the next Inflation Report on 1 November, conditional on economic developments that are broadly in line with the projections.
Hovedstyrets vurdering i Inflasjonsrapport 2/06 var at renten gradvis - i små og ikke hyppige skritt - kan bringes tilbake til et mer normalt nivå, og at foliorenten bør ligge i intervallet 2¾ - 3¾ prosent fram til neste inflasjonsrapport legges fram 1. november, betinget av at den økonomiske utviklingen blir om lag som anslått.
In the first half of 2006, the interest rate was increased in two increments of 0.25 percentage point, and the Inflation Report announced that there were prospects that the interest rate would rise further at approximately the same pace.
I første halvår var renten blitt økt to ganger med 0,25 prosentenheter, og i inflasjonsrapporten ble det uttalt at det var utsikter til at renten ville øke videre i om lag samme takt.
As a basis for the decision, it was pointed out that capacity constraints and a shortage of skilled labour are posing a mounting challenge to a number of industries.
Som grunnlag for beslutningen ble det pekt på at kapasitetsskranker og mangel på kvalifisert arbeidskraft utgjør en stadig større utfordring i flere virksomheter.
At the same time, underlying consumer price inflation remains low.
Men den underliggende konsumprisveksten er fortsatt lav.
Different indicators of underlying inflation range from just under 1 per cent to close to 1¾ per cent, and energy prices are rising sharply.
Ulike indikatorer på underliggende prisvekst ligger fra knapt 1 prosent til opp mot 1¾ prosent, og det er sterk vekst i energiprisene.
The Executive Board pointed out that the objective of bringing inflation back towards the target and anchoring inflation expectations implies a continued expansionary monetary policy.
Hovedstyret pekte på at hensynet til å bringe inflasjonen tilbake mot målet og forankre inflasjonsforventningene tilsier en fortsatt ekspansiv pengepolitikk.
Norges Bank will continuously assess the effects of changes in interest rates and other new information concerning economic developments.
Norges Bank vil løpende vurdere virkningene av renteendringer og annen ny informasjon om den økonomiske utviklingen.
Charts in pdf-format (322 kB)
Figurer i pdf-format (135 kB)
3Svensson, L.E.O. (2005): "Further developments of inflation targeting".
3Svensson, L.E.O.
Memo to Sveriges Riksbank's conference: "Inflation targeting: implementation, communication and effectiveness"10 - 12.
(2005): "Further developments of inflation targeting" Notat til Sveriges Riksbanks konferanse: "Inflation targeting: implementation, communication and effectiveness" 10.
June 2005 20
- 12. juni 2005
Svein Gjedrem, Governor of Norges Bank
Svein Gjedrem, Governor of Norges Bank
Introductory statement to panel discussion in Singapore on "Problems of Plenty?
Introductory statement to panel discussion in Singapore on "Problems of Plenty?
We have a large amount of money under management.
We have a large amount of money under management.
Our foreign reserves are probably larger than needed for financial stability and monetary policy operations.
Our foreign reserves are probably larger than needed for financial stability and monetary policy operations.
But the most important fund is the Government Pension Fund, formerly the Petroleum Fund.
But the most important fund is the Government Pension Fund, formerly the Petroleum Fund.
The government receives the bulk of the revenues generated from petroleum extraction as sales revenues and taxes.
The government receives the bulk of the revenues generated from petroleum extraction as sales revenues and taxes.
The government channels these revenues into the Pension Fund as financial assets.
The government channels these revenues into the Pension Fund as financial assets.
Our challenge was to build a business organisation within a traditional civil service culture.
Our challenge was to build a business organisation within a traditional civil service culture.
The new unit recruited investment professionals from outside the Bank as well as people from the existing reserve management operations.
The new unit recruited investment professionals from outside the Bank as well as people from the existing reserve management operations.
The current asset allocation is thus effectively the same for both funds.
The current asset allocation is thus effectively the same for both funds.
At present they have 40 per cent in equities and 60 per cent in fixed income.
At present they have 40 per cent in equities and 60 per cent in fixed income.
The investments are widely diversified across international markets.
The investments are widely diversified across international markets.
The strategy is currently under review by the Ministry of Finance, and there may be changes under way.
The strategy is currently under review by the Ministry of Finance, and there may be changes under way.
The management of the Pension Fund is delegated to Norges Bank.
The management of the Pension Fund is delegated to Norges Bank.
The key feature of the model is the division of responsibilities between the two institutions.
The key feature of the model is the division of responsibilities between the two institutions.
The benchmark portfolio for the Fund is defined by the Ministry.
The benchmark portfolio for the Fund is defined by the Ministry.
Active management has become a very important part of our investment operations.
Active management has become a very important part of our investment operations.
We have tried to build an organisation where the focus is on investment returns.
We have tried to build an organisation where the focus is on investment returns.
