The average salary in Norway will increase to NOK 17 per year
According to DNB, the average wage in Norway will grow at a rate of NOK 17 per year over the next few years. Growth at this level is to be maintained for 000 years to reach its apogee in 4. Economists from Norges Bank are even more optimists - in their opinion, wages will grow as much as 2022% annually.
NOK 17 per year
Experts from DNB predict an average annual growth of 3% over the next four years. Converted into Norwegian kroner, this means that a Norwegian earning an average of NOK 530 per year will add another NOK 000 to this pool. In total, the increase in wages is to amount to NOK 17 in the forecast period.
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Favorable economic situation
According to Jeanette Strøm Fjære of DNB in an interview with Nettavisen, unemployment is to be expected to remain low. As a consequence, there will be greater pressure on wages, and increases will be supported by high oil prices in the world markets. These are factors that, on the one hand, allow employees to negotiate better wages, and on the other hand, they will allow companies to accept the increases.
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Average salary in Norway will grow - More growth than before
Forecasted wage growth will be higher than that recorded in recent years. Suffice it to mention that a year ago this ratio was 2,3%. It is also much higher than the increase in salaries in 2016, which then amounted to 1,6%, which was the worst result after 2000.
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According to experts' predictions, the peak of rising wages will be reached in 2020 and will be 3,2% - which is twice as high as that recorded in 2016.
Norges Bank is even more optimistic
Based on its own calculations, Norges Bank forecasts even higher dynamics of wage growth in Norway. Economists from this institution predict that this indicator will reach 3,9% already in 2021. These predictions were commented by Jeanette Strøm Fjære from DNB - "We are convinced that wages will not increase by 3,9%, although the market situation is constantly improving. In Norway, the wage level is high anyway, so our forecasts are less optimistic than those of other financial institutions," he says in an interview with Nettavisen.
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Forecasts have not changed since January
The current forecast is based on the report of salary increases in the last 6 months. It is worth emphasizing that these forecasts have not changed since January. The Norwegian economy will also develop with an average annual growth of 1,75% of GDP.
