Norges Bank - Annual Report 2003

The central bank of Norway, Norges Bank, has published its Annual Report for the year ended 2003. The international growth outlook deteriorated through the first half of 2003. Developments in the Norwegian economy were also weaker than projected earlier, the report says. Even though the krone had depreciated somewhat, profitability in the business sector was still weak. But towards the end of summer and through autumn, there were signs that the monetary policy easing was beginning to have an

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