The state Central Bureau of Statistics (Statistisk sentralbyraa, SSB) released figures on Thursday indicating a rise in the business cycle next year. Growth is expected to continue throughout the year, tapering off slightly in 2005 and 2006, predict bureau economists.
Strong growth in oil investments during the past year and major cuts in interest rates are among the most important factors fuelling the improvement.
SSB believes the country's unemployment rate will slowly decline, from 4.5 per cent this year to 3.9 per cent by 2006.
Economic production on the mainland (excluding North Sea oil operations) is expected to rise 3.6 per cent in 2004, 2.9 per cent in 2005 and 2.6 per cent in 2006, according to SSB.
Private consumption, meanwhile, is expected to rise 5 per cent next year and around 4.5 per cent in the following years.
