"Growth among our trading partners is weak and interest rates abroad are very low. Inflation in Norway is low. Against this background, the key policy rate is left unchanged at 1.5 percent," says Deputy Governor Jan F. Qvigstad.

There is still considerable uncertainty surrounding global economic developments. Activity in the euro area may continue to recede into next year. Interest rates abroad have edged down further. On the other hand, credit risk premiums have declined and euro area countries have agreed on actions that may improve the situation in Europe.

The Norwegian economy is growing at a solid pace. Unemployment is low and capacity utilisation is above a normal level. Since the previous monetary policy meeting, developments have been broadly in line with the projections in the October 2012 Monetary Policy Report.

"Developments in the Norwegian economy give reason to believe that inflation will gradually pick up. This suggests that the key policy rate can be raised further out," says the Deputy Governor.

For further information, see "The Executive Board's monetary policy decision – background and general assessment" and "The Executive Board's assessment" in the October 2012 Monetary Policy Report.

• Charts and background material