Norway faces a difficult year in 2015 as it must contend with the impact of dramatic falls in the oil price, Norges Bank warned in its annual report for 2014.

"The fall in oil prices through autumn amplified the decline in the petroleum sector. The decline will have ripple effects on the mainland economy and will probably push up the level of unemployment," the central bank said.

Consumption and investment look likely to fall, and the forecast for growth has been revised down. Meanwhile, the