Optimism back in the industries of Western Norway

oil industry climateOil industry.Photo: pixabay.com

Business executives in Western Norway are once again optimistic about the future. Spearheaded by Rogaland, the companies report about positive development last quarter.

The oil heavy province reported an equally positive development as the other parts of the region, according to the so-called West Coast Index, which is compiled by Sparebanken Vest in collaboration with Respons Analyse.

We can say that all indicators are now positive for the oil province, and there is a sharp decline in the number of businesses there expecting to downsize the next six months, says CEO for business affairs in Sparebanken Vest, Ragnhild Janbu Fresvik.

The survey, carried out among 700 business leaders, now show improvement for demand, investment, employment and profitability.

The proportion of businesses that anticipate a positive trend in demand over the next six months has increased by 15 percentage points to 61 percent compared with one year ago.

Previously, the index showed that west coast based companies have been reluctant to invest, but are now increasing investments. One third of the companies wish to increase investments next six months.

 

Source: NTB scanpix / Norway Today

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