Gjedrem at the Norwegian Parliament

In a speech to the Norwegian Parliament given on 1 December Svein Gjedrem of Norges Bank said in Norges Bank's assessment, the outlook for the internationally exposed sector is brighter today than a year ago because the rise in costs has slowed markedly. Gjedrem said the decrease in wage growth has been of great importance in allowing the central bank to reduce the key rate towards an international level. We expect inflation to pick up in the first half of 2004.

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