Norway's economic star begins to lose its shine

Reuters: Just a year ago the government was worried the unemployment was too low, the housing market was overheating and it cut spending to cool the economy down.
The central bank, which had been promising rate hikes to cool the economy, last week delayed its first hike until the end of next year and said there was now a 50 percent chance its next move would be a cut.
The housing market has stagnated and bankruptcies rose by 31.9 percent in May from a year earlier. Mainland exports to Europe are down 2 percent in the first five months and manufacturing exports have fallen 13 percent.
Wage costs, up more than 60 percent since 2000, about six times more than in Germany or Sweden are adding to the pain while banking regulations, among the toughest on the continent, are also holding back lending.