In order to keep that focus we have tried to implement three basic principles:
In order to keep that focus we have tried to implement three basic principles:
Accountability for decisions is clearly defined
Accountability for decisions is clearly defined
There is transparency, nothing can be hidden away
There is transparency, nothing can be hidden away
The professional standards required for employees are very high
The professional standards required for employees are very high
A compliance function checks that no one operates outside the mandate.
A compliance function checks that no one operates outside the mandate.
For external managers we apply the same principle: Hiring an external manager is an investment decision, and someone inside NBIM is held responsible for it.
For external managers we apply the same principle: Hiring an external manager is an investment decision, and someone inside NBIM is held responsible for it.
The salary system is different from the rest of the central bank.
The salary system is different from the rest of the central bank.
Salaries have two components, a basic salary and a performance-based component.
Salaries have two components, a basic salary and a performance-based component.
The criteria used are designed to be transparent with little room for subjective judgement.
The criteria used are designed to be transparent with little room for subjective judgement.
I believe that our experience so far has been positive.
I believe that our experience so far has been positive.
On average, NBIM has earned exactly half a percentage point higher return per year than the benchmark portfolio.
On average, NBIM has earned exactly half a percentage point higher return per year than the benchmark portfolio.
In nominal terms, that adds up to somewhere between USD 4 and 5 billion in extra earnings since 1998.
In nominal terms, that adds up to somewhere between USD 4 and 5 billion in extra earnings since 1998.
In this introduction I have touched on what I believe are important factors behind the performance of NBIM.
In this introduction I have touched on what I believe are important factors behind the performance of NBIM.
At the same time the existing structures may benefit from having a business unit within the central bank.
At the same time the existing structures may benefit from having a business unit within the central bank.
Charts in pdf-format (35 kB)
Charts in pdf-format (35 kB)
Series: Annual Report Number: 2005
Serie: Årsmelding Nummer: 2005
As from July, Norges Bank will resume daily purchases of foreign currency on behalf of the Government Petroleum Fund.
Norges Bank vil fra juli gjenoppta daglige kjøp av valuta til petroleumsfondet.
The daily foreign currency purchases for July have been set at NOK 300 million.
For juli er de daglige valutakjøp fastsatt til 300 millioner kroner.
The background is that the rise in the oil price has increased the need for allocations to the Government Petroleum Fund.
Bakgrunnen er at økningen i oljeprisen har økt behovet for avsetninger til Statens petroleumsfond.
Allocations to the Petroleum Fund will be covered partly by transfers of foreign exchange revenues from the State's Direct Financial Interest in petroleum activities (SDFI) and partly by Norges Bank's currency purchases in the foreign exchange market.
Avsetningen til petroleumsfondet dekkes dels ved overføring av valutainntekter fra Statens direkte økonomiske engasjement i oljevirksomheten (SDØE) og dels ved Norges Banks kjøp av valuta i markedet.
Adjustments will be made for any revisions of estimates for the previous month.
Det justeres for eventuelle revisjoner av anslagene for foregående måned.
As a result, the daily purchases may vary somewhat from one month to the next.
Dette medfører at de daglige kjøp kan variere en del fra måned til måned.
The daily foreign currency purchases will be fixed for a period of one month at a time.
De daglige valutakjøpene blir fastsatt for en måned av gangen.
Any exchange market purchases will be announced on the last business day of the preceding month.
Eventuelle kjøp i markedet kunngjøres siste virkedag måneden før.
Series: Annual Report Number: 2004
Serie: Årsmelding Nummer: 2004
Series: Annual Report Number: 2002
Serie: Årsmelding Nummer: 2002
Series: Annual Report Number: 2001
Serie: Årsmelding Nummer: 2001
Series: Annual Report Number: 2000
Serie: Årsmelding Nummer: 2000
Series: Annual Report Number: 1999
Serie: Årsmelding Nummer: 1999
Series: Annual Report Number: 1998
Serie: Årsmelding Nummer: 1998
Report and accounts 1998 (PDF 2.0 Mb)
Beretning og regnskap 1998 (PDF 3,1 Mb)
Financial Stability 1/06 (PDF 2.7 Mb)
Finansiell stabilitet 1/2006 (PDF 1,6 Mb)
Charts in PowerPoint.
Figurer i PowerPoint.
Store the file, call it up in PowerPoint, and then double-click on individual charts in order to gain access to the underlying data.
Hvis du lagrer filen og henter den inn i PowerPoint kan du ved å dobbeltklikke på figurene få frem tallene bak figurene.
Financial Stability 2/05 (PDF 5.3 Mb)
Finansiell stabilitet 2/2005 (PDF 4,8 Mb)
(5 Mb)
(4 897 kB)
Financial Stability 1/05 (PDF 1.3 Mb)
Finansiell stabilitet 1/2005 (PDF 1,3 Mb)
(1 751 kB)
(1 685 kB)
Tables in Excel-format (103 kB)
Excel-tabeller (101 kB)
The cut-off date for this report was 23 May 2005
Redaksjonen avsluttet per 23. mai 2005
Financial Stability 2/04 (PDF 3.7 Mb)
Finansiell stabilitet 2/2004 (PDF 1,2 Mb)
Tables in Excel-format
Excel-tabeller
The cut-off date for this report was 23 November 2004.
