Regional network: Higher output growth
Norges Bank’s regional network contacts report that output growth has been moderate over the past three months. Growth was somewhat higher than in the preceding period. Contacts expect the pace of output growth to slow somewhat over the next six months.
Contacts as a whole report that output growth has picked up somewhat since May, in line with expectations in the previous survey. Growth in public demand and residential construction in particular has contributed to the increase. Contacts as a whole expect that output growth will be slightly lower over the next six months. Some enterprises report that uncertainty in the housing market is weighing on expectations.
The share of contacts reporting capacity constraints is little changed, while the share of contacts reporting recruitment difficulties has risen slightly. Contacts report a moderate increase in employment, and they also expect employment growth to remain moderate over the next three months. Contacts as a whole estimate annual wage growth of 2.5 percent for 2017.
Information in this survey was provided by 327 regional network contacts. The interviews were conducted in August.
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