Norway's Economy

data, analysis and speculation about norway and its economy

Introduction

This is a website about Norway's economy, quite simply.

Norway is western Europe's largest petroleum producer, and the recent dramatic drop in oil prices has led to a period of economic realignment. This website is meant as as a source for data on this realignment in real time.

Suggestions and comments can be sent to my email address, johannes.mauritzen@bi.no.

data

Employment Data

Unemployment*, 1000s, by gender

Data Source: Statistics Norway

This measure does not include those that are not actively looking for work, including those on long term disability.

Employment, % of 25-74 year olds, by gender

Data source: Statistics Norway

What surprises me here is how little recovery there was in employment after the financial crisis. Norway never experienced a deep recession after 2008, but we never got back to the solid economic numbers we experienced prior to 2008 either. With starkly lower oil prices, employment is also starting to take

International Trade

Exports, millions NOK, with smooth

Data Source: Statistics Norway

Trade balance, millions NOK, with smooth

Data Source: Statistics Norway

Housing

Home prices, index, 2005=100

Data source: Statistics Norway

House price index, 1819-2014, 1912 = 100

Data source: Norges Bank

Data reference: Eitrheim, Ø. and S. Erlandsen (2004). "House price indices for Norway 1819-2003", 349-376, Chapter 9 in Eitrheim, Ø., J.T. Klovland and J.F. Qvigstad (eds.), Historical Monetary Statistics for Norway 1819-2003 Norges Bank Occasional Papers no. 35, Oslo, 2004.

This data gives a nice historical overview of the explosive growth in house prices in Norway - especially the last 20-30 years. The data is presented as an index set to 100 in 1912. On first look, the data might give a (false) impression that the most expensive real estate is in Kristiansand as opposed to the capital, Oslo. This is not the case. Instead, house price appreciation has been much higher in Kristiansand relative to what prices were in 1912. Oslo prices were already relatively pricey in 1912.

Building cost, growth % change, year-over-year

Data source: Statistics Norway

House price growth clearly outstrips the growth in building costs.

New housing starts, all Norway

Data source: Statistics Norway

New housing starts, by principality with major cities

Data source: Statistics Norway

Debt, Bankruptcies and Financial Indicators

Gross debt, by sector

Data source: Statistics Norway

Household debt, by source

Data source: Statistics Norway

Non-financial firm debt, by source

Data source: Statistics Norway

Number of bankruptcies

Data source: Statistics Norway

Interest and inflation rates

Interest rates

Data source: Norges Bank

Historical short-term interest rates

Data Source: Norges Bank

Data reference: Eitrheim, Ø. and J. T. Klovland (2007). "Short term interest rates in Norway1818-2007", 1–108, Eitrheim, Ø., O. H. Grytten and J. T. Klovland (2007), "Historical Monetary Statistics for Norway – some cross checks of the new data", 385–434, Eitrheim, Ø., J.T. Klovland and J.F. Qvigstad (eds.), Historical Monetary Statistics for Norway – Part II, Norges Bank Occasional Papers No. 38, Oslo, 2007

Historical inflation rate

Data Source: Norges Bank

Data reference: Eitrheim, Ø. and J. T. Klovland (2007). "Short term interest rates in Norway1818-2007", 1–108, Eitrheim, Ø., O. H. Grytten and J. T. Klovland (2007), "Historical Monetary Statistics for Norway – some cross checks of the new data", 385–434, Eitrheim, Ø., J.T. Klovland and J.F. Qvigstad (eds.), Historical Monetary Statistics for Norway – Part II, Norges Bank Occasional Papers No. 38, Oslo, 2007

Wages and Earnings

Wages by industry, long

Data source: Norges bank

Data reference: Grytten, Ola H. (2007), "Norwegian wages 1726–2006 classified by industry", 343–384, Chapter 6 in Eitrheim, Ø., J.T. Klovland and J.F. Qvigstad (eds.), Historical Monetary Statistics for Norway – Part II, Norges Bank Occasional Papers No. 38, Oslo, 2007

Household Wages by municipality

Data source: SSB

National Accounts

Gross Investment

Data sources: Statistics Norway

Exports

Data sources: Statistics Norway

Imports

Data sources: Statistics Norway

Household Consumption

Data sources: Statistics Norway

Public Sector Consumption

Data sources: Statistics Norway

Demographics

Change in population by county, 2010 - 2015

Data sources: Statistics Norway, Norwegian Mapping Authority

Population, by age group

Data source: Statistics Norway

Immigrant share of population, by origin

Data source: Statistics Norway

Net migration to principalities with major cities

Data source: Statistics Norway

Population, principalities with major cities

Data source: Statistics Norway

Percent immigrants, by municipality

Data source: Statistics Norway

Energy and Environment

Greenhouse gas emissions, 1000 tonne CO2 equivalent

Data sources: Statistics Norway

EU ETS carbon future prices, €/tonne, and yearly average coal prices $/tonne

Technically: ECX EUA Futures, Continuous Contract #3 (C3)

Data sources: ICE exchange, via Quandl and BP Statistical Review

Note the different x-axis in these two series. The point is that since 2008, both carbon and coal prices have been on the decline.

Electricity prices, EUR/MWh, actual and smoothed

Data source: Nord Pool Spot

Electricity consumption, MWh, actual and smoothed

Data source: Nord Pool Spot

Nordic wind power production, MWh, actual and smoothed

Data source: Nord Pool Spot

Net exchange, import(+), export(-)

Data source: Nord Pool Spot

Regional Economy

Trondheim housing market

Data source: Statistics Norway

Oil and Gas

Price of Brent Crude Oil

Data source: US Energy Information Agency

Oil and Gas production on the Norwegian Continental Shelf

Data source: Norwegian Petroleum Directorate

I include "production" of water here because it serves as an indicator of the age of fields and effort of getting out oil. Water injection is used to keep pressure up in the fields and lengthen their lifespans.

Investment in oil and gas fields

Data source: Norwegian Petroleum Directorate

The fall in production has been halted the last couple years, but at the cost of huge investments. The last data point here is 2013.

politics

Largest political party in 2015 local elections, by municipality

Data source: Statistics Norway

about

Contact me by email, johannes.mauritzen@bi.no.

My personal website can be found here

If you want to see how I made the charts using python and matplotlib, see the ipython notebook.