Weaker output growth
Contact enterprises in Norges Bank's regional network reported that output growth over the past 3 months had slowed somewhat since the January survey. Output growth slowed across all sectors. Network contacts expected continued moderate growth over the next six months.
Contacts in domestically oriented manufacturing, the export industry and retail trade expected slightly higher growth ahead, while oil industry suppliers expected growth to slow slightly. Growth was expected to remain approximately unchanged in the other sectors over the next six months. Compared with the previous round, expectations regarding growth over the next six months have been revised down in all sectors except domestically oriented manufacturing.
The share of enterprises reporting capacity pressures is unchanged since the previous round. Employment growth has increased slightly. This is in line with expectations in January. Network contacts expected slightly higher employment growth ahead.
Contacts estimated annual wage growth in 2013 at about 3¾ percent. Estimates were lowest in manufacturing, construction and retail trade and highest in services and the local government and hospital sector.
Information was provided by 325 regional network enterprises in this round. Most of the interviews were conducted in May.
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