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WORKING IN NORWAY

Which professions in Norway have seen the largest and smallest pay rises?

Average monthly wages in Norway grew last year by the biggest margin for over 20 years. Some professions have seen considerable bumps to their salaries, while others have missed out.

Pictured are people walking on Karl Johan Street in Oslo.
Wages in Norway rose by around six percent on average in 2023. Pictured are people walking on Karl Johan Street in Oslo. Photo by Drazen_ Getty Images

New figures have revealed that the average salary in Norway grew to 56,360 kroner during 2023.

The figures from national data agency Statistics Norway showed that wages grew by six percent between November 2022 and the same month last year.

The data agency said the substantial increase was the result of an equally potent rise in the cost of living in recent years.

“The growth in monthly wages is particularly affected by the fact that wage settlements in 2023 were better than in previous years and can be seen in the context of the strong price growth in recent years,” Håkon Grini at Statistics Norway said.

Another factor was the consistently large number of vacancies in Norway.

“A high level of vacancies shows a high demand for labour, which can give employers an incentive to increase wages to attract labour,” Grini said.

READ ALSO: How much money do you need to earn in Norway for a good life in 2024?

Women saw more significant wage increases than men in 2023, and the gender wage gap decreased slightly overall. An average woman’s salary amounted to 88.3 percent of a man’s monthly pay packet.

However, while wage increases were 6 percent on average across the board, a number of industries were left behind.

Auto mechanics (4.5 percent increase), car, taxi and van drivers (4.6 percent), store employees (4.7 percent), cooks (5.4 percent), care workers (5.4 percent), food production workers (5.4 percent), domestic workers such as cleaners (5.5 percent), and waiters (5.9 percent) were the professions to see the lowest monthly increase in wages when measured by kroner.

School assistants received a six percent increase, but were still included in the professions with the lowest increase in monthly earnings.

The ten occupations also earned significantly less than the average wage, with salaries ranging between 42,770 and 34,820 kroner. Overall these workers secured monthly wage rises of between 1,700 and 2,200 kroner. 

In many of the above professions, unionising is difficult, so workers in such sectors wouldn’t have benefitted from the improved terms of the collective bargaining agreement.

Medical specialists were the group to see the largest kroner increase in their monthly earnings. The pay packet of a specialist working in medicine grew by 7.3 percent or 6,990 kroner on average. A medical specialist’s average earnings was 102,270 kroner per month in 2023.

Teachers also received considerable salary increases last year. Preschool and kindergarten teachers secured an increase of around 9.4 percent on average. In kroner terms, this amounted to a raise of 4,080 kroner to a monthly salary of 47,670 kroner per month.

High school teachers (7.9 per cent) and primary school teachers (8.5 per cent) saw their monthly wages increase by more than 4,000 kroner per month last year, too.

Managers working in the building trade, administrative managers, senior case managers in public and private business, systems analysts and architects, managing directors and engineers were the other professions to see the most significant wage raises measured by kroner in 2023.

However, several of these workers saw monthly increases much lower than the national average when measured as a percentage increase. These were managing directors (3.8 percent), admin managers (4.8 percent), systems analysts and architects (5.2 percent) and construction and building industry managers (5.8) percent.

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ECONOMY

‘Turning point’: What the future holds for Norway’s economy

The standstill in Norway's economy may soon be at an end, according to a new report from Norway's national data agency. The agency isn't alone in its optimistic outlook, as the country's PM has said the country is at a 'turning point'.

'Turning point': What the future holds for Norway's economy

Norway’s economy should begin to pick up in the coming months and years after a period of stagnation, according to a national data agency, Statistics Norway, in a forecast on the Norwegian economy.

“With lower interest rates and clear wage growth, household consumption will increase. Economic activity will also pick up as a result of increased public consumption and an increase in housing investment,” said Thomas von Brasch, head of research at Statistics Norway.

The stagnation would likely continue for the rest of 2024 before picking up in 2025 and returning to a more neutral position in 2026.

“The standstill in the Norwegian economy is soon over,” von Brasch said.

After a period of high inflation, peaking at 7.5 percent in October 2022, price rises have begun to moderate. During this period, inflation in Norway was at its highest level since the 1980s.

This is good news for those hoping for lower interest rates, as the central bank had raised rates rapidly to try and control inflation and get it towards a target of two percent.

“Lower inflation at our trading partners will cause inflation here at home to continue to fall. Reduced interest rates internationally also contribute to the policy rate being gradually cut in Norway,” von Brasch said.

After the latest inflation figures for Norway were released, many economists predicted that the first cut would arrive around December. Between May 2023 and May 2024, inflation was measured at 3 percent.

READ ALSO: What Norway’s latest inflation figures mean for your finances

Market rates, the interest rates consumers pay, are expected to fall from around 4.7 percent this year, to 4 percent next year, and 3.5 percent the year after.

Norway’s PM, Jonas Gahr Støre, said the Norwegian economy was at a “turning point”, with the future looking much more positive for those in Norway.

“It is good news for people’s finances and clearly confirms that we are at a turning point in the economy where people can get better advice. Statistics Norway estimates that price growth will continue downward, so interest rates can eventually be lowered. They also expect increased purchasing power for people this year and in the following years. The government aims for people to get better advice,” PM Jonas Gahr Støre told Norwegian newswire NTB.

One factor that had the researchers at Statistics Norway more uncertain was the development of the Norwegian krone.

“The development in the krone exchange rate is important for inflation, among other things through import prices measured in Norwegian kroner. There is great uncertainty surrounding exchange rate movements,” the report read.

However, it added that keeping exchange rates the same in the coming years could be considered a positive development. This may disappoint those who have been negatively affected by a weakened krone.

Still, there was much better news when it comes to wages. Over the past eight years wages have barely grown in real terms, meaning price increases have outpaced wages. Workers in Norway can look forward to real wage increases of around 1.5 percent until 2027.

Unemployment would rise slightly in the coming years, though, from 4 percent currently to 4.2 percent in 2025.

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