1. Norges Bank 11 Executive Board meeting 23 April 2008

2. Norges Bank 2 Sources: Statistics Norway and Norges Bank Baseline scenario MPR 1/08 with fan charts. Per cent Output gap CPI-ATE CPI 90% 70% 50% 30% Key policy rate

3. Norges Bank 3 Executive Board’s strategy The key policy rate should be in the interval 5%-6% in the period to the publication of the next Monetary Policy Report on 25 June, unless the Norwegian economy is exposed to major shocks. Monetary Policy Report 1/08

4. Norges Bank 44 Source: Statistics Norway Weighted median CPI-ATE 20 per cent trimmed mean CPI Inflation indicators 12-month change. Per cent. January 2002 – March 2008

5. Norges Bank 5 Jan 97/07 Jul 97/07Jan 98/08Jul 98/08 Domestically produced goods and services 1) Development since January 1997 and January 2007. 12-month change. Per cent 2007 1997 Sources: Statistics Norway and Norges Bank 1) Adjusted for tax changes and excluding energy products

6. Norges Bank 6 Unemployed Percentage of labour force. Seasonally adjusted. February 1983 – March 2008 Sources: Statistics Norway, Norwegian Labour and Welfare Administration (NAV) and Norges Bank Registered unemployed and on labour market programmes LFS unemployment Registered unemployed

7. Norges Bank 7 Households Enterprises House prices Property prices and credit Growth from same month/half-year previous year. Per cent. January 2002 ― March 2008 Credit Commercial property prices Sources: Norwegian Association of Real Estate Agents, Association of Real Estate Agency Firms, Finn.no, ECON Pöyry, Statistics Norway and Norges Bank

8. Norges Bank 8 Mainland GDP Basic values excluding energy production. Growth on previous quarter. Seasonally adjusted. Per cent. 06 Q1 – 08 Q2 Sources: Statistics Norway and Norges Bank

9. Norges Bank 9 Oil price (Brent Blend) in USD per barrel Futures prices (broken line) Price indices 1) for Norwegian exports in NOK 2001=100. Q1 2001 – Q1 2008 1) Norges Banks calculations are based on world market prices 21 April 08 Sources: Reuters (EcoWin), Statistics Norway and Norges Bank 10 March 08 (MPR 1/08)

10. Norges Bank 10 International commodity prices in SDR Index, week 1 2000 = 100. Week 1 2000 – Week 16 2008 Non-food agriculturals Food Industrials All items Metals Sources: Reuters (EcoWin), The Economist and Norges Bank

11. Norges Bank 11 Commodity prices, food In USD. Indices. 3 January 2006 = 100. 3 January 2006 – 21 April 2008 Soyabeans Wheat Coffee Maize Sources: Reuters (EcoWin)

12. Norges Bank 12 Sources: Consensus Economics, IMF and Norges Bank Projections for GDP growth in the US in 2008 August 2007 – April 2008 Goldman Sachs JP Morgan Morgan Stanley IMF Norges Bank Consensus Forecasts

13. Norges Bank 13 Consensus Forecasts Projections for GDP growth in the US in 2009 January 2008 – April 2008 Goldman Sachs JP Morgan Morgan Stanley IMF Norges Bank Sources: Consensus Economics, IMF and Norges Bank

14. Norges Bank 14 CPI/HICP 12-month change. January 1997 – March 2008 US Euro area Japan UK Sources: Reuters (EcoWin) and national statistics agencies

15. Norges Bank 15 China Consumer prices in BRIC countries 1) 12-month change. Per cent. January 2002 – March 2008 Brazil India 2) Russia 1) Brazil, Russia, India and China 2) Wholesale prices. 12-month change calculated on the basis of weekly figures. Sources: Thomson Reuters and Norges Bank

16. Norges Bank 16 Credit premiums on corporate bonds 1) Five-year maturity. In percentage points. 10 April 2002 – 21 April 2008 USA Europa Source: Reuters (EcoWin) 1) Bonds with a BBB rating.

17. Norges Bank 17 Difference between three-month money market rates and expected key rates 1) In percentage points. Historic (from 1 May 2007) and ahead (at 21 April 2008) Norway 2) US UK Euro area Sources: Bloomberg, Reuters and Norges Bank 1) The expected key rate is measured by the Overnight Indexed Swap (OIS). 2) Norges Bank’s estimates.

18. Norges Bank 18 Sources: Reuters and Norges Bank Key policy rates and forward rates 13 March and 21 April 2008 Norway US Euro area 21 April 2008 After previous monetary policy meeting (13 March 2008) UK

19. Norges Bank 19 Sources: Reuters and Norges Bank Market 21 April 2008 Key policy rate in the baseline scenario and estimated forward rates 1) Per cent 19 Market after MPR 1/08 (13 March 2008) Baseline scenario MPR 1/08 I) A credit risk premium and a technical difference of 0.20 percentage point have been deducted to ensure comparability with the key policy rate.

20. Norges Bank 20 Key policy rate, money market rate 1) and banks’ lending rate on new loans 2) In per cent. 3 May 2007 – 22 April 2008 Mortgage rate Money market rate Key rate 1) 3-month NIBOR 2) Interest rates on new mortgage loans for NOK 1 million within 60% of purchase price with floating interest rate. Figures for the 20 largest banks, weighted according to market share. Sources: Norsk familieøkonomi AS and Norges Bank

21. Norges Bank 21 21 April 2008 3-month interest rate differential and import-weighted exchange rate (I-44) 1) January 2002 – December 2011 21 April 2008 MPR 1/08 Weighted interest rate differential (left-hand scale) I-44 (right-hand scale) Sources: Reuters and Norges Bank 1) A rising curve denotes an appreciation of the krone.

22. Norges Bank 22 Real exchange rate Deviation from mean 1). 1970 – 2008 2). Per cent 1) Mean in the period 1970-2007. 2) Data for 2008 based on observations to 21 April Mean January - April 2008 Relative consumer prices Relative wage costs Sources: Statistics Norway, Technical Reporting Committee on Income Settlements, Ministry of Finance and Norges Bank

23. Norges Bank 23 Key policy rate Source: Norges Bank Strategy interval 1/05 3/04 2/05 3/05 1/06 2/06 3/06 2/07 1/07 3/07 MPR 1/08 1/08