Regional network: Growth slows completely – OBI Online

Total reported contacts in Norges Bank regional network that production level has remained unchanged over the past three months. Companies expect that activity will remain at roughly the same level over the next half year.

It is clear from the regional network sixteenth report, Norges Bank presented Tuesday.

The same was reported in the previous round in October. There are still household services and traditional export industries are reporting the highest growth, while oil suppliers are reporting the strongest decline in production. Contacts expect approximately unchanged production levels over the next six months. Envisage continued falling demand from the oil industry, but expects that the demand from the public sector will increase further.

Capacity utilization in enterprises has declined further from lows. Companies report a good supply of labor. Contacts report that employment has fallen somewhat, and they expect that employment will decline somewhat further in the next three months. The overall annual wage growth this year is estimated at 2.4 percent, in line with the estimate in the previous round.

337 contact enterprises reported this time. Interviews were mostly conducted in February.

Completely flat indicator

Network indicator production growth estimates next six months is 0.11 to -0.01 at the previous update

the figure for the last three months fell from 0.02 to 0.00.

the index ranges from -5 to +5, where -5 indicates a large fall and +5 indicates strong growth.

seals clean fate?

– the network will be central to the design of the new

interest rate path, and has proven to be a very good indicator of the rate of growth in the Norwegian economy. The last survey was taken in November, indicating close to zero growth in the economy then. It turned out to vote very well with the national accounts for the 4th quarter, which came in February, wrote the chief economist Kjetil Olsen in today’s morning report from Nordea Markets.

– Previous study suggested also close to zero growth over the next six months. We have no reason to believe that the current investigation should show a considerably different picture. We await an indicator value of 0.1, which represents a 0.05 percent growth on a quarterly basis. It would then be marginally below the growth forecast for Norges Bank, concluded Olsen.

The central bank’s forecast was for 0.15 percent growth on a quarterly basis.

Krone Expansion

krone gained immediately after the report about two cents against the euro and traded in writing for almost exactly 9.40 million.

The effect against the dollar is about the same, and writing traded a dollar for 8.52 million.