Category: norway
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Norway’s External Trade in Goods: Exports Decline, Imports Plummet in April 2023
The latest figures released by Statistics Norway reveal a decline in Norway’s exports and a significant drop in imports for the month of April 2023. The data highlights the ongoing challenges faced by the country’s trade sector amid changing global economic conditions. According to the report, Norway’s exports amounted to 153.6 billion NOK in April…
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Norwegian Marriages Increase by 30% in 2022: Divorces and Separations See a Decrease
According to the latest data released by Statistics Norway, the number of marriages in Norway has increased by 30% in 2022, as compared to the previous year. The increase is significant as it marks a reversal in the trend observed in recent years. The data shows that a total of 20,769 marriages were contracted in…
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Norway’s External Trade in Goods: Volume and Price Indices for Q1 2023, Including Changes in Import Prices on Food, Beverages, and Tobacco.
External trade in goods, indices of volume and price: Import prices of food, beverages, and tobacco increase by 6.1% in 1st quarter 2023 According to the latest update from the Swedish National Statistical Office, SCB, the import prices of food, beverages, and tobacco increased by 6.1% in the first quarter of 2023 compared to the…
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Norway’s Revised National Budget 2023 Proposes Increased Fiscal Deficit and Support for Ukraine
Norwegian Ministry of Finance has released selected key figures ahead of the launch of the Revised National Budget at 10:45 a.m. The ministry stated that the Norwegian economy is still high, despite the slowing growth, and employment and output are stronger than projected in the National Budget last year. Moreover, wage and price growth are…
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Norway’s Revised National Budget Prioritizes Healthcare, Police, and Refugees
In response to high inflation and the consequences of the war in Ukraine, the Norwegian government has released a revised budget that prioritizes crucial public services such as healthcare, police, and refugees. In uncertain times, the Norwegian economy is performing well compared to other European economies. While unemployment is still low and economic activity is…
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Norway boosts police budget in revised national budget, but challenges remain
The Norwegian government has strengthened the police budget in the revised national budget, but it still remains tight this year. The police department’s priorities, staffing, and resource allocation will be impacted, but to a lesser degree than previously feared. The funds from the revised budget are expected to ease the strain of the police department’s…
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Norwegian police to no longer wear uniforms at Pride parades for safety reasons
Police in Norway have announced that officers will no longer wear their uniforms during Pride parades. The decision was made to ensure the safety and predictability of the event, as police uniforms are only to be worn while on duty. It is important that there is no confusion over who is working and who is…
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Results of Blood and Urine Tests of Sick Youths at Halden Russetreff Revealed, Police to Close Investigation
Following the mysterious illnesses that occurred among young people during the Russ celebration at Fredriksten Festning in Halden on April 23, the police and healthcare professionals have received the results of the blood and urine tests that were conducted on the affected individuals. According to the East Police District, the blood samples were analyzed using…
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Oslo to host NATO Foreign Ministers Meeting in 2023
Norway is set to host the NATO Foreign Ministers Meeting in Oslo on May 31 and June 1, 2023. The Oslo Police District will be responsible for ensuring the necessary security measures to safeguard all participants and those involved in the meeting, while also ensuring the safety of the general public. The district has extensive…
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Norwegian Police Receive Hundreds of Unregistered Weapons During Amnesty
Since the introduction of the firearm amnesty on January 1st this year, Agder police district has received 565 unregistered firearms. Most of these were shotguns and rifles. The amnesty will run until June 1st, and police are urging individuals who possess such weapons to turn them in. If surrendered by the deadline, no charges will…
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Norway’s Consumer Price Index Shows 6.4% Increase in April 2022 – April 2023 Period
The Consumer Price Index for Norway increased by 6.4% from April 2022 to April 2023. The index for food and non-alcoholic beverages increased the most by 10.5%, while the index for health decreased by -0.1%. The CPI-ATE All-item index increased by 6.3%. The monthly change in the index ranged from -0.1% to 1.8% across different…
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Norway’s Price Index of First-Hand Domestic Sales for April 2023 Indicates Monthly Rise in Beverages and Tobacco
The Price index of first-hand domestic sales, updated as of May 10, 2023, shows that the total index increased by 0.4% from March 2023 to April 2023, with a current index of 168.1 (2015=1001). Among the product groups, food increased by 0.6%, while beverages and tobacco increased by 1.6%. On the other hand, chemicals and…
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Norway’s Producer Price Index Up 0.8% in April 2023, Led by Extraction and Related Services
The Producer Price Index for April 2023 shows a 0.8% increase in the overall index, with a 1.5% increase in Extraction and related services. The index for Energy goods increased by 1.4%, while the index for Electricity, gas and steam decreased by 1.0%. The Manufacturing, total index increased by 0.1%, with varying changes in selected…
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Norges Bank maintains countercyclical capital buffer rate at 2.5%
The Monetary Policy and Financial Stability Committee has decided to maintain the countercyclical capital buffer rate at 2.5%, according to the Financial Stability Report 2023 H1. The buffer is intended to strengthen banks’ solvency and mitigate the risk of banks amplifying an economic downturn. Despite the uncertainty surrounding future economic developments, creditworthy firms and households…
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Norges Bank Financial Stability Report: Norwegian banks well-positioned to handle market stress
Norwegian banks are well-prepared to deal with market stress and higher losses, according to the Financial Stability Report – 2023 H1 by Norges Bank. The report identifies key vulnerabilities and risks in the financial system, including high inflation, geopolitical tensions, and uncertainty in real estate market developments. While problems at some foreign banks have led…
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Export price of fresh salmon drops by 7.4% in one week
The export price of fresh salmon has decreased by 7.4% in the period of April 24th – April 30th, while the export quantity has increased by 7.6%. Additionally, Norway exported 266 tonnes of frozen salmon during this period.
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Norges Bank reports increase in foreign exchange reserves in Q1 2023
Norges Bank’s foreign exchange reserves increased by NOK 99.0bn in the first quarter of 2023, resulting in a market value of NOK 713.4bn. The bank’s aim for managing the foreign exchange reserves is to achieve the highest possible return within applicable risk limits. The reserves are divided into an equity portfolio, a fixed income portfolio,…
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Norges Bank Raises Policy Rate by 0.25 Percentage Point to Tackle High Inflation
Norges Bank has raised its policy rate by 0.25 percentage point to 3.25% to combat high inflation. Inflation in Norway is currently above the target of 2%, driven by high energy prices and rapidly rising prices of other goods and services. The bank aims to bring inflation back to the target while avoiding a slowdown…
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Norway to provide NOK 4.5 billion in civilian support and humanitarian aid to Ukraine
Norway has pledged to provide NOK 4.5 billion (EUR 378 million) to Ukraine under the Nansen Support Programme. The funds will be used for humanitarian aid, repairing and maintaining civilian infrastructure to provide Ukrainians with access to electricity and water, and civilian support for the Ukrainian government administration. Norway has committed to providing NOK 15…
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Cohort Study Shows Centralization of Youth Migration in Norway
A Norwegian cohort analysis has tracked young people from age 15 to 35 to determine their migration patterns. The proportion of permanent residents is lowest in less central municipalities, and those with higher education have a more centralizing moving pattern. Women have moved out of municipalities more than men but have also moved back more.…