But interest rates should have been higher considering the good economic growth and almost full employment in Norway, according to Nordea Bank’s “Economic Outlook” report.
The bank’s macro economists talking to TV2 verifies that the report aligns with the projections for growth in Norway, but takes down the growth projections for the Euro zone.
– It’s not just the strong growth in oil investments that contribute to economic growth in Norway. Also increased growth in investments in energy supply, housing and service industries pull up the gross national product. Surprising employment growth has also contributes positively, writes Nordea.
The sharp increase in the workforce will prevent a significant fall in unemployment and inflation will remain low for the following two years, writes Nordea.
Nordea economists also believe that global growth will improve in 2013 and the other countries will probably increase the interest rates. Thus, the banks can begin raising interest rates carefully and the interest rate in Norway should be higher.