for ships in the 1970s. the industry had resources and skills that could be reoriented to production of platforms and other inputs in the oil industry. companies in other industries have also seen the opportunities afforded by new technology or changes in operating conditions chart : employment shifts towards services norway ’ s industry is undergoing structural changes. in the past decades, the manufacturing industry has continued to decline, reflecting increased automation and relocation abroad. increased prosperity has generated more demand for both private and public services. employment has shifted towards the service sector. chart : high productivity in retail sales the service industry has reaped gains in the form of increased productivity through restructuring and adoption of new technology. the banking industry was among the first to do so. the retail trade sector has grown in recent decades without any notable increase in employment. productivity growth has been high. use of new technology and the shift away from private shops to chain stores have reduced distribution and administration costs. digital technology is now driving yet another shift, towards online shopping. in other areas, intermediaries are changing or disappearing. travel, cinema tickets and doctor appointments are bought or made online. government agencies, banks and insurance companies are offering more and more do - it - yourself online services. restructuring involves job losses, with potentially painful consequences for those affected. but over time labour is made available for employment in other better - paid jobs, generating gains in the form of cheaper goods and services. structural change is the basis for growth and welfare. monetary stability let me turn to the current situation and outlook for the norwegian economy. chart : stronger upturn in the norwegian economy in september 2018, norges bank raised the policy rate for the first time in seven years, reflecting the favourable developments in the norwegian economy. in march this year, the bank raised the policy rate further. the rate is now at 1 percent. growth in the norwegian economy has been solid since autumn 2016. employment has risen, and unemployment has declined. the global upturn, higher oil prices and low interest rates have contributed to pushing up growth. after falling sharply for several years, investment on the norwegian shelf and oil service exports expanded last year. a number of signs indicate that capacity utilisation has continued to rise in recent months. the number of employed persons as share of the working - age population has increased, and unemployment has drifted down further. there is also an increase in the number of enterprises reporting capacity constraints. chart : inflation has risen consumer price inflation has increased over the past year, partly

reflecting higher wage growth. tighter labour market conditions suggest that wage growth will increase further. the risk outlook is dominated in particular by the global developments mentioned. over the past 5 / 6 bis central bankers'speeches year, rising protectionism and political uncertainty have weighted on global growth. the uk ’ s relations with the eu have yet to be clarified. if trade tensions deepen, growth among trading partners may be lower than projected. at the same time, the krone may remain weak, if global uncertainty persist. the target for monetary policy is annual consumer price inflation of close to 2 percent over time. inflation targeting shall be forward - looking and flexible, so that it can contribute to high and stable output and employment and to countering the build - up of financial imbalances. at its meeting in march, the executive board noted that the monetary stance in norway is accommodative. underlying inflation is a little higher than the inflation target. capacity utilisation appears to be slightly above a normal level. the upturn in the norwegian economy is expected to continue, partly fuelled by strong pick - up in investment on the norwegian shelf in 2019. further out, lower growth abroad and a decline in petroleum investment will weigh on growth. chart : the executive board ’ s assessment and interest rate forecast the board decided at the meeting to raise the policy rate to 1 percent. the assessment of the outlook and the balance of risks suggested that the policy rate will most likely be increased further in the course of the next half - year. conclusion to wrap up, globalisation, digitalisation and structural changes are facets of the same long - term trend – we are in the midst of a technology - driven growth process that encompasses much of the world. it is easy to focus on the negatives, but we must also keep our eyes fixed on the big picture : never before have so many taken part in a journey with such a great leap in prosperity. but growth is unevenly distributed. the winners in global competition are reaping substantial rewards, while broad categories of wage earners in the traditional industrial economies have been left behind. the harmful effects of rising inequality must be taken seriously. we, the grownups, should also listen to the message sent from our youngsters. they demand that the world ’ s leaders take the climate threat seriously and put in place efficient climate policies. let ’ s hope that trends that now appear to be leading us in the wrong direction can change course. thank you