Page 12 of 19  18  19  20  Figure 7 Real imports and sales (*) (index, base 2014=100, deseasonalized)  a) Automobiles 180  180  New car sales  120  120  60  60  Imports  0  0 14  15  16  17  18  19  20  b) Electronic items and appliances 250 200 150 100 50 0  250 200 150 100 50 0  Sales Imports  14 15 16 c) Clothing and footwear 160 Sales 120 80 40 0 14 15 16  17  18  19  20 160 120 80 40 0  Imports 17  18  19  20  (*)CPI-deflated nominal imports of new cars, clothing and footwear, and electronics (including: home appliances, fax machines, audio equipment, and cell phones), as applicable. Imports of electronics and home appliances include cell phones, computers, television sets and home appliances. Sources: Central Bank of Chile and National Statistics Institute (INE). Figure 8 Changes in income and additional liquidity by quintiles, 2020 (miles de millones de dólares)  16 12  Labor income Transfers 2nd PF withdrawal Expenditures and credits  Other income 1st PF withdrawal Unemployment insurance Total  8 4  15.6  12  8  6.0 3.0  3.3  16  3.9 4  0  0  -4  -4 1st quintile  2nd quintile  3rd quintile  Source: Barrero et al. (2020).
Second, manufacturing costs have increased sharply since 1998. Up to the summer of 2000, this cost increase was to some extent offset by a weaker krone. The appreciation of the krone has highlighted and exacerbated the deterioration in cost competitiveness. On balance, it appears that cumulative wage growth in Norway will be a good 15 per cent higher than in other countries from 1998 to 2003. The krone is now about 7 per cent stronger than the average for the 1990s. BIS Review 51/2002  3  Third, as a result of the fiscal guideline, the internationally exposed sector is subject to additional pressure. Over time, the phasing in of petroleum revenues will lead to restructuring and the transfer of resources from the exposed to the sheltered sector. Fourth, the response patterns in stabilisation policy function in a different way from previously. Under the “Solidarity Alternative”, the response pattern consisted of countering labour market pressures and strong wage growth by reducing growth in public spending (or, if appropriate, by strengthening government revenues). This had a beneficial impact on manufacturing industry. Today, monetary policy shoulders more of the burden. This may sometimes result in a strong krone exchange rate. Fifth, growth in the global economy is sluggish while, at the same time, oil prices are high. The fall in share prices curbs economic growth among our trading partners. Markets for Norway’s export industries are stagnating, but at the same time high oil prices are providing a stimulus for some sectors of the Norwegian economy.