Information about the state of the Norwegian economy is available earlier than information provided by official statistics, and it is useful to have closer contact with the labour market and business and industry throughout the country. According to the latest reports from the regional network, the situation in Region North-West is very favourable. Enterprises in the network report that employment is high and profitability is rising in tandem with the level of activity. This applies both to manufacturing for the domestic market and to the export industry. The construction industry will soon reach capacity limits. Enterprises in the region envisage a slight rise in prices in the period ahead. Inflation decelerated markedly from summer 2003 and continued to fall in the beginning of 2004. Consumer price inflation has subsequently picked up, albeit at a gentle pace. In September, the year-on-year rise in consumer prices adjusted for tax changes and excluding energy products (CPIATE) was 1.3 per cent. Adjusted for the interest rate’s direct effect on house rents, the year-on-year rise in the CPI-ATE is estimated at 1.5 per cent in September. The CPI rose by 2.0 per cent in the same period. 2/7  Prices for domestically produced goods and services rose by 2.0 per cent in the twelve months to September this year. Higher capacity utilisation is providing the basis for higher margins in some industries. Service prices, which showed little rise last year, have increased again this year.

One of the things economists like to focus on is return on investment. For the modest investment the Bank has made to develop EconoME - £ - we hope to reach over 130,000 young people directly by 2020, with a multiplier effect through word of mouth and social media. And we know that our efforts will complement and reinforce those of the PSHE Association, Young Money, Economist Educational Foundation, NowTeach, Speakers for Schools and many other initiatives that are improving mathematical and financial literacy and inspiring students to broaden their horizons. We know our contribution depends on the support of teachers and influencers. That’s why we’re so grateful for your help in informing, educating and inspiring your students. 4  One was along the lines of: if a litre of cola costs £ how much would a third of a litre cost? Around 60% of adults in England and Northern Ireland were able to answer this correctly (see Bhutoria et al, 2018). 5 Disney and Gathergood (2011). 6 ING – Economics Network (2017). 7 Haldane (2017). 5  All speeches are available online at www.bankofengland.co.uk/news/speeches  5  References Bhutoria, A., Jerrim, J. and Vignoles, A. 2018. “The financial skills of adults across the world. New estimates from PIAAC”, available at: https://johnjerrim.files.wordpress.com/2018/03/piaac_working_report_march_2018.docx. Disney, R. and Gathergood, J. 2011. “Financial literacy and indebtedness: New evidence for UK consumers”. Available at: https://www.nottingham.ac.uk/cfcm/documents/papers/11-05.pdf. Gathergood, J. 2013. “Personal debt and psychological health”, The New Palgrave Dictionary of Economics, Palgrave Macmillan. Haldane, A. 2017. “Everyday Economics”.