Norges Bank

Staff Memo

Evaluation of the regional network

Anna Brander, Henriette Brekke, Bjørn E. Naug and Fredrikke Eger
Staff Memo

Norges Bank's regional network supplies important information about developments in the Norwegian economy. We show that the survey's data for actual and expected growth in output and employment provide good forecasts of output and employment growth in the national accounts one to two quarters ahead. Our analyses suggest that the network supplies better leading information about mainland GDP growth in the current and the next quarter than house prices, equity prices and indicators from other business surveys. The network's forecasts of gross fixed capital formation over the next year have been relatively good since 2012. Its forecasts of wage and employment growth have been roughly as good as those in Epinion's expectations survey.

Staff Memos present reports and documentation written by staff members and affiliates of Norges Bank, the central bank of Norway. Views and conclusions expressed in Staff Memos should not be taken to represent the views of Norges Bank.

ISSN 1504-2596 (online)

Published 26 June 2017 14:03
Published 26 June 2017 14:03