Output growth marked, but expected to moderate
Norges Bank’s regional network contacts report that output continued to increase through summer. Output growth was at its highest since spring 2008. However, somewhat lower growth is expected over the next six months.
Growth slowed in retail trade, but picked up in the other industries. The increase in activity was highest in the service sector, but was also relatively marked in the export industry and in building and construction. Growth was lowest in domestically oriented manufacturing, among oil industry suppliers and in retail trade.
Overall, the network indicated that capacity utilisation is still low and the labour supply ample. The share of contacts that reported capacity problems has, however, increased slightly compared to previous rounds.
Employment continued to rise over the past three months and is expected to increase further through autumn, albeit at a slower pace than in the previous three months.
The rise in prices was reported to be moderate over the past 12 months. Building and construction is the only sector to report falling prices over the past year. Overall, network contacts expect a higher rise in prices over the next 12 months.
302 contact enterprises reported in this round. Interviews were conducted in September.
Contact:
Press telephone: +47 21 49 09 30
Email: presse@norges-bank.no