Contacts as a whole report that output growth is little changed since August. Growth has been slightly higher than enterprises expected in the previous survey. A number of enterprises indicate that activity in the oil sector is no longer declining. Contacts as a whole expect output growth to remain approximately unchanged over the next six months. Some enterprises report that uncertainty in the housing market is weighing on expectations.

The share of enterprises reporting capacity constraints has increased, but a small share of contacts still report labour shortages. Contacts report a moderate increase in employment, and they also expect employment to remain moderate over the next three months. Contacts as a whole estimate annual wage growth of 2.5 percent for 2017 and 2.6 percent for 2018.

Information in this survey was provided by 328 Regional Network contacts. The interviews were primarily conducted in November.