Redaksjonen avsluttet per 23. november 2004
Interest rates were left unchanged at Norges Bank's Executive Board meeting today.
Det ble ikke fattet vedtak om å endre renten på Norges Banks hovedstyremøte i dag.
Norges Bank's operational conduct of monetary policy is oriented towards low and stable inflation.
Norges Banks operative gjennomføring av pengepolitikken rettes inn mot lav og stabil inflasjon.
The operational objective is annual consumer price inflation of approximately 2.5 per cent over time.
Det operative målet for pengepolitikken er en årsvekst i konsumprisene som over tid er nær 2,5 prosent.
Previous assessments Interest rates were left unchanged at Norges Bank's Executive Board meeting on 26 May 2004.
Tidligere vurderinger Det ble ikke fattet vedtak om å endre renten på Norges Banks hovedstyremøte 26. mai 2004.
It was also stated that "with a sight deposit rate of 1.75 per cent at present, the probability that inflation two years ahead will be lower than 2½ per cent is greater than the probability that it will be higher".
Samtidig ble det uttrykt at "med en foliorente nå på 1,75 prosent er det mer sannsynlig at inflasjonen på to års sikt blir lavere enn 2½ prosent enn at den blir høyere".
The interest rate was last changed on 11 March 2004, when it was reduced by 0.25 percentage point.
Renten ble sist vedtatt endret 11. mars 2004, da den ble satt ned med 0,25 prosentenhet.
Economic developments The Executive Board has placed particular emphasis on the following factors:
Den økonomiske utviklingen Hovedstyret legger særlig vekt på:
The global cyclical upturn has gained a firmer footing.
Konjunkturoppgangen internasjonalt har fått bedre feste.
In recent months, growth has also picked up in several euro area countries.
De siste månedene har veksten tiltatt også i flere av eurolandene.
However, the outlook for wage growth points to continued moderate inflation.
Utsiktene for lønnsveksten peker derimot i retning av fortsatt moderat prisvekst.
Financial market expectations imply a gradual rise in interest rates in several countries in the period ahead.
I finansmarkedene er det forventninger om gradvise renteøkninger i flere land i tiden fremover.
Inflation in Norway is low.
Prisveksten i Norge er lav.
The year-on-year rise in consumer prices adjusted for tax changes and excluding energy products (CPI-ATE) was 0.1 per cent in May 2004.
Veksten i konsumprisene justert for avgifter og energivarer (KPI-JAE) var 0,1 prosent fra mai i fjor til mai i år.
The rise was 1.6 per cent1 for the last three months, annualised.
Siste tre måneder var vekstraten 1,6 prosent1, regnet som årlig rate.
Developments in recent months have been broadly in line with the projections in the March Inflation Report.
Utviklingen de siste månedene har vært om lag som anslått i forrige inflasjonsrapport.
The krone exchange rate, measured by a broad index (I-44), appreciated markedly from mid-February to the beginning of May.
Kronekursen, målt ved en bred indeks (I44) styrket seg markert fra midten av februar og fram til første del av mai.
The krone has varied somewhat and has depreciated by about 2½ per cent since the previous monetary policy meeting.
Siden forrige rentemøte har kronen variert noe og er nå om lag 2½ prosent svakere.
Interest rate expectations in Norway increased during the spring.
Renteforventningene i Norge har økt i løpet av våren.
Market expectations seem to indicate an interest rate increase of ¼ percentage point towards the end of 2004.
Markedsaktørene ser nå ut til å vente en renteøkning på ¼ prosentpoeng mot slutten av 2004.
This implies a key rate of about 2 per cent at the end of the year.
Det innebærer en styringsrente på rundt 2 prosent ved utgangen av året.
Growth in the Norwegian economy slowed in 2002 and was low in the first half of 2003.
Veksten i norsk økonomi avtok i 2002 og var lav i første halvdel av 2003.
Activity has picked up since then.
Siden har aktiviteten tatt seg opp.
Growth in household borrowing is high.
Låneveksten til husholdningene er høy.
Housing investment has started to rise again.
Boliginvesteringene har begynt å øke igjen.
Low inflation has led to solid growth in real wages, in spite of relatively low nominal pay increases in this year's wage settlement.
Lav prisvekst har ført til god vekst i reallønningene, til tross for relativt lave nominelle tillegg i årets lønnsoppgjør.
Private consumption is exhibiting brisk growth.
Det er sterk vekst i privat konsum.
There are some signs of a pick-up in mainland business investment.
Det er visse tegn til at fastlandsbedriftenes investeringer tar seg opp.