It has since picked up again. When population growth is taken into account, this picture also changes. Growth in fixed capital per capita has declined and is close to zero, even after three years of low interest rates and solid growth in the economy. Investment in the mainland economy has been at a low level in the years following the financial crisis. Thus, our overall value added per capita has increasingly been spent on consumption and on replacing existing fixed capital. Chart 18: High growth in labour-intensive sectors The phasing-in of a highly profitable oil industry and higher petroleum revenue spending via the central government budget has amplified the structural shifts in the Norwegian economy. Services production has increased. When the financial crisis hit, industries that do not benefit from oil sector demand or public spending stagnated. The differences in growth across industries has thus widened since 2008. Labour-intensive sectors with relatively low productivity have accounted for a large share of employment growth in recent years. Employment has shown only moderate growth in industries with a high share of fixed capital per employee and a high productivity level, such as manufacturing and technical activities. Chart 19: Public purchases of goods and services Budget spending priorities have pushed in the same direction. In the past 40 years, public consumption as a share of mainland GDP has increased considerably from 18 percent in 1970 to 28 percent in 2011. In the same period, the share of investment has remained virtually unchanged.
News conference on new banknotes  Berne, 3 September 2019 Fritz Zurbrügg  Introductory remarks by Fritz Zurbrügg  Ladies and gentlemen I am very pleased to welcome you to our presentation of the new 100-franc note, the last denomination of the ninth banknote series to be issued. To mark the final milestone in this challenging project, as well as inviting the media we also have some guests here who were heavily involved in developing and producing the new banknote series. It gives me great pleasure to welcome representatives from our suppliers Orell Füssli, Landqart, Sicpa and Kurz. I am going to start by unveiling the hotly anticipated 100-franc note, before showing you the full series, with all six denominations together for the first time. My colleague Thomas Jordan will then review the issuance process for the entire new series, before looking to the future. After that, we will take your questions on the new 100-franc note, and the ninth series in general. We do of course have all the denominations here with us, so that you can take photos of both the 100-franc note and the entire series. Finally, we will round off today’s event with a drinks reception, to which you are all warmly invited. But let’s start by unveiling the last denomination in the new banknote series. Voilà, the new 100-franc note. I’ll now take you through the details of the new note. Like its predecessor, the new 100-franc note is blue.