1990=100 140  140  Norway  130  130  120  120  US  110  100  100  90 1990  110  1992  1994  1996  1998  2000  90 2002  1)Business sector 2)Mainland Norway excl public sector Source: Bureau of Labor Statistics and Norges Bank SG 240802  Business productivity growth has been high throughout the 1990s. The chart shows development of productivity per working hour in Norway and the US. Unfortunately, I don’t have comparable figures for the other Nordic countries. I do, however, believe that they all, with the possible exception of Iceland, have had stronger productivity growth than the US over the period. BIS Review 70/2002  1  Government employment and revenues. Per cent of total employment and GDP 2001  Government employment  40  Denmark  30  Norway Sweden  Finland  20  Iceland US  10  0 0  10  20  30  40  50  60  70  Current tax and non-tax receipts Source: OECD SG 240802  Most Nordic countries have large public sectors, reflecting the fact that many services such as health and education are produced within the public sector. This is especially the case in Denmark, Norway and Sweden. General government financial balance and current account balance. Per cent of GDP.
Investments – all portfolio investments - are spread between equities and fixed income instruments, as well as across countries. Approximately 29 per cent of the fund is invested directly in the US stock market and in dollar-denominated bonds. The size of the fund has increased rapidly over the last few years, and will reach approximately 90 per cent of GDP by the end of this decade, according to estimates from the Ministry of Finance. This implies further investments of considerable amounts, also in the US market. While the US economy has always been an important trading partner, our investments abroad and the globalisation of the financial system will further increase our interest in the US economy in the years ahead. The links, already important, will expand further. 6  BIS Review 70/2002