IMF Staff Country Reports

Norway: Staff Report for the 2003 Article IV Consultation

Publication Date:

April 2, 2004

Electronic Access:

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Summary:

In 2003, domestic and external factors in Norway slowed real GDP growth to an estimated 0.5 percent. With inflation pressures waning, Norges Bank cut interest rates aggressively. The non-oil fiscal position has deteriorated somewhat over the past two years, only partly reflecting the cycle. Discussions covered the short-term outlook and policy options, the monetary and fiscal policy frameworks, aging and long-term fiscal sustainability, and structural reform. The financial system has weathered the downturn, though with some weakening of profitability.

Series:

Country Report No. 2004/094

Subject:

Expenditure Fiscal policy Fiscal stance Inflation Inflation targeting Monetary policy Prices