Norges Bank

Press release

Output growth stable, outlook more uncertain

The contact enterprises in Norges Bank’s regional network reported that output in the past 3 months had risen at about the same pace as in spring. Overall, contacts expected growth to slow somewhat over the next six months, but many expressed more uncertainty about market prospects than previously. Some contacts reported a more wait-and-see approach among customers and slightly weaker order intake.

Output growth was particularly strong in the oil supplier industry and in construction, but was also relatively solid in the other industries. Contacts in the oil supplier industry, domestically oriented manufacturing and services expected somewhat lower output growth in the next six months. In the export industry, construction and retail trade, contacts expected growth to remain approximately unchanged.

The share of enterprises reporting capacity constraints was approximately unchanged since May. However, labour supply constraints have become somewhat more pronounced, with particular challenges in construction and the local government and hospital sector. In recent months, employment growth has been slightly lower than contacts had envisaged in May. Contacts expected employment to grow at approximately the same pace ahead.

In this round, 311 regional network enterprises provided information. Interviews were conducted in August and September.


Press telephone: +47 21 49 09 30

Published 5 October 2011 10:00