Expects real wage growth
Statistics Norway (SSB) has presented new forecasts for the Norwegian economy in 2025. Here, prices are expected to rise somewhat less than wages to increase.
"In that case, this will result in real wage growth for most of us," says NITO's head of negotiations, Knut Aarbakke.
According to Statistics Norway, the consumer price index will increase by 2.7% next year, while wages will increase by 4.3% on average. In addition to the fact that real wage growth is expected for most people this year as well, this means two positive years after a decade in which wages have not risen more than prices.
"However, it is important to remember that these are average figures for the whole of Norwegian working life, and many NITO members have had real wage growth for most of these years," Knut Aarbakke points out.
Predicts five interest rate cuts
Statistics Norway predicts five interest rate cuts from Norges Bank through 2025, so that the average interest rate will be half a percent lower than this year.
"For people with mortgages, this is good news, and together with real wage growth, this will mean quite a strong increase in purchasing power for many, if the forecasts are correct.
Knut Aarbakke, Head of Negotiations at NITO
A slight increase in unemployment is expected, but NITO's own figures show that unemployment is very low among engineers and technologists.
"We expect this to continue in 2025, as we continue to see high demand for our members in large parts of the labour market," concludes NITO's head of negotiations.