Output growth slightly lower, but remains solid
The contact enterprises in Norges Bank's regional network reported that overall output growth over the past three months had slowed somewhat since the previous round. Overall, contacts expected output growth to be slightly lower over the next six months.
Activity rose most in the oil supplier industry, construction and commercial services. Growth had slowed in the export industry, but was still lowest in domestically oriented manufacturing. Retail trade and domestically oriented manufacturing expected growth to remain approximately unchanged ahead, while the other sectors expected lower growth over the next six months.
The share of contacts reporting capacity constraints had increased, with pressures highest in construction. All sectors reported plans to increase investment levels over the next twelve months and contacts had revised up their investment plans since September. Employment growth was approximately the same as in September. Contacts expected continued growth in employment ahead.
Network contacts estimated annual wage growth in 2013 at 4 percent. Estimates were lowest in construction and retail trade and highest in the service sector.
In this round, 335 regional network enterprises provided information. Interviews were conducted in November.
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