Chapter 2 Financial markets

The published zero coupon yields are estimated values based on observed effective yields on Norwegian Treasury bills (zero coupon securities) and government bonds

2) Projections for 2003 are based on an exchange rate at the same level as the average for September until the end of the year and preliminary inflation and wage growth

2.26 P/E for US corporations; forward-looking for S&P 500, based on annualised quarterly earnings for national accounts data. P/E

Rising value denotes an appreciating currency. 3

Executive Board Sseptember 2003 Source: Statistics Norway3. 4.1 Numbers employed according

with a sight deposit rate of 4 per cent and import-weighted krone exchange rate equal to the average for 3-19 June.. Executive Board June 2003.

Year-on year rise, 4-quarter rise (estimate for supplier sector).. Executive Board

1.17 CPI forecasts for 2003 and the forecast spread Percentage change on previous year.. Executive Board