The companies in Norges Bank’s regional network report production growth since February. The oil suppliers, service and building and construction companies are the ones with the most increase.
The growth over the past three months is the highest since autumn 2012, says Norges Bank.
“The activity is increasing most among the oil suppliers, the service providers and within the building and construction industry, but has also increased in the retail trade. Higher oil investments, the purchase of technology-related services and large public investments contribute most to the upturn,” it says.
Companies also report an increase in capacity utilization and employment. The contacts in the network have upgraded the estimate for annual wage growth in 2019 to 3.2 percent.
In the future, companies expect production growth to remain high, and they are planning good growth in investments.
The information that Norges Bank receives from the regional network will help to form a basis for the Bank’s forecasts. These are presented in, among other things, the Monetary Policy Report, which is presented in connection with the monetary policy meetings.
© NTB Scanpix / #Norway Today