Since a lot of people in northern Norway are employed in public sector, the effect of the financial crisis will be less critical in this region than in other regions. That is one of the conclusions presented by the chief executive of northern Norway’s largest bank, who this week presented its annual report on the economic situation in the three northernmost counties of Norway.
– It is the economy of each and every household which is the driving force in the economy in this region and there is no reason to have a pessimistic view on the future, says Hans Olav Karde to NRK.
However, there are some dark clouds in the economic horizon also for northern Norway. There has been a huge growth in the construction industry. With recession times ahead, there will probably be some unemployment in this sector.
A lot of the industry in this part of Norway is also occupied with export of raw materials. With sinking prices on raw materials this will also affect the present financial situation in this region, says Karde. Both the fish industry and the mining industry will be affected if the price level of raw materials go down.
