NHO: The worst is over for the Norwegian economy

Chief Economist at DNB market Øystein DørumChief Economist at DNB market Øystein Dørum.Photo: Terje Bendiksby / NTB scanpix

NHO’s newly appointed chief economist Øystein Dørum is very optimistic about Norwegian economy and business. He says several indicators suggest that the worst is done.

A bankruptcy statistics compiled for Aftenposten shows a clear decline in bankruptcies in the last two months of last year.

– It is gratifying that the number of bankruptcies fall for the second consecutive month, and the numbers may indicate that the arrows are reversed in the Norwegian economy, says Frode Berg, manager of Experian, the company that created the outline.

He would still not establish that the figures herald a lasting change for the better.

Dørum says the mood among NHO’s member companies is changed and that they are more positive about the future. He cites several possible factors, such as use of petroleum revenues, less decline in oil investment, a purely driven boost in residential construction and a moderate wage.

– Wage settlements, together with weakening of the krone contributed to the improvement in competitiveness that has helped exposed industries, including shipbuilding, export companies and – perhaps particularly – tourism, believes Dørum.

He reminds simultaneously that more companies, especially oil suppliers, consider the situation as difficult, but overall the picture is quite positive.

– Most indicators suggest that the worst is over for the Norwegian economy at this time.


Source: NTB scanpix / Norway Today