As with the New Year’s rockets, Norwegian PMI is sailing sky high.
Fresh figures on the first working day of the year showed that theNorwegian Purchasing Index (PMI) increased to 57.8 in December.
This is the highest index value since October 2007, reported the Norwegian Federation of Procurement and Logistics (NIMA), which publishes the index in cooperation with Danske Bank.
The new measurement indicates that industrial activity continues to accelerate in Norway.
The December index followed a measured index value of 57.4 in November, which in turn was the strongest measurement since the summer.
Slight oil tailwind
‘This is an extension of the trend we have seen for a while,’ said chief economist, Frank Jullum of Danske Bank to E24 newspaper.
After a slight slowdown last autumn, the Norwegian PMI began to move to the 2017 rate, where the best measurement since 2007 was thus set for the year.
‘It is tempting to think that it is due to a combination of reverse winds turning into weak winds in oil-based industries, while the global upswing, and weak exchange rates support the export industry,’ said Jullum.
This pulled up and down
Norwegian PMI consists of five sub-indices. According to NIMA, the increase in the summary index was driven by an improvement in the order and industry indices.
The production index rose to 58.5 in December, up from 57.5 in the previous month.The order index rose to 59.9, up from 58.8 in November. Meanwhile, the employment index declined from 55.9 in November, to 55.6 in December.
‘Nevertheless, the level indicates a significant boost in industrial employment towards the end of 2017, which we have not seen in six years,’ NIMA wrote in a press release.
Source: E24 / Norway Today