Regional network: Stable growth prospects
The share of contacts in Norges Bank's Regional Network reporting full capacity utilisation is little changed from the previous surveys in 2025. At the same time, slightly more contacts are facing recruitment difficulties. Contacts expect output growth to remain elevated through 2025 H2 and plan to increased the number of employees through autumn.
Overall, network contacts expect output growth to remain fairly stable in the period between 2025 Q3 and Q4. Many expect higher household purchasing power to strengthen demand for both goods and services. Moreover, some contacts expect growth in residential construction to boost activity. A number of contacts point out that there is still uncertainty related to international trade barriers and some cite greater customer caution.
Contacts expect somewhat higher investment in 2025 than in 2024 and growth to remain firm in 2026.
In this survey, 35 percent of contacts report full capacity utilisation, which is the same level as in the previous surveys in 2025. Recruitment difficulties are the primary constraint on output across sectors and is reported by 25 percent of contacts, slightly higher than in the previous surveys. Contacts are planning for an increase in employment in 2024 Q3 and Q4.
Contacts expect annual wage growth of 4.5 percent in 2025 and 4.0 percent in 2026. On the whole, profitability among contacts has improved compared with one year ago.
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