Norges Bank's trading partner aggregate revised to include more emerging economies
- Bjørnar K. Slettvåg
- Staff Memo
Emerging economies play an increasingly important role in the world economy and account for a growing share of Norway's trading partners. They are also of indirect importance for the Norwegian economy, for example as demanders of oil and other commodities. We provide an overview of developments in emerging economies. We look at their importance for global growth and trade, as trading partners for Norway and as oil consumers. As from the June 2013 Monetary Policy Report, a larger number of emerging economies will be included in Norges Bank's trading partner aggregate. As well as China, Poland and Thailand, new additions to the aggregate will include Brazil India, Indonesia, Turkey and Russia. The countries that are now being included are among the largest contributors to world GDP and commodity demand in recent years. Russia, Brazil and Turkey are also among the largest non-European importers of Norwegian goods and services.
Staff Memos present reports and documentation written by staff members and affiliates of Norges Bank, the central bank of Norway. Views and conclusions expressed in Staff Memos should not be taken to represent the views of Norges Bank.
ISSN 1504-2596 (online)